PM: Boris defends NI hikes and says higher wages will lead to tax cuts in future October 6, 2021 Boris Johnson defended his tax hikes today at Conservative party conference, saying even “Margaret Thatcher would not have ignored the meteorite that has just crashed through the public finances.” Increases to National Insurance announced last month have been criticised by business groups, who point out that firms are already battling increasing energy prices and inflation. [...]
Travel insurance cheat who tried to eat evidence among £1.1bn UK fraud cases October 6, 2021 A travel insurance cheat who tried to eat the evidence and an “accident-prone” gardener who was caught out weightlifting were among the more unusual frauds uncovered, the Association of British Insurers (ABI) said this morning. The industry body said the average general insurance fraud detected last year was for £12,000, marking a £600 increase compared [...]
BCC: Supply chain breakdowns threaten to throw UK recovery off course October 6, 2021 Endemic supply chain breakdowns that are causing the UK economy to snarl up threaten to derail Britain’s recovery from the Covid-19 crisis. The chief of the British Chambers of Commerce (BCC) has warned “The supply chain crisis, alongside wider labour shortages and spiralling price rises, is clearly starting to drag on our economic recovery from Covid-19.” The warning comes as the BCC found [...]
Rishi Sunak assures City that bonfire of financial services regulations post-Brexit is around the corner October 5, 2021 Rishi Sunak has moved to assure the City that changes to financial services regulation post-Brexit are around the corner as he set out his ambition to “make sure [London] remains the most competitive place in the world for financial services”. When challenged at a Conservative party conference fringe event on why there hasn’t been a [...]
UK businesses jack up prices at record pace amid supply chain epidemic October 5, 2021 Businesses are jacking up prices at the fastest rate on record to cancel out soaring costs caused by endemic supply chain breakdowns. A closely watched index measuring UK services businesses’ activity hit 55.4 in September, up slightly from August’s six-month low 55. A reading above 50 indicates a majority of firms reported growth. Soaring oil [...]
Exclusive: Spectre of rising costs threatens to derail London recovery October 5, 2021 Businesses across London are under threat from the spectre of soaring costs. Almost half of firms in the capital are suffering from a sharp rise in energy, raw material and fuel costs, which is squeezing their margins “on several fronts”, the London Chamber of Commerce (LCCI) has warned. Richard Burge, chief executive of the LCCI, [...]
Challenger challenge: Monzo aborts US banking licence application October 4, 2021 Monzo has followed in rival Robinhood’s footsteps and abandoned its application for a US banking license after regulators told the UK fintech it was unlikely to be approved. In a major setback for its international expansion plans, the challenger bank said it had decided to withdraw from the process after recent talks with the Office [...]
Conservative conference: Rishi Sunak declares the ‘future is here’ October 4, 2021 Rishi Sunak has declared the “future is here” in his party conference speech as he vowed to bring the UK’s economy into the 21st century. The chancellor said “I want tax cuts”, but that first “public finances must be put back on a sustainable footing”. It comes after the government recently increased National Insurance Contributions [...]
Concoction of risks weighs on London markets October 4, 2021 A concoction of risks threatening to scupper the global economic recovery from the Covid-19 crisis weighed on London markets this morning. The capital’s premier index edged down 0.12 per cent to 7,018.60 points during the first couple of hours of trading today. Ongoing supply issues, severe shortages, accelerating inflation and the growing likelihood of central [...]
Interview: IoD’s new chief economist delivers damning verdict on Tory tax hikes October 4, 2021 After just a month or so into the job, the freshly appointed chief economist of the organisation that represents British business leaders is wasting no time in weighing in on the ails of the UK economy, shooting down one area in particular – tax. Kitty Ussher of the Institute of Directors (IoD) has slammed the [...]