BDO: Sunak faces all sorts of challenges February 28, 2021 In many ways the first Budget of 2021, which is set to take place on Wednesday, feels like a significant one. It’s against a backdrop of an ambitious roadmap recently unveiled by the Prime Minister to take us out of lockdown, while at the same time the deficit is the highest seen in the post-war [...]
Budget: ‘Now not the time for harsh cleansing of the economy’, warns Brewin Dolphin’s chief strategist February 28, 2021 The UK government’s actions throughout the Covid pandemic, to protect the livelihoods of many., has led to a national debt pile not seen since World War 2. No wonder all eyes are now on next week’s Budget. With the vaccine rollout well under way, thoughts are slowly turning to how the UK can reduce its debt, [...]
Budget 2021: Sunak eyes tax on online deliveries and freelance workers February 28, 2021 Rishi Sunak is reportedly preparing to announce new taxes on online deliveries and freelance workers in Wednesday’s Budget to help pay off the UK’s Covid spending. The tax would likely target online firms like Amazon and Asos who have seen profits soar over the past year, after people spent much of 2020 in lockdown. It [...]
Budget 2021: Rishi Sunak hints at tax rises next week February 28, 2021 Rishi Sunak has hinted that he will raise taxes in the Budget on Wednesday, saying that he wanted to “level” with people about the fiscal challenges to come. He also suggested that he would extend Covid support schemes in his Budget, as expected, saying “we went big, we went early and there’s more to come”. [...]
Budget 2021: Sunak pledges £22bn for new infrastructure bank February 27, 2021 Rishi Sunak will use Wednesday’s Budget to announce billions of pounds of funding for the UK’s new infrastructure bank, which is due to launch in the spring. Announced as part of November’s spending review, the bank is part of Sunak’s pledge to provide “once in a generation” investment into the UK’s infrastructure. The Treasury said [...]
Budget 2021: Chancellor set to unveil mortgage guarantee scheme February 27, 2021 The Chancellor will use Wednesday’s Budget to unveil a new mortgage scheme aimed at getting tens of thousands of people onto the property ladder. Under the new programme, first time or current homeowners looking to buy a house of up to £600,000 will need a deposit of just five per cent to secure a mortgage. [...]
Sunak to crack down on Covid support fraudsters with new taskforce February 27, 2021 A new fraud taskforce to crack down on people who have exploited the government’s Covid-19 support schemes will be unveiled at next week’s Budget. The Treasury has announced that it will put £100m into a new Taxpayer Protection Taskforce to investigate those who fraudulently made use schemes such as furlough and the Self Employment Income Support [...]
Taxes will dominate next week’s Budget, but which ones will Rishi Sunak raise? February 26, 2021 With all eyes on Rishi Sunak following the announcement of the recent government’s roadmap out of lockdown, it becomes increasingly clear taxes are firmly on the chancellor’s radar. To zoom in on the challenges Sunak is facing, City A.M. caught up with, Tom Stevenson, investment director for personal investing at investment manager Fidelity International. “In recent weeks [...]
UK bonds suffer biggest monthly fall in years February 26, 2021 UK bond prices recorded their sharpest fall in years this month, as investors bet on a rebound in growth and possibly inflation. The fall comes just days before the budget, in which Chancellor Rishi Sunak will set out his economics plans for the UK. The month’s sharp declines largely reflect a global sell-off led by [...]
British family sells $10m Van Gogh to avoid rise in capital gains tax February 26, 2021 A British family are selling a Vincent Van Gogh drawing for a record breaking $10m (£7.1m) to avoid a potential rise in capital gains tax in next Wednesday’s budget. Thomas Gibson, a London art dealer, and his three sons have decided to sell the Van Gogh alongside seven other works, including art by Lucian Freud [...]