Labour calls for all MPs to vote on one-off windfall tax May 16, 2022 The Labour Party is calling on all MPs to vote in favour of a one-off windfall tax on oil and gas producers as the cost of living crisis continues to bite into Brits’ pockets. The amendment will be proposed tomorrow morning during the Queen’s Speech debate and it follows an analysis published yesterday by the [...]
The City View: Ofgem revamp could mean fourfold energy price rise in 2022 May 16, 2022 Today Andy Silvester talks to City A.M. reporter Sascha O’Sullivan, who unpicks Sadiq Khan’s efforts in America to promote London as a global hub for investment, and goes through the mounting pressure that Rishi Sunak is facing as the cost of living crisis worsens. And in the news: shares in Greggs and MADE.com have dipped, [...]
Diesel prices climb to record levels as cost-of-living crisis escalates May 16, 2022 Diesel prices have soared to record levels, piling pressure on motorists amid spiralling inflation and a deepening cost of living crisis.
Post-Brexit financial services overhaul may lead to ‘race to the bottom’ May 16, 2022 A push to scrap legacy pre-Brexit regulation to boost the City’s attractiveness may result in a race to the bottom, a former minister and academics have warned. Sir Vince Cable, a former Lib Dem business secretary under the coalition government, and others have in a letter to chancellor Rishi Sunak a watering down in rules [...]
Business rates row set for crunch tribunal decision this week May 16, 2022 Businesses facing hefty business rates bills are set for a court showdown over the Government’s decision to strip them of their right to appeal their property taxes in a series of major cases this week. The Valuation Tribunal, an independent judicial body, will hear a series of 26 test cases on May 18 from occupiers [...]
Millions of Brits’ tax bills set to soar as fiscal drag bites May 15, 2022 Millions of Brits’ tax bills are set to soar due to chancellor Rishi Sunak freezing the thresholds at which people start paying the taxman, revealed research published yesterday. Around 6.7m people will be hit by higher rates by 2024, the year the next general election is scheduled, according to consultancy Lane Clark and Peacock (LCP). [...]
Anger after partygate champagne donated by Tory chair and signed by PM is auctioned for charity May 13, 2022 The Conservative Party chair has come in for criticism after donating a bottle of ‘partygate’ champagne signed by prime minister Boris Johnson to a charity auction. . TV food critic and journalist Jay Rayner flagged it up on Twitter, sharing an image of the item and saying the party didn’t take partygate claims “seriously”. This [...]
Shell set to sell Russian petrol stations May 13, 2022 UK-based oil giant Shell has announced it will sell its petrol stations in Russia as it continues plans to exit the country.
Rishi Sunak is ‘pragmatic’ about imposing windfall tax on soaring energy profits as Brits’ bills skyrocket May 13, 2022 Chancellor Rishi Sunak said he was “pragmatic” about possibly imposing a windfall tax on the soaring profits of oil and gas giants as customers’ bills rise. Prime Minister Boris Johnson has shown firm opposition to the raid but has conceded “we’ll have to look at it” after BP chief executive Bernard Looney said his investment [...]
UK recession to hit sooner than first thought as economy unexpectedly shrinks May 12, 2022 The UK is “dangerously close” to tipping into a recession sooner than predicted due to households already cutting spending ahead of the cost of living squeeze tightening. That’s according to City economists’ assessment of weaker than expected GDP figures published today by the Office for National Statistics (ONS). The economy shrank 0.1 per cent in [...]