Exclusive: Small business owners on what is happening in the real economy March 24, 2021 The City was hit with some sobering figures earlier this month, as official data showed UK GDP shrank by a staggering 9.9 per cent in 2020, the largest drop on record. The figures were less bad than expected, which led PwC to conclude that British businesses are becoming more adaptable to lockdowns from an economic [...]
House of Lords committee calls for UK-EU financial services agreement March 24, 2021 A House of Lords committee has called for the UK to negotiate better EU access for the financial services industry post-Brexit. The Lords’ EU Services Sub-Committee said today that there will be “real problems” for financial services professionals “whose qualifications are not recognised in the EU under current arrangements”. The City lost its pre-Brexit access [...]
Government launches search for new UKGI chair March 23, 2021 The Treasury has launched a search to replace the outgoing chair of UK Government Investments (UKGI), the Whitehall agency responsible for taxpayer investments. Headhunting firm Odgers Berndtson has kicked off a search to find Robert Swannell’s successor, Sky News reported, with the current UKGI head set to step down after seven years at the helm. [...]
Rishi Sunak cuts red tape on inheritance tax for Treasury’s ‘tax day’ March 23, 2021 Rishi Sunak will cut red tape involved with UK inheritance tax and tighten tax rules for second property owners as the Treasury today released a series of consultations and reports in what Whitehall is calling “tax day”. The measures will see the government reduce paperwork and other red tape required for people with smaller estates [...]
Global online tax on tech giants ‘in our grasp’, says Rishi Sunak March 23, 2021 Rishi Sunak has today said a global online tax on internet giants like Amazon and Facebook is “in our grasp”. Sunak said he was “very keen to see a resolution” on the issue, with the chancellor making it one of his top three priorities in G7 meetings this year that are hosted by the UK. [...]
Manufacturing output on track for spring surge March 23, 2021 Manufacturing output hit its highest level in nearly two years in the three months to March in the clearest sign that a revival could be on the cards for the sector. Although still flat, the CBI’s monthly order book balance rose to -5 in March, the highest reading since April 2019 and up from -24 [...]
David Cameron lobbied Bank of England to help failed Greensill Capital March 23, 2021 David Cameron lobbied the Bank of England to help bail out failed finance firm Greensill Capital where he worked as an adviser, it has been revealed. The central bank said the former Prime Minister contacted it on several occasions to try and relax the rules on the emergency Covid Corporate Financing Facility (CCFF) scheme, which [...]
UK housing transactions soar in ‘sprint finish’ before stamp duty holiday extension March 23, 2021 UK housing transactions soared last month in a “sprint finish” to get deals completed before the initial stamp duty holiday deadline. Residential transactions in the UK were 45.5 per cent higher than February last year and 23 per cent up on January’s levels at 147,050, according to the latest HM Revenue and Customs data. The [...]
Covid-19, a year on: The Corporation and the State March 22, 2021 In this series, City A.M. looks back at the last year of the pandemic and Covid restrictions and takes stock of its impact on industries and issues at the heart of British society. Read more: Read the full Covid-19, a year on series here. The state and the market have long been locked in a cautious dance. [...]
MPs to decide today if David Cameron’s lobbying for Greensill bailout will be probed March 22, 2021 MPs to decide if David Cameron's lobbying for Greensill bailout will be probed