‘Rule of Origin’ Brexit rule starts to bite: UK customs duties jump 64 per cent in a year to record £4.5bn February 23, 2022 Customs duties paid by UK businesses have jumped 64 per cent to a record £4.5bn in the year to 31 January 2022, up from £2.9bn in the previous 12 months, according to new research shared with City A.M. this afternoon. The rise comes as post-Brexit increases in customs duties begin to bite for UK businesses [...]
A four day week must withstand the productivity test to be worth the gamble February 23, 2022 Durham based challenger bank Atom has announced a four day working week for all of its 430 employees as more and more people debate the number of days we should be working. For SMEs in the services sector, a four day week is an attractive bandwagon to jump on. It is commonly given credit for [...]
Firms on the hunt for staff despite labour squeeze February 23, 2022 Employers are planning on expanding their workforce despite an ongoing labour squeeze scuppering recruitment efforts, reveals a new survey published today. A net 24 per cent of companies intend to ramp up hiring over both the medium and long term, according to a survey by the Recruitment and Employment Confederation (REC). Strong hiring intentions indicate [...]
Buy-to-let investors profit taking boosts CGT take to record level February 22, 2022 Buy-to-let investors taking profits on their properties has propelled capital gains tax (CGT) receipts to their highest ever level, revealed official figures published yesterday. The Treasury received 20 per cent more income from capital gains tax last year, with receipts climbing to £12.9bn from £10.8bn from the previous year, according to HMRC. A red hot [...]
BoE deputy governor voted for ‘front-loaded’ tightening to quash wage pressures February 22, 2022 Strengthening wage pressures risking further upside inflation surprises led a deputy governor at the Bank of England to vote for a “front-loaded tightening in monetary policy”. Sir Dave Ramsden, a member of the Bank’s rate setting committee who voted for a 50 basis point rate hike at Threadneedle Street’s last meeting, said yesterday further hikes [...]
Home transactions settle back to pre-Covid levels with ‘best sellers’ market in decades’ February 22, 2022 More than 85,000 homes changed hands in January, with property transactions up on pre-Covid averages, HMRC data has revealed. Official figures show that the provisional non-seasonally adjusted estimate of UK residential transactions for January 2022 was 85,520. This was 22.2 per cent lower than December 2021. There were seven per cent more transactions than the [...]
Factory prices set to accelerate at fastest rate since mid-1970s as inflationary pressures bulge February 22, 2022 Factory prices are set to soar at their fastest pace since the mid 1970s as inflationary pressures in the UK economy dial up, according to a closely watched survey published today. A net balance of 77 per cent of British manufacturers intend to hike prices over the next three months, according to a survey by [...]
InterContinental brings back dividend amid recovery of global travel industry February 22, 2022 British hotelier InterContinental has said it will reinstate its dividend, after posting “encouraging” results for the full year 2021 amid the recovery of the global travel industry. In its 2021 results, InterContinental Hotel Group (IHG), which owns Holiday Inn Express, said its revenues per room had bounced back to 70 per cent of 2019 levels, [...]
Morses Club shares tumble 63 per cent as ex-boss dumps £200,000 of shares before profit warning February 21, 2022 The boss of one the UK’s top doorstep lenders dumped around £200,000 of his stake in the firm just before it sounded the alarm on profits to investors today. Paul Smith, chief of Morses Club, a high-cost consumer credit provider, ditched more than half of his stake in the firm last Thursday. Smith unexpectedly left [...]
Car dealers not repaying furlough money despite rocketing expected profits February 21, 2022 Car dealers are reportedly refusing to return funding provided by the government through furlough payments and business rates relief. The sector, which is expected to collectively post profits up to £1bn, will start paying both dividends back to investors and bonuses to managers and directors, a Times investigation reported. According to the outlet, dealership groups [...]