Rishi Sunak prepares to chair G7 finance ministers summit in London June 3, 2021 Rishi Sunak will tomorrow chair the first day of this year’s G7 finance ministers summit in London, with a global taxation deal set to be on top of the agenda. The chancellor has said his major priorities for the two-day summit will be an agreement on a global tech tax and to urge other G7 [...]
Number of Brits on furlough falls by 1.3m to lowest level this year June 3, 2021 Furlough numbers have dropped to their lowest level this year, as those needing the scheme fell to 3.4m. Official figures published today showed that 1.3m fewer employees accessed furlough across March and April, with the biggest falls in workers aged 24 and under. Since the start of the pandemic, more than 11.5m employees have been [...]
US slaps tariffs on UK goods in push for global tax deal June 3, 2021 The US has slapped new trade tariffs on six nations including the UK as President Joe Biden seeks to corral fellow economies into backing his proposals for a global tax deal. After announcing tariffs worth 25 per cent against $2bn worth of goods from the UK, Italy, Spain, Turkey, India and Austria, the White House [...]
Bank of England Governor Andrew Bailey doubles down on climate plans June 1, 2021 The Bank of England Governor has doubled down on promises to carry out policies to help the UK shift to a net zero economy, but warned it was not regulators’ role to enforce change. Central banks have started to outline plans to help steer the path for economies and financial systems as they transition to [...]
Crowdcube launches IPO platform for retail investors June 1, 2021 Crowdcube has today announced the launch of a new IPO platform as minister plan to reduce the dominance of institutional investors in listings. The UK crowdfunding company allows retail investors to xxx . It will offer a service for public as well as private share sales from this summer, the Financial Times reported. “These community [...]
UK could rake in £14.7bn annually from Biden’s tax plan, think tank says June 1, 2021 The UK could rake in an extra £14.7bn every year by adopting US president Joe Biden’s ambitious tax proposal, according to the Institute for Public Policy Research today. Biden’s proposal for a new global minimum corporation tax rate of 21 per cent could bolster the UK’s recovery finances post-pandemic and Brexit, the Institute for Public [...]
UK missed out on £110bn of services exports after Brexit referendum, say wonks June 1, 2021 The UK has lost out on more than £110bn of services exports as a result of the 2016 Brexit referendum, according to a new study from Birmingham’s Aston University. Academics said services exports were £113bn lower between 2016 and 2019 than they would have been if the UK had not voted to leave the EU. [...]
CMA and EU antitrust watchdogs eye AstraZeneca’s $39bn Alexion deal June 1, 2021 EU antitrust watchdogs and are set to decide by this weekend whether to approve AstraZeneca’s $39bn bid for biopharmaceutical company Alexion, a European Commission filing revealed today. Anglo-Swedish drugmaker AstraZeneca sought approval for the deal on Monday. However, the UK’s competition regulator is reviewing the takeover bid for the US-based pharma firm, until 5 July – [...]
Europe shrugs off third wave fears with Germany’s bullish job market June 1, 2021 As Europe gears up towards recovery, German unemployment dropped more than expected in May as companies bolstered their workforces ahead of pent-up demand, data showed today. Falling Covid-19 infections and the easing of lockdown restrictions have revealed surprisingly sturdy job market data – with pent-up demand fuelling a consumer-driven recovery this summer. The number of [...]
UK economy set to grow 7.2 per cent this year, OECD forecasts May 31, 2021 The UK’s economy is set to grow at its fastest rate since the second world war this year and in 2022, the Organisation for Economic Co-operation and Development (OECD) has forecast. After the Covid-19 ravaged economies, the UK suffered a 9.8 per cent contraction in 2020 – its worst in nearly 300 years. The organisation [...]