Champagne in Canary Wharf: Sunak helps banks to save £4bn following Budget cut in surcharge tax October 27, 2021 The cut to the banking surcharge, announced in today’s Budget, will help UK banks to save £4bn in the next five years. A surcharge of 8 per cent was cut to 3 per cent by Chancellor Rishi Sunak to “maintain the competitiveness of our financial services”, he said. As a result, the amount paid by [...]
Budget 2021: Retail chiefs disappointed after no decision on online sales tax October 27, 2021 Retail bosses have said the Chancellor’s silence on an online sales tax in the Budget comes as “another blow” to the beleaguered high street. While Rishi Sunak did not mention the mooted sales tax at the dispatch box, the autumn budget and spending review stated ministers will “continue to explore the arguments for and against” [...]
Budget: Labour says UK in store for ‘anaemic’ GDP growth under Tories October 27, 2021 Labour has claimed the UK is in store for “anaemic” GDP growth in the coming years in response to Rishi Sunak’s Budget today. Shadow chancellor Rachel Reeves, filling in for Sir Keir Starmer who has Covid-19, said “the Conservatives are the party of high tax”. Forecasts from the Office for Budget Responsibility (OBR) accompanying the [...]
Budget 2021: Government invests in road and railway, as APD for domestic flights goes down October 27, 2021 In his Autumn Budget speech, Chancellor Rishi Sunak has set out the funding for the transport sector, focusing on road and rail improvements as well as lowering air passenger duty (APD) taxes on domestic flights. To level up the country’s “uneven economic geography”, the Chancellor is allocating £130bn for infrastructure investments such as road, railway [...]
Budget 2021: Sunak scraps rise in fuel duty October 27, 2021 The chancellor is cancelling the planned rise in fuel duty. Speaking at the Budget, Rishi Sunak said he is “not prepared to add to the squeeze on families and small businesses”. Prices at the pumps reached record levels of 142.94p a litre on Sunday. The new record is 28p a litre higher than a year [...]
Budget: Sunak unveils high spending and business rates cutting post-Covid Budget October 27, 2021 Rishi Sunak has increased day-to-day departmental spending by £150bn in today’s Budget, in what has been billed as the largest increase in the last century, and slashed business rates. Sunak said the £150bn boost would see every government department’s budget increase, while the tax cuts will see business rates slashed by £7bn. The chancellor also [...]
Budget 2021: Hospitality and retail to get 50 per cent discount on business rates October 27, 2021 Chancellor Rishi Sunak has announced a one-year 50 per cent business rates discount for retail, hospitality and leisure sectors. Any eligible business in these sectors can claim a discount of up to 50 per cent up to a maximum of £110,000 – a business tax cut worth almost £1.7bn. Under reforms, system property valuations would [...]
Budget: UK to invest £850m to protect museums, galleries, libraries and local culture October 27, 2021 Chancellor Rishi Sunak has announced the government will be investing £850m to protect museums, galleries, libraries, and local culture.
GSK quashes reports of private equity interest in consumer health division October 27, 2021 Pharmaceuticals giant GSK has stuck to its plan to spin off its consumer health division next year as it released its third quarter results this afternoon, quashing reports that private equity giants were plotting to swoop in on the business. GSK has pressed ahead with its plan to spin off its consumer health division in [...]
D-Day for Rishi Sunak: What do City insiders expect from the Autumn Budget? October 27, 2021 In today’s Autumn Budget, Chancellor Rishi Sunak will outline how he plans to “drive growth while keeping the public finances on a sustainable path”. City A.M. checked in with a number of Square Mile professionals this morning to see what they hope or expect the Budget will bring today. VAT Yesterday the news broke that there will [...]