Pound hits highest level against US dollar in over a year as traders bet Bank of England will outmuscle Fed June 14, 2023 Pound sterling today climbed to its highest level against the US dollar in over a year, driven upwards by investors betting that the Bank of England will surpass the Federal Reserve in its interest rate rise cycle to bring down inflation. Britain’s currency jumped around 0.7 per cent today to nearly $1.27, taking it to [...]
Sunak defends “progressive” UK tax system June 10, 2023 Rishi Sunak has insisted the UK’s tax system is “very progressive” as he brushed off questions about his own financial affairs. The Prime Minister paid an effective rate of around 22% on his substantial income because the majority came from capital gains rather than earnings. But Mr Sunak insisted the tax system was fair for [...]
Investment slump amid higher interest rates risks finally sparking UK recession June 6, 2023 A mix of factors are buffeting the UK economy right now. Spending power is being crushed by high inflation eroding family finances. House prices are coming off their heady heights as sellers drop prices to source buyers amid higher mortgage rates. External demand is thinning in response to weak consumer confidence amid a global cost [...]
Exclusive: Rishi Sunak plans shake-up of worker ownership schemes June 4, 2023 Rishi Sunak and Jeremy Hunt are drawing up plans to revamp schemes designed to hand workers a stake in their employers, City A.M. can reveal. The Treasury will today ask businesses for their view on the effectiveness of government-sponsored programmes that steer staff toward taking stakes in their employer by offering financial incentives. The Prime [...]
‘Can’t come soon enough’: Will Sunak follow through on 2p tax cut reports? June 4, 2023 Rishi Sunak’s mooted plans to reduce the tax burden from a seven-decade high with a 2p cut in income tax ahead of the next election have been welcomed by Tory campaigners. Reports surfaced in the Sunday Telegraph that the PM – an ex-City banker – is keen to cut charges in order to incentivise work [...]
North Sea oil and gas projects essential to UK’s energy future, warn academics May 31, 2023 Halting future investment in North Sea oil and gas projects jeopardises the UK's supply security and net zero ambitions.
City Pages: The five new books on our radar this month May 25, 2023 From hacking bears to scandal in Westminster, here's what we've been reading at City A.M. this month.
Return Finance launches fully compliant high-yield savings application in 27 European countries May 24, 2023 Return Finance has been granted Virtual Asset Service Provider (VASP) authorisation from regulatory authorities to operate in 27 European countries.
FTSE 100 close: NatWest lifts after government stake sale as Burberry and JD Sports bump London index May 22, 2023 London’s FTSE 100 started what will be a quiet week in decent style today, driven higher by investors piling into Britain’s largest retailers. The capital’s premier index jumped 0.21 per cent to 7,773.49 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, edged lower to [...]
Why the network state is the next logical evolution to current forms of governance: Part 2… May 18, 2023 Dr Chris Kacher with his second instalment of 'The Network Web3/Blockchain/Money State' as he hails decentralisation.