Almost a thousand pubs and restaurants have closed since Freedom Day October 13, 2021 The country has lost nearly a thousand pubs and restaurants since Freedom Day, when hospitality was freed from Covid restrictions. At an average closure rate of 16 licensed premises a day, the figures from CGA and AlixPartners make stark the difficulties still faced by businesses. Independently run pubs and bars accounted for nearly three quarters [...]
City lobby group presses Sunak to scrap bank tax October 13, 2021 The City’s chief lobbying group has called on Chancellor Rishi Sunak to scrap the bank surcharge to reinforce the UK’s leading role as a global finance hub. TheCityUK has demanded Sunak remove the eight per cent levy on banks’ profits at the upcoming budget and spending review on October 27. The lobby group urged the [...]
City lobby group presses Sunak to scrap bank tax – CityAM : CityAM October 13, 2021 The City’s chief lobbying group has called on Chancellor Rishi Sunak to scrap the bank surcharge to reinforce the UK’s leading role as a global finance hub. TheCityUK has demanded Sunak remove the eight per cent levy on banks’ profits at the upcoming budget and spending review on October 27. Also Read: Sunak eyes overhaul [...]
Roof tiler Marley abandons £500m floatation plans amid growing market concerns October 12, 2021 The biggest producer of roof tiles in Britain has abandoned its £500m plans to float on the London Stock Exchange, blaming “market volatility” as investors fear a rise in UK interest rates. Marley Group announced its change of plans this morning despite “considerable institutional investor interest”, according to the company. The news came less than [...]
US job openings still high despite falling to 10.4m in August October 12, 2021 Although job openings in the US fell in August, they were still significantly high compared to previous years, against a backdrop of worker shortages. In the first time this year the number of new jobs available fell by 659,000 to 10.4m by the end of August, according to figures released by the US Labor Department [...]
UK muscles out G7 to top economic growth league October 12, 2021 The UK has muscled out its rich nation rivals to top the table for economic growth this year. Britain’s economy will expand 6.8 per cent this year, a faster rate of growth than any other G7 country, according to the International Monetary Fund (IMF). Despite trimming its forecasts by 0.2 percentage points, the UK will [...]
M&A cash: Uncertainty and reduced leverage capacity make it harder to finance takeovers October 12, 2021 One of China’s biggest property developers, Evergrande, has come under mounting pressure in recent weeks to repay investors and bond holders on the back of three missed payments on over $300bn of liabilities. This potential default has triggered fears across global markets that investors will not get their money back. It has also had an effect on [...]
Energy bills for small businesses set to double this winter October 12, 2021 British businesses could see their energy costs rise by 125 percent this winter, as they are not included in Ofgem’s price cap which limits household bills. The average household in the UK benefits from an energy price cap that is currently set at £1,277 per year., although the price cap is expected to increase substantially [...]
Evergrande leaves more creditors empty handed October 12, 2021 Creditors to heavily indebted Chinese property giant Evergrande have not received around $150m in debt repayments that were due on Monday. The latest round of repayment miss was the third in as many weeks, increasing the likelihood that Evergrande will collapse soon. Evergrande has an October 18-19 debt payment deadline that will push into official [...]
Perpetual debt is already here October 12, 2021 “Be still indebted to somebody or other, that there may be somebody always to pray for you, [. . .] fearing, if fortune should deal crossly with you, that it might be his chance to come short of being paid by you.” François Rabelais, Gargantua and Pantagruel, Book III Pundits worldwide are debating what to do with [...]