Truss and Hunt to oversee protracted recession, EY Item Club forecasts October 17, 2022 The UK is on course for a long recession that will last from this winter through to next summer, underscoring the tough challenge facing prime minister Liz Truss and her new chancellor Jeremy Hunt. Rising inflation compounded by higher interest rates will force the economy into reverse in the current quarter until the summer of [...]
Truss’s botched mini budget heaps pressure on company finances October 17, 2022 Prime minister Liz Truss’s botched mini budget has heaped pressure on the finances of the UK’s largest companies, reveals new research out today. Chief financial officers of FTSE 100 and 250 firms see borrowing as more costly than at any time since 2010, according to big four accountant Deloitte. UK financial markets have been rocked [...]
Whistleblowing employees surge in tax fraud cases reported to HMRC October 17, 2022 Employees’ reports to HMRC over employers’ suspected tax evasion and fraud have increased by 11 per cent in the last year. Figures from HMRC have shown that over the past two years whistleblower accusations have almost doubled, from 8,900 in 2019/2020 to 15,100 in 2021/2022. Experts believe the increase is attributable to soaring numbers of [...]
Inflation and supply chain woes take their toll on UK’s chemical sector October 17, 2022 The chemical sector has reported its first quarterly fall in sales since the height of the pandemic, according to the latest sector data.
Bank of England to launch gentler but still record rate rise after mini budget U-turns October 16, 2022 The Bank of England can marginally take its foot off the accelerator after prime minister Liz Truss U-turned on key aspects of her tax cutting mini budget, but will still launch the biggest move in its 25 years of independence, City economists are betting. The monetary policy committee (MPC) is set to lift borrowing costs [...]
City braces for fresh inflation and borrowing figures October 16, 2022 The City is bracing for another busy week of new data illustrating the health of the UK economy. Last week, the FTSE 100 index fell 1.89 per cent to finish at 6,858.79 points after it was rocked by prime minister Liz Truss ditching chancellor Kwasi Kwarteng. The domestically-focused mid-cap FTSE 250 index, which is more [...]
Biden says Truss tax cuts were ‘a mistake’ and U-turn was ‘predictable’ October 16, 2022 US President Joe Biden has criticised Liz Truss’ tax plans as “a mistake” and said he “wasn’t the only one” who thought so. The President said the Prime Minister’s embarrassing U-turns were “predictable” when he was asked about it during a visit to an ice cream shop in Portland, Oregon. Biden said earlier this year [...]
Hunt says Truss has ‘changed’ as he warns of spending cuts and tax rises October 16, 2022 Jeremy Hunt has claimed Liz Truss has “changed” after the bruising last month as he warns of coming spending cuts and tax rises. The new chancellor said “spending is not going to increase by as much as people hoped” and that “taxes are not going to go down as quickly as people thought and some [...]
Analysis: Truss can’t buck the markets October 14, 2022 Around eight minutes is how long prime minister Liz Truss today allocated to explain why she sacked her chancellor for implementing her tax cuts and signed off her second mini budget U-turn. She clarified neither. She answered four questions and committed to her “mission” to boost growth in the UK at a Downing Street press [...]
Liz Truss U-turns on mini budget plans to reverse corporation tax hike October 14, 2022 Liz Truss signed off another U-turn today, rolling back on plans to reverse corporation tax rising to 25 per cent from 19 per cent. The move marks a second embarrassing climb down from the government’s tax cutting mini budget, which was characterised by Truss and former chancellor Kwasi Kwarteng as their blueprint for growth. Financial [...]