Budget 2016: The AA pleads with chancellor George Osborne not to hit motorists by hiking insurance premium tax or fuel duty February 29, 2016 Motoring insurer and breakdown cover provider AA has today revealed that it has written to chancellor George Osborne to ask him not to hike insurance premium tax or fuel duty in next month's Budget. The company is concerned that the chancellor might be considering raising one or both as a quick win to boost the [...]
EU referendum: Brexit could affect property prices – but the Chinese slowdown and a potential interest rate rise are greater causes for concern February 29, 2016 The date has been set and the die has been cast – after 40 years this June voters will have a chance to decide if Britain should stay in the EU and speculation on the possible impact of a Brexit has reached fever pitch. While politicians, businesses and industry experts are willing to throw their [...]
Hiscox share price down as insurance company slashes special dividend after profits fall for the year ended December 2015 February 29, 2016 Share price in Hiscox fell today as the insurance company revealed a drop in its profits before tax and announced that it would be reducing its special dividend. The insurer reported profits before tax of £216.1m for its year ended December 2015, down 6.5 per cent compared with £231.1m the year before, while gross premiums written grew [...]
HMRC raises an extra £3.5bn from small businesses for underpayment of VAT, says tax investigation insurance company PfP February 29, 2016 HM Revenue and Customs (HMRC) has raised an additional £3.5bn in the last year through inquiries into the under-payment of VAT by small businesses, tax investigation insurance company PfP said today. Increased VAT revenue accounted for 45% of the additional tax take in 2014/15 from investigation by HMRC’s local compliance teams, according to PfP. The [...]
We mustn’t let the EU referendum narrow our view of the City’s global opportunities February 29, 2016 Only 115 days to go. The EU referendum has been a huge story since well before the date was announced and now we have months of campaigning before polling opens. In fact, so dominant has the referendum been recently that the world outside Europe has been almost overlooked by the media. I’m writing this column [...]
The City has nothing to fear – and much to gain – from Brexit February 29, 2016 The UK’s continued membership of an increasingly hostile EU is putting the City at risk. The EU is an important market but its significance has been waning. In 2005, 39 per cent of our exports in financial services, pensions and insurance went to the EU, but this has now fallen to 33 per cent. By [...]
Warren Buffett annual letter to Berkshire Hathaway shareholders 2015: US presidential candidates have it all wrong – those being born today are the luckiest generation February 27, 2016 Kids these days are the luckiest of all, according to Warren Buffett's annual letter to the shareholders of Berkshire Hathaway released today. Commenting on the impending US elections, Buffett scoffed at the "negative drumbeat" of the presidential candidates, who seemed to be making a habit of pointing out all of the country's problems, despite GDP per capita having [...]
City Moves for 26 February 2016 | Who’s switching jobs February 26, 2016 Edmonds Marshall McMahon Private prosecution law firm Edmonds Marshall McMahon has announced the firm’s expansion into civil fraud with the appointment of leading City litigator Robert Hunter. He joins as a partner from Herbert Smith Freehills where he was head of the fraud and asset tracing group. Robert has over 25 years’ experience in the [...]
Vinyl collection? Home office? Wine fridge? You’re probably underinsured, as many mid net worth adults misjudge the value of their belongings February 26, 2016 Your well-stocked wine fridge, spacious home office and cosy underfloor heating might impress your friends, but they might also be sending a red flag to your insurance company. According to research released today by LV= Home Insurance, over three-quarters (79 per cent) of so-called mass affluent households are underinsured. As UK households have grown richer, they've also gathered more [...]
At the close: FTSE 100 index surges as banks’ share prices including Lloyds, RBS and Barclays rise February 25, 2016 The FTSE 100 index rocketed on Thursday as banking stocks surged, supported by the news that fourth quarter UK GDP was revised upwards to 0.5 per cent. The index closed 2.48 per cent higher at 6,012 points, led higher by Lloyds Banking Group and RSA Insurance Group. "European banks were the centre of market turmoil two [...]