Soaring inflation to add £12bn to Rishi Sunak’s debt burden August 31, 2021 Soaring inflation could add at least £12bn to the already heavy debt burden weighing on the public finances, possibly crimping Rishi Sunak’s room for giveaways at the upcoming budget. Higher-than-expected RPI inflation is set to push debt interest payments above official forecasts produced by the government’s spending watchdog. In its latest official forecasts published in [...]
Range of investors circle Teesside superport as offers could hit £2bn August 30, 2021 The battle to win a £2bn takeover of Britains fifth largest port, Teesside’s PD Ports, has gained the attention of numerous investors. The site which was recently awarded a low-tax freeport status has become a target for the Duke of Northumberland’s Northumberland Estates, Legal & General, Credit Suisse joined with the Pension Insurance Corporation. Teesport [...]
NHS chiefs ask Chancellor for £5bn more ahead of winter Covid surge August 30, 2021 NHS bosses have asked the government for billions more to cope with a winter coronavirus surge and a backlog. Health chiefs have implored Chancellor Rishi Sunak to inject £5bn more into the service to help it cope with the aftermath of the pandemic. In talks, the Treasury has been accused of working from “fantasy” figures [...]
Contactless limit to rise to £100 from October August 27, 2021 The limit for spending on contactless cards will reportedly rise from £45 to £100 on October 15. In March, Rishi Sunak confirmed that the payment limit would be raised in order to boost businesses as the UK recovers from the Covid-19 pandemic. UK Finance, an industry body which represents banks, today confirmed that the changes [...]
UK’s inaugural green gilts to carry 2033 maturity August 27, 2021 The UK’s first green gilts, which are due to launch next month will have a maturity date of 31 July 2033, the Debt Management Office (DMO) announced this morning. The sale of the new gilts, the proceeds of which will go towards funding environmental projects, will take place in the week of 20 September. The [...]
Contactless limit to rise to £100 from October – CityAM : CityAM August 27, 2021 The limit for spending on contactless cards will reportedly rise from £45 to £100 on October 15. In March, Rishi Sunak confirmed that the payment limit would be raised in order to boost businesses as the UK recovers from the Covid-19 pandemic. UK Finance, an industry body which represents banks, today confirmed that the changes [...]
Britain and its allies must not use the IMF’s new special drawing rights to heap more debt on poor countries August 26, 2021 In 2008, the IMF created Special Drawing Rights (SDRs) – an international reserve asset used to supplement member countries’ official reserves – in response to the global financial crisis. This week it has done so again with a new target in mind: coronavirus. The IMF estimates ending the pandemic could inject $9tn into the global [...]
Britain and it’s allies must not use the IMF’s new special drawing rights to heap more debt on poor countries – CityAM : CityAM August 26, 2021 In 2008, the IMF created Special Drawing Rights (SDRs) – an international reserve asset used to supplement member countries’ official reserves – in response to the global financial crisis. This week it has done so again with a new target in mind: coronavirus. The IMF estimates ending the pandemic could inject $9tn into the global [...]
Government borrowing smashes expectations but debt-to-GDP highest since 1960s August 20, 2021 Government borrowing smashed official forecasts last month as the deficit narrowed by nearly half its levels registered at the height of the Covid crisis, official figures released today reveal. Data released by the Office for National Statistics shows in July of this year, public sector borrowing reached £10.4bn, the second highest figure for the month [...]
Government borrowing smashes expectations but debt-to-GDP highest since 1960s – CityAM : CityAM August 20, 2021 Government borrowing smashed official forecasts last month as the deficit narrowed by nearly half its levels registered at the height of the Covid crisis, official figures released today reveal. Data released by the Office for National Statistics shows in July of this year, public sector borrowing reached £10.4bn, the second highest figure for the month [...]