‘Busiest six months in 57 years’: Stamp duty holiday causes pandemonium in property sector July 1, 2021 The last week has seen chaos for buyers trying to beat the stamp duty holiday deadline, and long hours and stress for all other parties involved in the process. This week homebuyers were in a race against time to beat the deadline on the most generous stamp duty holiday, which ended at midnight last night. [...]
Sunak reveals new climate impact disclosure rules July 1, 2021 Chancellor Rishi Sunak has today announced plans to introduce new rules to force firms to reveal their impact on the climate. Speaking at Mansion House, Sunak announced that businesses across the economy will have to report on the impact they are having on the climate and environment. “We’re launching new requirements for businesses and financial [...]
UK manufacturing growth slows in June July 1, 2021 Growth in the UK’s manufacturing industry slowed over the last month, according to a closely watched business survey published today. The IHS Markit/CIPS Purchasing Managers’ Index dropped to 63.9 in June, down from May’s record high of 65.6. A reading above 50 indicates growth in the industry. Read more: British savings jump during lockdown as [...]
The end of the furlough scheme must be the beginning of a renewed focus on London’s recovery July 1, 2021 The furlough scheme has been a lifeline for London workers. At its peak, as many as one million Londoners were furloughed – from builders to bakers, coders to café owners (and many of my team at Centre for London). We all know someone who has depended on and can be grateful for the government’s support to see [...]
Haldane: Inflation will reach four per cent this year June 30, 2021 The Bank of England’s outgoing chief economist has warned that UK inflation could surge to four per cent this year. Andy Haldane said in a speech today that he expects “UK inflation to be nearer four per cent than three per cent. This increases the chances of a high inflation narrative becoming the dominant one, a [...]
City Moves: Who’s switching jobs in the Square Mile this week? June 30, 2021 City A.M.‘s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. IoD’s chief economist departs for Fitch Ratings The Institute of Director’s (IoD) chief economist will step away from the role next week to become director of economics at US credit rating [...]
Shop prices fall faster in June June 30, 2021 The price of goods in UK shops fell at a faster rate in June than in May as businesses sought to maintain momentum in consuming spending, according to data published today. The British Retail Consortium’s Shop Price Index showed shop prices dropped 0.7 per cent annually in June, a faster rate than May’s 0.6 per [...]
A truly Global Britain must slash bureaucracy to draw in international investment June 30, 2021 Not that long ago there was an assumption that globalisation was inevitable – writers from Fukayama to Friedman were anticipating the victory of liberal capitalism and a “flat world” in which capital, people and trade flowed freely, driven by the power of big business to knock down national barriers to their pan-national corporate interests. That [...]
Jefferies boosts dividends on back of record second quarter performance June 29, 2021 Financial services firm Jefferies said that it had recorded record revenues for the second quarter, prompting the investment bank to jack up its dividend. The New York-headquartered firm said that its revenue had jumped 56 per cent compared to a year ago, rising to $1.6bn. It added that its pre-tax income hit $429m, up 148 [...]
Thousands of businesses to again pay property tax as business rates holiday ends June 29, 2021 Thousands of businesses will soon again face paying property taxes, as the business rates holiday comes to an end later this week. Last April the government paused business rates for the hardest hit retail, leisure and hospitality companies. Some 394,601 businesses benefitted from the rates holiday, which saved them around £13.8bn. But from 1 July, [...]