Here’s what UK tech thinks of the £400m promised for VC startup investment November 23, 2016 Startups are set for a boost from the chancellor's Autumn Statement, as Philip Hammond announced plans to plough £400m into venture capital. The funds will come via the British Business Bank and it's expected to unlock as much as £1bn for startups itching to scale up as it will encourage private investment. Of particular focus will [...]
Autumn Statement 2016: Here’s how analysts have reacted to Philip Hammond’s speech November 23, 2016 Here's how analysts have reacted to chancellor Philip Hammond's first – and last – Autumn Statement. National Living Wage hike Guy Stallard, director at KPMG, said: Today’s announcement will see a significant number of workers aged 25 and above get a pay rise of 30p an hour to £7.50 from next April. This may seem [...]
Savers will be offered new government-backed investment bond next year November 23, 2016 Savers will be offered a new government backed investment bond at the next Budget, the chancellor said today. The three-year bond will offer a 2.2 per cent interest rate on deposits of up to £3,000, and will be available through NS&I. It will be open to those aged 16 and over, available for 12 months from spring [...]
Salary sacrifice schemes hit in Hammond’s first Autumn Statement November 23, 2016 Employee salary sacrifice schemes such as gym memberships will no longer be tax-free, the chancellor said today. Philip Hammond said in his Autumn Statement that certain benefits employees enjoy tax-free at the moment will no longer be exempt. The Treasury said that the tax and employer National Insurance advantages of salary sacrifice schemes will be [...]
Eh? Rolls-Royce and Game are among the 25 best UK companies to work for. Supposedly. November 23, 2016 An engineering giant which has issued a string of profit warnings, two retailers which recently came out of administration and a bank which was the centre of a major scandal this year are among UK employees' 25 favourite companies to work for, according to new research. Rolls-Royce came top of jobsite Indeed's Top Employers in Britain list. The [...]
British American Tobacco says a minimum excise tax in the Autumn Statement would only fuel the black market November 21, 2016 UK smokers face a triple whammy in 2017 ahead of Philip Hammond's Autumn Statement, a British American Tobacco spokesperson said. With a duty escalator expected and more limitations to come from the EU's tobacco products directive, BAT said the minimum excise tax proposed by former chancellor George Osborne should be dropped. The minimum excise tax is effectively a floor price that would [...]
Shaanxi Ligeance Mineral Resources digs out £326m for Gardner Aerospace November 16, 2016 Chinese aerospace and mining firm Shaanxi Ligeance Mineral Resources (SLMR) announced today it is to buy aerospace parts manufacturer Gardner Aerospace. Derby-headquartered Gardner makes parts which are used by Airbus and is currently one of the high-flying businesses held by City veteran Jon Moulton's Better Capital. SLMR, along with its subsidiary Chengdu Aerospace Superalloy Technology (CAST), plans to pick [...]
City Moves for 16 November 2016 | Who’s switching jobs November 16, 2016 HSBC HSBC’s Sanjeev Chopra is to join Psigma Investment Management as investment director in January 2017 reporting to John Howard-Smith, CEO. A seasoned investment professional, Sanjeev has worked at HSBC for nearly two decades, his most recent role being client director at HSBC Global Asset Management. IHS Markit IHS Markit has appointed Andrew Aziz as the global [...]
American Apparel files for bankruptcy again and is set to sell brand to Canadian company Gildan Activewear November 14, 2016 Bad news for fans of lamé leotards: now American Apparel has filed for bankruptcy less than a year after ending its first period under court protection. It's also agreed to sell the brand to Canadian clothing manufacturer Gildan Activewear for around $66m. In a statement Gildan announced it had entered into an asset purchase agreement to [...]
Retail sector shows signs of strengthening as shoppers return to the high street November 14, 2016 Retailers saw footfall drop in October, but at a slower rate than the previous month, as shoppers headed to the high street despite the lure of online shopping. Springboard UK’s latest figures showed a less severe fall last month compared to September. Read more: Christmas adverts rated: Which retailer has made the best ad of 2016? “The slight [...]