Bank of England record recession warning reinforced by fresh research November 7, 2022 A new survey out today reinforces the Bank of England’s warning last week that the UK is headed for the longest recession on record. The economy last month was functioning at the same level as during the teeth of the 2021 winter Covid-19 lockdown, according to consultancy BDO. The firm’s output index, which measures the [...]
Explainer-in-brief: Trying to fill the £50bn blackhole November 7, 2022 Rishi Sunak and his chancellor, Jeremy Hunt have a £50bn hole to fill in the budget. And big infrastructure projects could be on the chopping block, including the new nuclear power station in Suffolk, Sizewell C.
Hunt faces potential Tory backlash as he draws up plans to raise £50bn November 6, 2022 There are growing government fears about a potential Tory backlash against Jeremy Hunt’s fiscal statement as he looks to find ways to raise £50bn. Hunt will raise taxes and cut future real-terms spending in his 17 November autumn statement, with the chancellor looking at proposals to freeze Income Tax thresholds as a part of a [...]
Retailers bet on coronation boost after extra May bank holiday announced November 6, 2022 Retailers are hoping for a royally big boost next year after the government announces an extra bank holiday for King Charles III’s coronation. In an announcement today, Prime Minister Rishi Sunak confirmed the UK-wide holiday would fall on Monday 8 May, following the Coronation on Saturday 6 May. “The Coronation of a new monarch is [...]
Sunak to raise imprisoned British citizen to Egypt’s leaders at Cop27 November 6, 2022 Rishi Sunak has vowed to “raise” the case of imprisoned British citizen Alaa Abd El-Fattah with Egypt’s leaders during next week’s Cop27 climate summit. The Prime Minister wrote to the family of the jailed writer, who is on a hunger and water strike, to tell them he was “totally committed to resolving [his] case” and [...]
Hunt mulls change in non-dom tax breaks for autumn fiscal statement November 4, 2022 Treasury officials are looking at potential changes to the UK’s rules on non-domiciled tax status as a part of Jeremy Hunt’s autumn fiscal statement later this month. The chancellor has reportedly tasked officials on the Treasury’s high net worth individuals policy team to look at ways to cut down on tax breaks for non-doms as [...]
Editorial: Andrew Bailey’s guidance is a sign of just how shaky the economy looks November 4, 2022 The latter is always second guessing where governor Andrew Bailey and the rest of the monetary policy committee will send interest rates. The former rarely provides any clues. Investors’ rate expectations are shaped by thousands of pieces of data, but they essentially boil down to a couple of key themes. Firstly, inflation. Markets make their [...]
CBDCs need kicking into the long grass to allow Bitcoin’s potential to flourish November 4, 2022 Jason Deane is left scratching his head at the news narratives this week, but Bitcoin is looking like a certainty in an uncertain world.
Explainer-in-brief: Guess who’s back, back again – it’s the Online Safety Bill November 4, 2022 The online safety bill is back in Parliament this month. Rishi Sunak has vowed to make substantial progress with it before Christmas. The nub of his plan is to scrap the “legal but harmful clause” on the basis that it might impinge on free speech. It was also the more contentious element of the laws. [...]
Rise in capital gains tax on the cards as Chancellor Hunt scrambles to raise £50bn November 4, 2022 As the Chancellor is weighing up “difficult decisions” to address a £50bn black hole in the public finances, Jeremy Hunt is looking at raising taxes on the sale of assets such as shares and property. Hunt is also considering an increase in dividend tax, in a move that would come as a blow to entrepreneurs. [...]