US hotel chain Starwood’s share price jumps in pre-market trading after unsolicited takeover approach March 14, 2016 Starwood Hotels and Resorts has received a $12.8bn (£8.9bn) takeover offer from a group led by China’s Anbang Insurance Group, potentially throwing a spanner in the works for the tie up between Starwood and Marriott agreed last November. The terms of the deal with Marriott includes a period during which Starwood can consider other offers and expires [...]
EU referendum: Travel association Abta says uncertainty after Brexit vote would likely weaken the pound making holiday and business travel abroad more expensive March 14, 2016 The period of uncertainty following a Brexit vote would have an impact on the pound, making the cost of holidaying more expensive, as well as adding costs for UK businesses to buy abroad, the UK's largest travel association has said. In a report titled What Brexit might mean for UK Travel, Abta and Deloitte found [...]
Budget 2016: Over-50s hit by 22 per cent rise in car insurance premiums – as George Osborne prepares to hike insurance tax again March 14, 2016 The over-50s have been hit by a 22 per cent rise in car insurance premiums since October 2013, new research has revealed – just as George Osborne is getting ready to hike tax on insurance policies again. To be fair, the figures, by market researcher Consumer Intelligence, found the over-50s still pay the lowest insurance premiums, shelling [...]
FTSE 100 edges up but Admiral share price hit as investors await Budget and interest rate decisions March 14, 2016 The share price of one of the UK's largest insurers was hit in early trading after it emerged over the weekend that the chancellor may drop a tax bombshell on the sector when he delivers his Budget later this week. Admiral Group fell 1.6 per cent to 1,884.5p in early trading, after reports suggested George Osborne will raise the [...]
Financial Advice Markets Review: Government should change definition of advice and let consumers take cash from pension pot to pay for it, says FCA and government review March 14, 2016 There is "a clear need for intervention" in the UK's financial advice industry, with consumers suffering from an "advice gap", the long-awaited Financial Advice Market Review (FAMR) has said. The review recommends that government allow consumers to access a small part of their pension pot, which they could redeem against the cost of pre-retirement advice. "This will ensure that [...]
Budget 2016 predictions: A spread of tax raising measures are coming – from raising capital gains tax to tackling salary sacrifice schemes March 14, 2016 Next week’s Budget looms large as experts are anticipating wide-ranging changes, with chancellor George Osborne tweaking tax to raise revenue and balance the books. Pensions were widely anticipated to be an area of huge upheaval, but Osborne has now delayed plans to fiddle with the system. It’s more likely that lots of niche areas are targeted. [...]
Budget 2016: It’s time for the Treasury and George Osborne to find elusive cuts, not introduce stealth taxes March 14, 2016 A guaranteed way of keeping someone on your side is to print a bigger number at the bottom of their monthly pay slip – a fact recognised by employers and politicians alike. George Osborne is expected to lift the personal allowance again during Wednesday’s Budget (a commendable continuation of the Liberal Democrats’ longstanding policy) and [...]
Give business a break: Why the chancellor’s Budget should prioritise stability over radicalism March 14, 2016 The chancellor faces an important choice this week, as he delivers his fourth big fiscal plan in 12 months. It comes down to a choice between yet another radical Budget – with all the uncertainty and disruption that may cause for businesses – or a steadier approach that gives firms and the government itself the [...]
Budget 2016: Industry groups warn chancellor George Osborne against hiking insurance premium tax as EY Item Club urges against planned £4bn in spending cuts March 14, 2016 Leading industry groups are pleading with the Treasury to give British businesses a break at this week’s Budget, as chancellor George Osborne eyes up a major tax hike on insurance premiums and higher tax revenues from Britain’s biggest banks. The AA warned over the weekend that the chancellor is considering raising the basic rate of [...]
EU referendum: Housebuilders, mid-caps, banks and retail will be the sectors worst-hit by a Brexit, says UBS March 11, 2016 The Brexit debate continues apace – and now UBS Wealth Management has waded in on the argument, pointing out some of the sectors most at risk if the UK votes in favour of leaving the European Union. The good news is fears around Brexit have already been priced into the market, said Caroline Simmons, deputy [...]