The man leading a major review of workers rights thinks National Insurance rise is progressive March 12, 2017 The man put in charge of a major review into workers rights and the rise of the gig economy has called the chancellor's election pledge-breaking rise in National Insurance for the self-employed "progressive" and "economically rational". "As tax rises go, this is broadly progressive," said Matthew Taylor, the head of the Royal Society of Arts [...]
HSBC chairman search: Former man from the Pru Mark Tucker will replace Douglas Flint March 12, 2017 Mark Tucker, chief executive and president of AIA and former boss of Prudential, has been confirmed as chairman of HSBC, marking the first time the bank has appointed an external chairman. Tucker will receive an annual fee of £1.5m and a one-time relocation benefit of £300,000 for moving from Hong Kong to London. He will take up [...]
Hammond slammed for “rookie error” over national insurance contributions March 11, 2017 Chancellor Philip Hammond has been criticised for making a "rookie error" with his plans in increase national insurance contributions for the self employed. Former Conservative chancellor Norman Lamont has raised concerns that Hammond's first spring budget has ruined the party's image for pursuing low-tax policies. The changes will mean up to 1.6m people will face [...]
Lloyds Banking Group has set aside an extra £350m to cover payment protection insurance (PPI) claims March 10, 2017 Lloyds Banking Group has set aside an extra £350m to cover payment protection insurance (PPI) claims, the lender announced this afternoon. The bank said the additional provision has been made because the Financial Conduct Authority (FCA) released a revised PPI policy statement on 2 March. The City watchdog announced a new deadline date for PPI complaints last [...]
A poll shows after the Budget, the Conservatives have their strongest lead in eight years March 10, 2017 Philip Hammond's Budget speech may have led to angry headlines, but many voters shrugged off his controversial plans to hike national insurance contributions (NICs) for the self-employed, a new poll has shown. The poll, conducted by YouGov for The Times, showed 47 per cent of voters supported Hammond's decision to raise £2bn by hiking NICs for those [...]
Esure share price soars to record high as it avoids discount rate hit March 10, 2017 Esure zoomed to the top of the FTSE 250 in late-morning trading after the insurer said it was in "full growth mode", and added it had avoided taking a hit from changes to discount rate rules. The figures In results posted this morning, Esure said underlying post-tax profits rose 18 per cent to 80.5m in the year to the end [...]
City Moves for 10 March 2017 – who’s switching jobs at Instavolt, the PRCA, Bovill and Travel Counsellors March 10, 2017 Today's City Moves cover electric vehicles, public relations, financial services and the travel sector. Take a look at these movers and shakers: Instavolt Electric vehicle charging specialist Instavolt has strengthened its senior team by appointing Adrian Keen as chief financial officer (CFO). A qualified chartered accountant, Adrian joins Instavolt with a wealth of experience in [...]
Editor’s notes: Hammond falls down the cracks between politics and policy, the bigger threats to the media than Rupert Murdoch and why the UK needs a new army of trade negotiators March 10, 2017 There are plenty of people willing to defend the chancellor’s controversial raid on the self-employed, not least the chancellor himself who was out and about yesterday claiming that the government faced “some new challenges” and that it has “to pay for these things somehow”. As opposition to the move grows on his own backbenches, he [...]
Spring Budget 2017: Junior barristers could be badly hit by hike in national insurance March 9, 2017 Those trying to make a name for themselves in the courts have been dealt a blow by the impending hike in national insurance. Chancellor Philip Hammond revealed in his maiden Budget yesterday that the class 4 National Insurance rate would be increased by one percentage point to 10 per cent from April 2018, and then [...]
The road to Brexit: what next for shares, sterling and property? March 9, 2017 The UK government is expected to trigger Article 50 by the end of this month, signalling the start of a two-year process that will see the country leave the EU. The Brexit process started on 20 February 2016 when then Prime Minister David Cameroncalled a referendum on the UK’s membership of the EU. The [...]