Automotive sector in favour of relocating car manufacturing to UK March 23, 2022 The Society of Motor Manufacturers and Traders (SMMT) said today a relocation of car manufacturing back to the UK would be “good news” for the sector. “If supply chain resilience provides the opportunity to reshore more of the supply chain in the UK, we would certainly support and encourage that,” SMMT’s chief executive Mike Hawes [...]
Russia labelled ‘trolling infants’ over plans to scupper UK and Ireland Euro 2028 bid March 23, 2022 Russia’s football association has confirmed that it hopes to scupper the UK and Ireland’s bid to host Euro 2028 with a rival proposal. The move drew immediate and fierce condemnation, with MPs accusing Russia and the Russian Football Union (RFU) of behaving like “trolling infants”. England, Wales, Scotland, Northern Ireland and the Republic of Ireland’s [...]
Office for Budget Responsibility warns household energy bills could double this year March 23, 2022 Energy bills could spike 40 per cent this winter, warned the OBR, placing further pressure on cash-strapped households.
Anatoly Chubais: Top Russian envoy steps down and leaves the country after criticising war in Ukraine March 23, 2022 A senior and respected Russian official has stepped down from his role of climate envoy and left the country, after opposing Vladimir Putin’s war in Ukraine. Anatoly Chubais quit Moscow this week according to Bloomberg, becoming the highest-ranking person to get out since the start of the war last month. This comes after Russia was [...]
Still serving Moscow: Subway increasingly sandwiched between Russian interests and pressure to pull out March 23, 2022 Sandwich giant Subway is coming increasingly under pressure to shut down all of its operations across Russia which, unlike most other western companies, it has so far refused to close its 450 branches across the country. In a statement issued late last night, Subway explained it has no intention to cease operations in Russia as it “has [...]
Spring statement: OBR slashes economic growth forecasts on Russia-Ukraine war inflation spike March 23, 2022 The UK’s fiscal watchdog has slashed its forecasts for economic growth this year driven by the Russia-Ukraine war sending inflation spiking. The Office for Budget Responsibility (OBR) is expecting the UK economy to grow 3.8 per cent this year, down from six per cent in its previous forecast. Russian President Vladimir Putin’s decision to send [...]
As it happened: Rishi Sunak’s Spring Budget 2022 March 23, 2022 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer, Rishi Sunak, delivers the government’s Spring Budget for 2022 . Please do get in touch and let us know your opinion via news@cityam.com or @Cityam With the cost of living crisis, rising inflation, war in Ukraine and [...]
Sunak gives National Insurance help and promises 2024 income tax cut March 23, 2022 Rishi Sunak has increased the income threshold for National Insurance in a £330 annual tax cut for employees, while also delivering a gloomy updated forecast for the UK economy. Sunak said in his spring statement that the threshold at which employees pay National Insurance will be lifted by £3,000 to £12,570 in what he called [...]
BP considers North Sea oilfield sale amid market rallies March 23, 2022 BP is reportedly pursuing buyers for its closed Foinaven oilfield in the North Sea with oil prices rallying
Sunak cuts fuel duty to ease pressure on motorists March 23, 2022 Fuel duty will be cut by five pence per litre for the next 12 months, revealed Chancellor Rishi Sunak in the Spring Statement today.