Mr Kwarteng goes to Washington: Business Secretary heads Stateside to lure nuclear investors May 15, 2022 The Business Secretary will seek to lure US investment in new nuclear plants, as the UK aims to reduce its reliance on Chinese investment.
Boots US owner Walgreens takes out $5.3bn in dividends from UK arm as sales deadline looms May 15, 2022 Boots’ US owner has withdrawn over $5.3bn of dividends from its UK holding firms, even though it received hundreds of millions of pounds of government pandemic support cash. The high street chemist’s UK-based parent company, Superior Holdings, coughed up $4.1bn in dividends to Walgreens last year, in addition to paying out a $909.6m dividend the [...]
Millions of Brits face £100 per month budget shortfall as merciless cost-of-living crisis deepens May 14, 2022 Millions of households could be left around £100 per month short of what they need to cover their spending in just two years’ time on average, as costs rise faster than incomes, a new report suggests. By 2024, average weekly incomes could increase to £680 by 2024 – while average weekly UK household spending may [...]
Tech Weekly: Crypto plummets, and analysing tech stock rout in 2022 May 13, 2022 This week City A.M.’s Charlie Conchie talks to Lorne Daniel, Technology Research Analyst at financial services company finnCap. They unpick a very rough quarter for tech companies and tech stocks, and go through what’s to come. Charlie also takes us through the main headlines this week — multiple cryptocurrencies have plummeted in value, pressure is [...]
Letters: Are we trusting the Bank? May 13, 2022 [Re: UK recession to hit sooner than first thought as economy shrinks unexpectedly, yesterday] With the UK seemingly entering a period of stagflation, it’s clear that the Bank of England has taken the right course of action by raising interest rates earlier this week – a necessary move to help tackle the challenge faced by [...]
Jacob Rees-Mogg adds fuel to the Brexit fire: ‘The EU is trying to punish the UK’ May 13, 2022 Jacob Rees-Mogg has claimed the EU is trying to punish the UK for Brexit. The Minister for Brexit Opportunities and Government Efficiency said about the ongoing talks with the EU: “I think it [the EU] wants to make the UK feel bad about having left the European Union and that underpins its whole policy and [...]
VAT revenues rise to highest amount ever as HMRC pockets £157bn in just one year May 13, 2022 HMRC collected a record £157.2bn from VAT bills in in the last tax year, a 55 per cent jump on the £101bn collected in 2020/21, after businesses were forced to make up for VAT payments they deferred during the pandemic. Accountants have told City A.M. that HMRC’s VAT income has risen sharply after the rate [...]
Big data: what is it and who is using it? May 13, 2022 As the capabilities of analytics technology become ever more sophisticated, how are organisations mining and using this information and what are they doing with it? The value of information has been described as on par with and, depending on the information and how it is used, exceeding that of precious metals and fossil fuels. Although [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]
The City View: Subpar UK economic figures, and more rate hikes to come May 12, 2022 Today Andy Silvester talks to City A.M.’s Economics and Markets reporter Jack Barnett. They go through the gloomy economic figures released by the ONS this morning measuring the economy’s performance, and explain what this will mean for rate hikes going forward. And in the news: BT has confirmed a joint sports venture with Warner Bros [...]