Pensions taskforce to call for £1.5 trillion superfund to plug black holes in UK’s retirement funds March 6, 2017 A group of pensions experts will call on the government in the next few days to set up a £1.5 trillion superfund to fix the UK's pensions crisis. According to Sky News, which first reported the story, the committee set up by the Pensions and Lifetime Savings Association (PLSA) is expected to urge ministers to consolidate all of [...]
This is what the booze and tobacco sectors are hoping to see in the Spring Budget March 6, 2017 The countdown is nearly over – the Spring Budget is now just two days away. Britain's beer and spirits sector has been campaigning for weeks in a bid to urge chancellor Philip Hammond to cut the beer duty while the industry grapples with cost pressures from rocketing business rates and increases to the national minimum wage. Here's [...]
Hammond vows to fight back against bad Brexit deal as he plots vision for Britain’s high-tech future March 6, 2017 Ahead of his first full Budget, chancellor Philip Hammond has vowed the government would fight back against a Brexit deal that doesn't deliver for Britain, insisting the country will not be left licking its wounds after negotiations. Hammond warned the European Union of the UK's "fighting spirit" and said the country will not "slink off as [...]
The BCC is demanding action over mounting business rate concerns March 6, 2017 Almost 40 per cent of UK firms are more concerned about business rates than three months ago, according to new research. Figures from the British Chambers of Commerce show that business rates (39 per cent) were second only to exchange rates (42 per cent) in the number of firms reporting increased worries. And among small [...]
Bullish Hammond warns the UK will “fight back” if unable to secure a Brexit deal March 5, 2017 Chancellor Philip Hammond has warned European member states the UK "has a fighting spirit" and will not "slink off as a wounded animal" if Brexit talks collapse. Prime Minister Theresa May will fire the starting gun on negotiations later this month, and Hammond today warned that Britain will do "whatever it takes" to remain competitive. [...]
Labour’s John McDonnell wants to force high-earners to publish their tax returns March 2, 2017 Labour's shadow chancellor John McDonnell has revealed new plans designed to improve trust in the UK's tax system, including forcing anyone earning over £1m to publish their tax returns. McDonnell announced the plans at a pre-Budget speech in London earlier today, adding that Labour also shares the widely-held goal of clamping down on tax avoidance. "Transparency and [...]
The costs of running a business in London are starting to outweigh the benefits February 28, 2017 The late, great Robin Williams once said: “Spring is nature’s way of saying, ‘Let’s party’.” When the chancellor stands up to deliver the last ever Spring Budget next week, however, small businesses in London are likely to be putting party plans on hold unless Philip Hammond can pull the miraculous business rates “rabbit out of the [...]
One in five small businesses could close or sell up after business rates hike February 27, 2017 One in five small businesses could close down or sell their business after changes to business rates shoot up in April. Many small businesses are preparing to reduce staff costs to offset the rate rises, according to a new survey from the Federation of Small Businesses (FSB). More than half of those surveyed (54 per cent) expect [...]
The UK government’s deficit reaches lowest year-to-date since financial crisis but misses expectations February 21, 2017 Government borrowing recorded the biggest January surplus since 2000 and its lowest year-to-date reading since the financial crisis ahead of chancellor Philip Hammond’s first Budget on 8 March, despite a lower-than-expected monthly surplus. With tax receipts in January traditionally far higher than every other month as self-assessment returns come in, the January surplus of £9.4bn [...]
Improved fiscal outlook for the chancellor as he prepares the Spring Budget February 20, 2017 The Office for Budget Responsibility (OBR) is expected to provide some “fiscal cheer” for the chancellor, with a forecast showing greater growth for the economy and lower borrowing costs. According to the Ernst & Young ITEM Club, forecasted GDP figures for 2017 are expected to be revised upwards, from 1.4 per cent to 1.6 or 1.7 [...]