Fall in super-rich ‘non-doms’ sees tax receipts fall August 8, 2019 The number of super-wealthy UK residents who pay no tax on foreign earnings in Britain has fallen to a record low, causing tax receipts to suffer, HM Revenue and Customs (HMRC) revealed today. Read more: Freeports: Government plans tax-free hubs There were 78,000 non-domiciled taxpayers in Britain last year, down from 98,500 the year earlier, [...]
Evraz hails ‘healthy’ results despite massive drop in profit August 8, 2019 Miner Evraz released a set of “rather healthy results” today even as net profit dropped by more than two thirds in the first half of the year. Lower prices for vanadium and coking coal took a 22 per cent chunk off the company’s earnings before interest, tax appreciation and amortisation (ebitda). Read more: Sterling falls [...]
UK GDP preview: Banks down, sterling ready to break out? August 8, 2019 Ahead of the UK Q2 GDP print on Friday, gilts and UK bank stocks betray concerns about the economy that the official figures are likely to back up. Meanwhile GBPUSD is nearing the end of a narrowing wedge that could signal it’s ready to move out of its August range on whatever the GDP point [...]
Boris bounce continues as poll finds PM Johnson twice as popular as Corbyn August 8, 2019 Boris Johnson is twice as popular as Jeremy Corbyn among UK voters, the latest YouGov polls show – even in Labour’s traditional heartlands. The Prime Minister, who was mayor of London from 2008 to 2016, came ahead of the Islington North MP in every region including the capital (30 per cent versus 24), the South [...]
London will retain financial firepower even in ‘worst possible’ Brexit, says Central Bank of Ireland August 8, 2019 London is likely to remain a leading global financial centre even in the most adverse Brexit scenarios, the Central Bank of Ireland has concluded in a new report. The EU-based Central Bank has said that even in the worst possible outcome of Britain’s departure from the EU, the impact on the capital’s financial and related professional [...]
Thyssenkrupp issues another profit warning amid manufacturing slump August 8, 2019 Thyssenkrupp, the German steel making giant, today gave its fourth profit warning under chief executive Guido Kerkhoff, who faces mounting pressure to turn the company around. The firm announced it expects to make around €800m (£738m) profit this year, a significant downgrade on its previous forecast for a figure between €1.1bn and €1.2bn. Read more: [...]
Labour government would cause sterling to plunge 10 per cent: report August 8, 2019 A Labour government would cause an “immediate” 10 per cent drop in sterling, or more if it followed a no-deal Brexit, a report has today warned. Amid growing reports that an autumn general election could be on the cards, Oxford Economics claims a Labour government would cause significant damage to the UK’s economy. It argues [...]
European stock markets buoyed as Chinese trade beats expectations August 8, 2019 European stock markets have risen this morning, following their Asian counterparts higher after better-than-expected Chinese trade data. Read more: China hits back after US labels rival a currency manipulator Official data showed Chinese exports benefited from a falling renminbi and rose 3.3 per cent in July year on year, far exceeding analysts’ expectations of a [...]
Profit surges at Arrow Global but assets under management shrink August 8, 2019 Arrow Global has reported a huge increase in pre-tax profit but a dip in assets under management, and the debt-purchase specialist has announced a £20m cost-cutting programme. The figures Profit before tax for the first half of the year surged 203.7 per cent to £32.5m, a significant increase on the £10.7m seen in the same [...]
Uncertainty hits UK jobs market as hiring wanes August 8, 2019 Hiring remained subdued last month, as ongoing political and economy uncertainty continued to cast a cloud over the UK’s job market. Permanent staff appointments tumbled for the fifth consecutive month in July. Read more: US employment reaches new high The rate of growth in starting salaries awarded to newly placed permanent staff also slumped to [...]