Government borrowing in August hit £20.5bn September 21, 2021 Government borrowing stood at £20.5bn in August, down from £26bn the previous year, according to official data. The Office for National Statistics (ONS) said last month’s figure was the second highest August borrowing since records began in 1993. The data shows borrowing so far this financial year has reached £93.8bn since the end of March [...]
Labour plots crackdown on private equity tax loophole September 20, 2021 Labour will crack down on private equity bosses by closing tax loopholes on their bonuses if victorious at the next election. Shadow chancellor Rachel Reeves will today say that by ending the carried interest loophole, the government could raise another £440m in tax revenues. Carried interest payments are given as bonuses to private equity bosses [...]
City minister pledges ‘competitive tax rates’ for UK financial services sector ahead of Budget September 20, 2021 John Glen has promised that the UK’s financial services sector will benefit from “competitive tax rates,” ahead of the next Budget on 27 October, according to reports. “To be competitive, we have to have competitive tax rates and that’s what’s on the chancellor’s mind at the moment,” the City minister told the Financial Times, which first reported the [...]
Chancellor hails London tech success as capital beats European competitors again September 20, 2021 Chancellor Rishi Sunak today hailed London’s bounce back from the pandemic as new figures show the capital is sprinting ahead of rival European tech hubs. London has attracted more venture capital investment to its startups than anywhere else in Europe and now boasts more unicorns – firms valued at more than $1bn – than France [...]
Sunak to launch battle plan to cut borrowing at budget September 19, 2021 Chancellor Rishi Sunak will outline plans to put the UK’s public finances on a more sustainable path at the budget next month, according to reports. Sunak is expected to set new targets for the government to stop borrowing to fund day to day spending within three years, according to the FInancial Times. The proportion of [...]
Brits encouraged to back pubs and restaurants on National Hospitality Day September 17, 2021 Londoners have been called on to go out for a drink or meal this weekend to support businesses recovering from multiple lockdowns. Sector charities have organised National Hospitality Day on Saturday to raise awareness of the struggles faced by businesses because of the pandemic. Businesses participating include Brewdog bars offering free pints, Zizzi giving out [...]
130 universities in UK: Half of new Cabinet studied at Oxford or Cambridge September 16, 2021 Almost half of Boris Johnson’s new Cabinet went to Oxford or Cambridge universities while over 60 per cent attended a private school. New Foreign Secretary Liz Truss, Housing Secretary Michael Gove and Chancellor Rishi Sunak all attended Oxford University. Moreover, one in four of all Conservative MPs studied at one of the two prestigious universities, [...]
Rishi Sunak ‘thrilled’ by £300m DP World investment September 16, 2021 DP World, a Dubai based supply chain logistics company, has announced it will expand a London port to increase supply chain resilience. The £300m investment builds on the £2bn in funds that DP World has funnelled into Britain over the last decade and will add a fourth berth, a parking space for a ship, to [...]
Bridgepoint revenues and assets both jump by over 50 per cent in first results since IPO September 15, 2021 Private equity firm Bridgepoint’s assets under management swelled by 54 per cent year-on-year to €29bn in the first half of 2021, as the economy recovered from its pandemic lows and investor interest in its alternative asset classes surged. Upon listing in July, the buyout group’s shares soared by up to 30 per cent, and have [...]
Sunak says investors have nothing to fear over tougher tech M&A regulation September 15, 2021 Chancellor Rishi Sunak said proposals from the UK’s competition watchdog for tougher scrutiny of M&A deals in the startup industry are reasonable and not intended to discourage early investors in UK tech companies. “I don’t think people need to be that anxious about it,” he told reporters at a tech event in London. “No one [...]