Tax hikes to derail UK economy at the final hurdle October 14, 2021 Imposing punitive tax hikes on businesses will blow the UK economic recovery off course just as it is in touching distance of reaching pre-pandemic strength. That’s the warning to Chancellor Rishi Sunak from economists and industry leaders after data from the Office for National Statistics (ONS) revealed Britain is inches away from full repair. “Our [...]
Top industry brass press Sunak on business rates overhaul October 14, 2021 The UK’s top business groups who represent over 9m workers are pressing Chancellor Rishi Sunak to overhaul the business rates regime. The Confederation of British Industry (CBI), alongside 41 trade associations acting on behalf of 261,000 businesses, have called on Sunak to reduce the burden of business rates on firms at this month’s budget to [...]
Sunak tells Brits not to worry: There will be a ‘good amount’ of Christmas presents October 14, 2021 Chancellor Rishi Sunak has told Brits not to worry about their Christmas presents this year, saying there will be a “good amount of presents available” even though supply chain issues continue to persist. Sunak was speaking after meeting with finance ministers from the G7 group of leading world economies to talk about the problem, with [...]
UK economy returns to growth in August amid staycation boom October 13, 2021 The UK economy returned to growth amid a boom in staycation spending and Brits making the most of an easing in self-isolation rules by rushing to pubs, bars and restaurants. The economy expanded 0.4 per cent in August, a resumption to growth after the Office for National Statistics (ONS) marked down July’s figure to minus [...]
Sunak causes rift with Cabinet over EV discount end October 13, 2021 Chancellor Rishi Sunak is reportedly in a row with other Cabinet members – including transport secretary Grant Shapps and business secretary Kwasi Kwarteng – over his proposed plans to cut grants for buying electric vehicles (EV). As reported by the Telegraph, the Treasury is expected to slash the grants – which amount to £2,500 for [...]
GDP grew 0.4 per cent in August, as Brits rush to eat out and return to theme parks October 13, 2021 Gross domestic product (GDP) grew 0.4 per cent in August 2021, according to the latest figures, remaining 0.8 per cent below its pre-pandemic level. The sectors offering the “strongest contribution”, according to the Office for National Statistics (ONS), were accommodation and food services, which boosted GDP 0.28 per cent. Sports and recreation industries have [...]
City lobby group presses Sunak to scrap bank tax October 13, 2021 The City’s chief lobbying group has called on Chancellor Rishi Sunak to scrap the bank surcharge to reinforce the UK’s leading role as a global finance hub. TheCityUK has demanded Sunak remove the eight per cent levy on banks’ profits at the upcoming budget and spending review on October 27. The lobby group urged the [...]
City lobby group presses Sunak to scrap bank tax – CityAM : CityAM October 13, 2021 The City’s chief lobbying group has called on Chancellor Rishi Sunak to scrap the bank surcharge to reinforce the UK’s leading role as a global finance hub. TheCityUK has demanded Sunak remove the eight per cent levy on banks’ profits at the upcoming budget and spending review on October 27. Also Read: Sunak eyes overhaul [...]
Cabinet office minister warns businesses giving bonuses and dividends to not expect government support October 12, 2021 Struggling companies facing high gas prices could be refused a government bailout this winter if they have paid out big dividends and bonuses. Cabinet office minister Steve Barclay told Times Radio that the Treasury would scrutinise whether any interventions represented “value for money”. He said: “It’s right from a taxpayer point of view, mindful of [...]
Cabinet office minister warns businesses giving bonuses and dividends to not expect government support – CityAM % : CityAM October 12, 2021 Struggling companies facing high gas prices could be refused a government bailout this winter if they have paid out big dividends and bonuses. Cabinet office minister Steve Barclay told Times Radio that the Treasury would scrutinise whether any interventions represented “value for money”. He said: “It’s right from a taxpayer point of view, mindful of [...]