Budget: International competition to become new priority for City watchdogs October 25, 2021 The Treasury is reportedly going to reveal this week that City regulators must consider competition as much as they do safety and soundness when making key decisions. The move, set to be unveiled in the budget, is expected to be accompanied by a cut in surcharge tax on banks’ profits. The Treasury has been in [...]
HSBC smashes expectations and launches share buyback programme October 25, 2021 HSBC smashed expectations for profit for the third quarter of the year driven by the release of reserves set aside to cope with an expected wave of pandemic-induced defaults. The bank registered a pre-tax profit of $5.4bn in the quarter to September, up from $3.1bn a year ago. Analysts had expected profit to come in [...]
Global vaccine programmes: How do they compare? October 25, 2021 While the UK was one of the first nations to begin the rollout of the Covid-19 vaccines, it has fallen behind in the race for full inoculation. So, how do global vaccination programmes compare? Portugal Leading the world’s vaccination success is Portugal, with 82.82 per cent of its population having received both doses as of [...]
Rishi Sunak is risking his Conservative credentials if he ignores business rates October 25, 2021 For anyone who watches economic policy, reforming business rates seems rather like changing the House of Lords: everyone agrees it’s absolutely vital, the system needs to be modernised to enhance our productivity, but no one away from the think-tank fringes actually wants to get involved. The chancellor, Rishi Sunak, promised in March 2020 to review [...]
Number of retail M&A deals soars as buyers eye economic recovery October 25, 2021 The number of M&A deals targeting UK retailers has swelled 28 per cent to 37 in the past year, new analysis has found. City law firm RPC found that the number of deals rose from 29 in the previous year while the Morrisons and Asda deals saw deal value skyrocket. Value has soared more than [...]
Voter turnout in the City’s local elections will reflect the diversity of the Square Mile October 25, 2021 Over the centuries, the City of London has always adapted to remain a world-leading business ecosystem. The Square Mile is today once again at a crossroads and needs you to help shape its future. We must rise to at least three big challenges: recovery from the pandemic, the UK’s exit from the European Union and [...]
Green spending has become a stalemate between the Treasury and private capital October 25, 2021 If a four-pack of toilet rolls costs £2, but an eight-pack costs £3.5, is it sensible to keep buying the smaller pack? What if you want a pack that costs more, say £10? You’ve only got £2, but your better-off flatmate has £8. They’ll spend if you do, but won’t if you don’t. Is it [...]
Green, open and fiscally responsible: business demands revealed ahead of Budget October 25, 2021 UK businesses are calling on the Chancellor to focus on attracting investment back into the country as well as using incentives, rather than purely taxes, to transition to a greener economy. Data from EY’s Budget survey revealed that two third of the 1,000-plus businesses interviewed listed attracting investments as their main priority. However, respondents also [...]
UK investors cheer third quarter dividend windfall October 25, 2021 As supply chain, labour and inflation storm clouds gathered on the horizon, City investors toasted an overflowing dividend pot and the end of this summer – boosted by the FTSE’s mining, oil and banking companies. Total UK dividends soared to £34.9bn in the three months to 30 September, up by nearly 90 per cent on [...]
Brexit: MPs call out EU for delaying UK inclusion in Horizon R&D programme October 25, 2021 A parliamentary committee has called out Brussels for blocking the UK’s entry to the Horizon Europe research and development programme, claiming that it is damaging British businesses. A report from Westminster’s European Scrutiny Committee today said delays were leading to “increasing opportunity costs” for British businesses and research institutions as they are frozen out of [...]
