Treasury mulls slashing higher-rate tax relief on pensions contributions March 20, 2021 The Treasury is reportedly considering huge cuts to tax relief on pensions contributions amid the spiralling cost of measures brought in during the pandemic. On 23 March, which has been dubbed “tax day”, the Treasury will announce new consultations on proposed taxation reforms, which could include reforms to pension tax. When people pay into their [...]
FTSE 100 falls as fresh lockdowns across Europe dampen economic outlook March 19, 2021 The FTSE 100 fell this morning as fresh Covid-19 lockdowns across Europe dampened hopes of a swift recovery in demand for industrial stocks including energy. London’s blue-chip index sank 1.2 per cent, before recovering slightly to sit 0.6 per cent down at 8.30am. Oil heavyweights BP and Royal Dutch Shell fell 3.2 per cent and [...]
UK borrowing hits highest February figure on record March 19, 2021 The government borrowed £19.1bn last month, marking the highest figure for February since records began amid the spiralling cost of support measures during the pandemic. Figures from the Office for National Statistics (ONS) showed public borrowing ballooned thirteenfold to £19.1bn in February this year – up from £1.5bn in the same month a year earlier. [...]
Treasury sells £1.1bn NatWest shares back to the banking group March 19, 2021 The Treasury said this morning it had completed the sale of £1.1bn in NatWest Group shares, selling the stock back to the banking group. The agreement with NatWest, formerly the Royal Bank of Scotland Group, represents the government’s third sale of its NatWest shareholding, bringing its stake down from 61.7 per cent to 59.8 per [...]
Winners of the 23rd Awards For Achievement announced! March 18, 2021 23rd Awards For Achievement– Winners announced Women in Banking and Finance today held its 23rd Annual Awards for Achievement, marking its 40th anniversary while celebrating the achievements of four individuals and a team for their work promoting diversity and gender equality in banking and finance. With Citi as headline sponsor, hosted by Kate Thornton, broadcaster [...]
OneSavings Bank flags £28.6m fraud by corporate customer March 18, 2021 OneSavings Bank has delayed its results after discovering potential fraud by one of its corporate customers. In a late statement on Wednesday the buy-to-let lender, which was scheduled to publish results this week, said it had recently become aware of possible fraud but maintains it is likely an “isolated incident”. The maximum possible loss could [...]
Young’s lenders restrict pub chain’s dividend to £5m for next year March 17, 2021 Young’s has warned shareholders that its lenders have restricted the amount it can pay in dividends to £5m in the next financial year, as the pub chain outlined its reopening plans. The company said it had agreed with Natwest and the holder of its senior secured notes that any shareholder payouts will not go above [...]
Wall Street and FTSE 100 push higher as markets shrug off Astrazeneca saga March 16, 2021 Wall Street rose to record highs this afternoon as tech stocks gained momentum ahead of a two-day policy meeting for the Federal Reserve. The S&P 500 was up 0.27 per cent to an all-time high while the tech-heavy Nasdaq jumped 1.17 per cent, extending a rebound in stocks following last month’s sell-off. The Dow Jones [...]
Legal lender Level gets £20m investment from venture capital firm March 16, 2021 Legal lender Level has received an investment from Guernsey-based 1818 Venture Capital worth £20m. Level specialises in lending within the family and private client law sectors and works with more than 200 law firms. It had funded hundreds of cases and clients. George Williamson, founder and CEO of Level, said: “[The] investment, and in particular [...]
Global growth narrative set to shift as pre-pandemic legacy issues resurface March 16, 2021 You may have missed what happened in the US and China over the past week but two major events took place in the world’s two largest economies that have the potential to directly impact us here in the UK. The first is the passage of President Biden’s $1.9trn stimulus bill in the US. The second [...]