Chancellor to tighten belt despite tax windfall October 21, 2021 Despite the Chancellor receiving a windfall from the government’s fiscal watchdog raising its forecasts for the economy, he will not use the extra wriggle room renege on tax hikes at next week’s budget. The Office for Budget Responsibility (OBR) will upgrade its forecasts for UK economic growth to around seven per cent next Wednesday, up [...]
UK banks’ earnings season is tough one to call October 20, 2021 Wall Street’s biggest banks have reaped the rewards of a booming deal environment, the release of loan loss reserves and swelling deposits. Goldman Sachs, Bank of America and JPMorgan all flexed their muscles as they kicked off US earnings season last week. Now, it is the turn of their British pretenders, starting tomorrow with the [...]
Sunak eyes Covid-19 emergency loan scheme extension at budget October 20, 2021 Chancellor Rishi Sunak is eyeing extending the emerging Covid-19 loan scheme at the budget next week. The Recovery Loan Scheme was scheduled to finish on December 31, but Sunak is reportedly planning on backtracking on the plans. The news was first reported by Bloomberg. Sources told the news organisation discussions on the matter are ongoing. [...]
Inflation ‘pauses for breath’ in September before racing ahead soon October 20, 2021 Inflation “paused for breath” in September before it races ahead at a fiery pace in the coming months. Prices were 3.1 per cent higher than they were a year ago last month, according to the Office for National Statistics (ONS). The rate of inflation edged back slightly from August’s 3.2 per cent clip and was [...]
Exclusive: London distilleries call on Chancellor to not raise alcohol duty October 20, 2021 London distilleries have urged the Chancellor not to hike alcohol duty at the upcoming Budget. Spirit makers Hayman’s, Beefeater Gin, Brixton Distillery, Half Hitch Gin and East London Liquor Company, called on Rishi Sunak to help the sector be part of the pandemic recovery, in a letter shared with CityA.M. A duty increase on October [...]
Exclusive: London holds the crown as the world’s greenest finance hub October 20, 2021 London reigns supreme as the world’s greenest finance hub, racing ahead of its European rivals to claim the sustainability crown. The City leapfrogged Amsterdam to nab top spot in a closely watched index ranking the world’s biggest finance hubs by their green credentials. The capital has the best sustainability standards in the world, hosting a [...]
Drink up for £6 in London: Price of a pint of beer to jump by 30 pence October 19, 2021 The price of a pint of beer is reportedly set to jump by 30 pence even before any duty increases are announced in the Budget as rising costs are passed on to consumers. More than eight in 10 pubs have raised prices or plan to do so because of rising costs, including those caused by [...]
Fiscal watchdog to hike growth forecasts to highest on record at budget October 19, 2021 The government’s independent fiscal watchdog will make the biggest ever upgrade to the UK’s economic growth rate at the budget next Wednesday. The Office for Budget Responsibility (OBR) will hike its forecasts for the British economy’s annual expansion rate to 7.5 per cent, according to the economic think tank the Resolution Foundation. This would be [...]
Labour renews pressure on government to slash business rates October 18, 2021 Labour will tomorrow renew its calls to slash business rates as it airs concerns that nearly 1m British jobs are currently at risk. Shadow chancellor Rachel Reeves will pile pressure on Rishi Sunak to entirely reform the taxation system in his autumn Budget, while pointing out that figures from the Office for National Statistics (ONS) [...]
Government to force big business to reveal green credentials October 18, 2021 The government will force big businesses, large money managers and institutional investors to reveal their sustainability credentials under a fresh green reporting regime launched today. Under the new rules, launched by the Treasury, every investment product must for the first time ever break down the environmental impact of the activities it funds. Businesses will have [...]