More than 400,000 SME jobs needed to return to pre-pre-pandemic jobs trajectory May 5, 2021 Around 410,000 small business jobs need to be created by the end of this year to return to the pre-pandemic jobs trajectory, according to new data by Xero, shared with City A.M. this evening. With small businesses employing over half of the UK workforce, a strong sector recovery will be needed to achieve significant employment growth. [...]
FTSE 100 ends the day on a high while Dow hits new record May 5, 2021 Heavyweight mining stocks pushed the FTSE 100 higher today while Wall Street opened higher on strong jobs data as the Dow Jones hit a record high. The blue-chip index closed 1.68 per cent higher, buoyed by chemicals group Croda’s shares soaring towards the top of the index after it announced a business review assessment. The [...]
Britain is sitting on a mountain of debt – but there is a way to climb down May 5, 2021 The UK’s public finances – a source of perennial debate amongst politicians, think tanks, economists and investors – are in focus like never before. Covid-19 has ushered in a period of unprecedented public spending, funded in the main by large amounts of debt. Government borrowing – money it needs to borrow to pay for spending [...]
Rishi Sunak: Wealthy will be spared from post-pandemic tax raid May 5, 2021 Wealthy families will escape a post-pandemic tax raid earmarked to boost the economy, Rishi Sunak has suggested, as the chancellor praised Britain’s already “very progressive tax system”. Sunak said yesterday that he is “cautiously optimistic” about an upswing in economic growth, as Brits prepare to spare pent-up cash alongside the relaxing of lockdown restrictions. Speaking [...]
Mayor of London election: Where do the major candidates stand on the Covid recovery? May 5, 2021 With the 6 May mayor of London election just one day away, City A.M. is producing a four-piece series on where the four leading candidates stand on different issues. Today, we look at Covid recovery policies from the candidates from Labour, the Conservatives, the Green Party and the Liberal Democrats. Sadiq Khan The incumbent mayor [...]
Janet Yellen denies predicting rate hikes after comments roil Wall Street May 5, 2021 US Treasury Secretary Janet Yellen has downplayed comments that rate hikes may be needed to stop the economy overheating as Joe Biden’s spending plans boost growth. Yellen yesterday said that she sees no inflation problem brewing, after her previous comments deepened a sell-off in tech stocks and pushed longer-dated Treasury yields higher. What has Yellen [...]
UK to scrap EU rule giving choice of clearer in derivatives May 5, 2021 Britain will scrap a rule inherited from the European Union that aimed to open the listed derivatives market to more competition, saying it was not appropriate to implement alone. The UK had championed the open access rule, which allows buyers and sellers of derivatives listed on exchanges across the EU to choose where they clear [...]
Sir Martin Sorrell: ‘Chickens will come home to roost’ with post-Covid tax hikes May 4, 2021 Tax rises are inevitable in order to tackle spiralling pandemic-driven public debt across the world, Sir Martin Sorrell has warned. The S4 Capital advertising mogul told City A.M. that while he expected strong economic growth this year and in 2022, “at some point the chickens do have to come home to roost”. Sorrell said he [...]
‘I’ve come from the street’: Shaun Bailey makes his last push May 4, 2021 Shaun Bailey is in a buoyant mood when we meet at Westminster’s St John Smith’s Square. With his new campaign battle bus unveiled and ready to set out on a tour of London, the Conservative mayoral candidate happily splays out in the April sunshine as we sit down to chat. His ebullient demeanour is a [...]
Those in debt to be given 60 days breathing space before enforcement action May 4, 2021 People in debt will be given 60 days to get their finances back on track without debts piling up, worrying letters or enforcement action, under a new government scheme. The scheme – called ‘Breathing Space’ – will give those in debt legal protections from their creditors for 60 days, with most interest and penalty charges [...]