City growing more comfortable with idea of Labour govt, says ex-Tory minister August 2, 2022 The City is getting more comfortable with the idea of a Labour government as it reverts to a New Labour-like policy direction, according to former Tory minister Lord Jim O’Neill. O’Neill, a crossbench peer who is heading a review of start-up funding for Labour, told City A.M. that the party under Sir Keir Starmer has [...]
Ethereum’s Merge Approaches as Crypto Adoption Surges in Brazil August 2, 2022 Data from CryptoCompare shows that the price of Bitcoin initially moved down at the start of last week, dropping from $22,000 to $21,000. BTC then quickly surged to retest the $25,000 resistance, and has since corrected to $23,200. Ethereum’s ether, the second-largest cryptocurrency by market capitalization, started the week at $1,500 and after an initial [...]
Exclusive: Pensioners should get stamp duty break if they downsize home, house-buyers’ group says July 25, 2022 To ease the housing crisis, pensioners may be pushed into downsizing their homes and getting a tax break on stamp duty in return. The National Association of Property Buyers (NAPB) said the incentive would free up supply of housing and cool house prices, while also redoing the need for equity release. This comes after the [...]
Unpaid crypto tax surged by 432 per cent from last year, HMRC says July 18, 2022 The amount of unpaid tax that rich crypto investors owed on their investments soared by 432 per cent from last year, according to HMRC. Data by law firm Pinsent Masons today said that HMRC identified £2.28m in suspected underpaid tax concerning crypto assets in 2021-2022, a substantial increase from £428,000 the previous year. Steven Porter, [...]
DSW profits increase due to IPO ‘halo’ effect July 14, 2022 Professional services licence provider DSW has posted a 25 per cent increase in profits as a result of its recent IPO’s “halo” effect. In the year ended 31 March, the group reported an adjusted pre-tax profit of £2m, while its network revenue went up by 19.6 per cent, from £15.3m to £18.3m. Free earners at [...]
Create investment boosting tax system to end economic malaise, CBI chief urges Tory leadership hopefuls July 13, 2022 Creating a tax system that boosts business investment to lift the UK out of its growth malaise is the only way to solve the country’s economic stagnation. That’s according to the chief of the Confederation of British Industry (CBI), the country’s largest business group. In an open letter to Conservative leadership candidates published today, Tony [...]
Markets have bigger things to worry about than a change in Number 10 July 12, 2022 Markets tend to be one step ahead of everyone else. Investors are always trying to identify new risks and limit their exposure to events that hurt stock markets. That forward-looking ethos probably explains why they ignored the upheaval in Number 10 last week. Boris Johnson’s position has looked wobbly for a while. Investors priced in [...]
London markets ignore Johnson exit as banks lead FTSE 100 higher July 7, 2022 London markets today shrugged off prime minister Boris Johnson bowing to days of pressure and ministerial resignations and quitting office. The capital’s premier index jumped 1.14 per cent to 7,189.08 points, while the domestically-focused mid-cap FTSE 250 index, climbed 1.51 per cent to 18,875.53 points. Investors have been muted to the upheaval at Westminster over [...]
Finding opportunities in stagflationary times July 7, 2022 Slowing growth and rising inflation is a negative combination for both equity and bond markets. Nevertheless, there are opportunities emerging for global equity investors. This has been a challenging year for equities. Russia’s invasion of Ukraine has led to soaring energy and commodity prices, a global stock market slump and elevated volatility. Recession appears likely, [...]
UK Finance chair Bob Wigley: We need to create ‘reasons for banks to be in London’ July 4, 2022 Bob Wigley, a seasoned City veteran, knows a thing or two about banking. He has chaired UK Finance, the British banking sector’s representative body, since its creation in 2017 by condensing several lobby groups into one. He was also instrumental in setting up TheCityUK, spent over a decade with investment banking giant Merrill Lynch and [...]