KPMG set to slash jobs and pension contributions in cost-cutting drive July 22, 2020 KPMG is set to cut more than 100 jobs and slash contributions to employees’ pensions in a bid to slash costs during the pandemic. The Big Four firm is expected to cut just under 200 jobs across the UK ahead of the long-awaited reform of the audit reform. Sky News first reported that partners and [...]
Sadiq Khan suggests London tax autonomy in new TfL bailout deal July 22, 2020 London mayor Sadiq Khan has suggested that the government should consider giving the capital freedom to spend its own tax takings to fund Transport for London (TfL). Speaking to the parliamentary transport select committee this morning, Khan said that one of the options for the future funding of the embattled operator should be “proper fiscal [...]
Twitter to suspend 150,000 accounts in QAnon conspiracy theory crackdown July 22, 2020 Twitter is taking action against more than 150,000 accounts in a widespread crackdown on the QAnon conspiracy theory movement. The social media network said it would also block QAnon URLs from being shared and cease recommending content linked to the growing movement. QAnon has grown from a fringe conspiracy theory on the edges of the [...]
Stagecoach shares surge despite profit nosedive amid pandemic July 22, 2020 Stagecoach’s shares shot up in early trading today despite revealing a staggering 60 per cent plunge in annual profit in part due to the impact of the coronavirus pandemic. The bus operator’s shares surged 10.8 per cent to 55.9p as large slumps in revenue and profit for its latest financial year were not as bad [...]
Legislation day – A vision to reshape and modernise HMRC for the future July 22, 2020 As one might expect from Legislation Day, yesterday included the publication of draft legislation ahead of the Autumn Budget. However, the core theme from yesterday’s announcements that accompanied the legislation was the Government’s clear mission to change the role that HMRC plays in tomorrow’s society. This builds from the critical role that the tax authority [...]
Grant Shapps says there is ‘no evidence’ of Russian Brexit interference July 22, 2020 Transport secretary Grant Shapps has said there is no evidence that Russia interfered in the 2016 Brexit vote and therefore the UK secret services did not need to investigate the allegations. Shapps’s statement came the day after lawmakers finally released the delayed Russia report. It said the government failed to investigate possible Russian interference in [...]
Global airlines join forces to call for restart to transatlantic flights July 22, 2020 A number of the world’s largest airlines have come together to call for a joint coronavirus testing programme between the EU and US to get transatlantic air travel going again. In a letter to US vice president Mike Pence and EU commissioner for home affairs Ylva Johansson, airline executives asked for “the safe and swift [...]
‘Historic’ day as RBS formally changes name to Natwest July 22, 2020 RBS has formally changed its name to Natwest, removing Scotland from the bank’s parent company for the first time since it was founded. The group will remain headquartered in Edinburgh, and the name change will not affect RBS bank branches. The intention to change the name was first announced in February when it reported its [...]
Sadiq Khan launches finance review of London transport network after coronavirus impact July 22, 2020 Sadiq Khan has today launched an independent review of Transport for London’s (TfL) long-term funding and financing options. The panel will carry out its work in parallel with the government’s already-announced review of the transport network. TfL’s finances have collapsed in recent months due to the coronavirus pandemic, with passenger revenues plummeting more than 90 [...]
Close Brothers’ banking division takes a hit amid pandemic July 22, 2020 Close Brothers Group’s banking division has taken a hit due to the pandemic, as its loan book reflected lower new business volumes. However, securities division Winterflood helped to offset some of the impact of coronavirus due to significantly higher trading, the group said in a scheduled pre-close trading update. The figures In the group’s banking [...]
