City braces itself for more rules as Rishi Sunak orders financial regulation reviews September 24, 2021 Chancellor Rishi Sunak has ordered two immediate reviews of UK financial regulation following a report by the Treasury select committee on the collapse of Greensill Capital. In a letter published on Friday, Sunak insisted the Treasury acted “entirely appropriately” in its handling of David Cameron’s Greensill lobbying efforts. Sunak hit back at the report which [...]
Treasury behaved “entirely appropriately” in Greensill scandal, says Sunak September 24, 2021 Rishi Sunak has insisted the Treasury acted “entirely appropriately” in its handling of David Cameron’s Greensill lobbying efforts. The Chancellor hit back at a Treasury Committee report which called for lobbying rules to be tightened and suggested Greensill may have been treated differently as a result of Mr Cameron’s influence. The politically connected finance firm [...]
British businesses return £300m in furlough cash as spectre of Covid recedes September 21, 2021 UK businesses returned £300m in furlough cash, triggered by the spectre of Covid-19 over the British economy receding, according to official figures released today. The repayment now takes the total amount of money returned to the public coffers to £1.3bn since July last year, the Treasury said. Rishi Sunak, chancellor, said: “This Government stepped in [...]
Government borrowing in August hit £20.5bn September 21, 2021 Government borrowing stood at £20.5bn in August, down from £26bn the previous year, according to official data. The Office for National Statistics (ONS) said last month’s figure was the second highest August borrowing since records began in 1993. The data shows borrowing so far this financial year has reached £93.8bn since the end of March [...]
Labour plots crackdown on private equity tax loophole September 20, 2021 Labour will crack down on private equity bosses by closing tax loopholes on their bonuses if victorious at the next election. Shadow chancellor Rachel Reeves will today say that by ending the carried interest loophole, the government could raise another £440m in tax revenues. Carried interest payments are given as bonuses to private equity bosses [...]
City minister pledges ‘competitive tax rates’ for UK financial services sector ahead of Budget September 20, 2021 John Glen has promised that the UK’s financial services sector will benefit from “competitive tax rates,” ahead of the next Budget on 27 October, according to reports. “To be competitive, we have to have competitive tax rates and that’s what’s on the chancellor’s mind at the moment,” the City minister told the Financial Times, which first reported the [...]
Chancellor hails London tech success as capital beats European competitors again September 20, 2021 Chancellor Rishi Sunak today hailed London’s bounce back from the pandemic as new figures show the capital is sprinting ahead of rival European tech hubs. London has attracted more venture capital investment to its startups than anywhere else in Europe and now boasts more unicorns – firms valued at more than $1bn – than France [...]
Sunak to launch battle plan to cut borrowing at budget September 19, 2021 Chancellor Rishi Sunak will outline plans to put the UK’s public finances on a more sustainable path at the budget next month, according to reports. Sunak is expected to set new targets for the government to stop borrowing to fund day to day spending within three years, according to the FInancial Times. The proportion of [...]
Brits encouraged to back pubs and restaurants on National Hospitality Day September 17, 2021 Londoners have been called on to go out for a drink or meal this weekend to support businesses recovering from multiple lockdowns. Sector charities have organised National Hospitality Day on Saturday to raise awareness of the struggles faced by businesses because of the pandemic. Businesses participating include Brewdog bars offering free pints, Zizzi giving out [...]
130 universities in UK: Half of new Cabinet studied at Oxford or Cambridge September 16, 2021 Almost half of Boris Johnson’s new Cabinet went to Oxford or Cambridge universities while over 60 per cent attended a private school. New Foreign Secretary Liz Truss, Housing Secretary Michael Gove and Chancellor Rishi Sunak all attended Oxford University. Moreover, one in four of all Conservative MPs studied at one of the two prestigious universities, [...]