The City View: Oil back above $100, and inflation likely to go up March 21, 2022 Today Charlie Conchie takes the reigns of The City View, talking to City A.M. reporters Jack Barnett, Nicholas Earl and Leah Montebello. They discuss warnings of an inflation increase; why oil has rebounded above $100; and the chief of the Betting and Gaming Council warning Rishi Sunak against making bold regulation moves in the Chancellor’s [...]
Inflation to climb again in fiscal headache for Sunak March 21, 2022 Inflation in the UK will accelerate to its highest rate since 1991, according to bets placed by City economists on Wednesday’s fresh data released ahead of Chancellor Rishi Sunak’s spring statement. The rate of price rises will breach six per cent, new figures from the Office for National Statistics (ONS) will show. Rising energy and [...]
Gambling sector warns against ‘naive changes’ in long-awaited white paper March 21, 2022 The gambling industry has vowed to back the Chancellor’s economic recovery plan so long as the long-awaited white paper does not bring “well-meaning but naive changes”. Chief of the Betting and Gaming Council (BGC) Michael Dughe warned that whilst bookies were ready to help Rishi Sunak recover the public finances after the pandemic, he said [...]
Money saving expert Martin Lewis ‘out of tools’ to counter surging costs March 21, 2022 Money saving guru Martin Lewis has admitted he is out of ideas to help people cope with the cost of living crisis as energy prices spiral higher.
Sajid Javid: PM comparing Brexit to Ukraine invasion was about ‘self-determination’ March 21, 2022 The health secretary has become the latest of the Boris Johnson’s cabinet to defend the prime minister likening Ukraine’s desire for sovereignty amid its invasion to the Brexit vote. Health and social care minister Sajid Javid told Sky News this morning that if the public wanted to see what the prime minister thinks about Ukraine, [...]
Fuel duty expected to be cut as cost of living continues to spiral March 21, 2022 Fuel duty is expected to be cut by the Chancellor this week, as the cost of living crisis continues to spiral and onlookers call for political intervention. Soaring energy bills and inflation, as well as record high petrol prices, have significantly dampened consumer spending power amid the UK’s post-pandemic and Brexit recovery. Chancellor Rishi Sunak [...]
Spring budget: Defence and foreign aid set to miss out on rise as war rages in Ukraine March 21, 2022 Britain’s defence and foreign aid budgets are set to miss out on an increase in the Spring budget, despite Russia’s war in Ukraine putting pressure on the UK’s responsibilities abroad. Chancellor Rishi Sunak sidestepped suggestions the conflict could lead to a rise in cash for defence, pointing to £24bn spent last year. This comes after [...]
Extra 125,000 workers will pay National Insurance in ‘stealth tax’ hike March 20, 2022 An extra 125,000 people will have to pay National Insurance under Rishi Sunak’s current tax plans, new research has revealed. Research compiled by the Liberal Democrats, using figures from the House of Commons library, suggest that employees face an extra £1.1bn hit through a “stealth tax” if Sunak does not increase the current threshold by [...]
P&O Ferries’ move to sack 800 staff was ‘awful’, says Sunak March 20, 2022 P&O Ferries’ move to sack 800 staff this week was “apalling” and “wrong”, Rishi Sunak has said today. The chancellor said he would now be investigating whether the actions of P&O were legal. The shipping and logistics firm, which is owned by Dubai-based DP World, told 800 workers over Zoom that they had been made [...]
IFS warns new GDP and tax receipt forecasts will be revised downward March 20, 2022 The UK’s budgetary watchdog is expected to next week downgrade its forecasts for future GDP growth and government tax revenues, according to the head of the influential Institute for Fiscal Studies (IFS) think tank. IFS director Paul Johnson said today that Rishi Sunak’s spending plans from the October budget will now be “worth an awful [...]