The government must get serious about simplifying Britain’s complex tax laws November 16, 2016 With British business awash with Brexit uncertainty, it has never been more important for the government to simplify our complicated tax system. The UK tax code is now more than 20,000 pages long. It’s made up of over 1,000 tax reliefs and exemptions. At around 10m words, it is 12 times the length of the [...]
Rolls-Royce shares dip despite success in cost-cutting turnaround plan November 16, 2016 Rolls-Royce's share price dropped today despite the group saying its huge cost-cutting drive is likely to be at the top end of its targeted range. The manufacturing giant is one year in to a turnaround programme to reset its finances after posting five consecutive profit warnings in the 20 months leading to November 2015. In [...]
British Land posts a loss as Brexit vote hits asset values November 16, 2016 British Land's share price fell in morning trading after the company posted a loss due to the Brexit vote hitting UK commercial property prices. The figures The company behind the "Cheesegrater" announced a loss of £205m in the six months to the end of October as compared to the same period last year, down from £823m [...]
ABN Amro is cutting 1,500 jobs in new cost-saving plans – despite reporting a rise in profits November 16, 2016 Dutch lender ABN Amro has announced plans to cut 1,500 jobs as part of new cost-saving plans, despite reporting a hike in profit during the third quarter of 2016. The bank, which has offices in London, Birmingham, Cardiff, Haywards Heath, Leeds and Manchester, posted a 19 per cent year-on-year increase in underlying net profit for [...]
Big Four audit giant dragged into Brexit row November 15, 2016 Number 10 has today scrambled to distance itself from the details of a leaked memo which warned government was lagging behind on its Brexit plans. The leaked document, which was produced by professional services giant Deloitte and obtained by the Times, claimed government may need to take on as many as 30,000 additional staff members [...]
Defence and aerospace group Meggitt returns to growth and appoints former Rolls-Royce executive as COO November 15, 2016 Shares in aerospace and defence giant Meggitt rose almost five per cent today after the firm appointed a former Rolls-Royce executive as its new chief operating officer and reported a return to organic growth. Tony Wood, a former head of aerospace at Rolls-Royce, will join Meggitt on 1 December. Chief executive Stephen Young said Wood's "extensive industry [...]
Mark Carney just confirmed when he will step down from the Bank of England November 15, 2016 Bank of England governor Mark Carney has confirmed he will step down from his post as governor of the Bank of England at the end of June 2019. In an appearance in front of the Treasury Select Committee today, Carney confirmed he will step down on 30 June even if Article 50 is delayed, adding [...]
Public borrowing could overrun by £100bn over the next five years November 15, 2016 Philip Hammond could be on track to overshoot previous public borrowing forecasts by £100bn in total by 2021, a report out today has warned. PwC also found that, if the new chancellor opts to keep the status quo on spending despite June's referendum result, this year's public sector net borrowing will come in at £67bn, around £10bn [...]
Donald Trump’s $1 trillion spending plan spurs global bonds sell-off as Dow reaches record highs November 14, 2016 The global bond market is undergoing a massive sell-off as investors weigh the implications of US President-elect Donald Trump’s unorthodox policy proposals. Today the yield on 30-year US Treasury bonds rose above three per cent for the first time since the start of January, owing to fears that inflation will rise once Trump’s policies take effect. [...]
Marsh chief exec reveals details of its £295m purchase of Bluefin from Axa November 14, 2016 US insurance broking giant Marsh said that the Brexit vote had no bearing on its £295m purchase of UK small business specialist Bluefin. The deal, announced earlier today, means that Bluefin’s 1,500 staff across 45 offices will move from the Axa umbrella to the subsidiary of Marsh & McLennan Companies. Speaking to City A.M., Marsh chief exec Mark [...]