Sadiq Khan rules out driverless trains as a part of next TfL bailout March 4, 2021 Sadiq Khan has said today that the government will not try to force Transport for London (TfL) to implement driverless trains as a part of current bailout negotiations. Khan told a group of reporters at his re-election campaign launch that the government had dropped any request to bring in driverless trains, after initially asking for [...]
2026 average earnings forecast to be no higher than 2008 level March 4, 2021 Average earnings in 2026 are estimated to be no higher than their 2008 level according to forecasts by the Institute of Fiscal Studies. The findings came as part of the think tank’s response to Rishi Sunak’s budget delivered on Wednesday. As part of his plans, the Chancellor froze the personal allowance on income tax implying [...]
One in five employees still on the furlough scheme March 4, 2021 One in five workers, or around 19 per cent of the UK’s workforce, are still making use of the furlough scheme, according to the latest figures from the ONS. Approximately six million people are still on furlough, the Office for National Statistics (ONS) said, ahead of a gradual reopening of the economy that will, over [...]
So much for Singapore on Thames: UK corporation tax will be higher than France and Germany March 4, 2021 Yesterday, it was announced that corporation tax will rise from 19 per cent to 25 per cent by 2023 for UK companies with annual profits of £250,000 or higher. Although a new “super deduction” will see companies wipe out their tax bills by investing in property, plant and equipment for the next two years, the [...]
Budget secures £21.7bn in stealth taxes for Treasury coffers March 4, 2021 The Chancellor has made use of fiscal drag to secure £21.7bn in steal taxes by the end of the 2025/26 tax year. Fiscal drag is a phenomenon where inflation gradually moves more taxpayers into higher tax brackets. Some commentators describe it as the ultimate steal tax. In yesterday’s budget Chancellor Rishi Sunak chose to [...]
Sadiq Khan pledges to spend more on London economy in election campaign launch March 4, 2021 Sadiq Khan will today launch his re-election campaign by promising to spend more of his £16bn City Hall Budget on the capital’s economic recovery, including creating a new fund to get people back to London’s West End. Khan will say in a speech later this afternoon that he will focus on “jobs, jobs, jobs” if [...]
UK PMIs: Construction activity bounces back as paused projects get green light March 4, 2021 UK construction activity bounced back in February as businesses gave the go ahead to projects that had been forced to be suspended due to the pandemic. The IHS Markit/Cips purchasing managers (PMI) index for construction scored 53.2 in February, with any score above the 50-mark indicating growth. That’s markedly ahead of analyst expectations of a score of [...]
Housebuilder Vistry to double profit in 2021 as Sunak extends property tax cuts March 4, 2021 Housebuilder Vistry Group predicted that it would at least double its profit before tax over the coming financial year after a strong start to the year. As a result of the positive outlook, the firm said that it was reinstating a final dividend of 20p per share. It follows fellow builder Taylor Wimpey in reintroducing [...]
Before the Bell: Sunak’s Budget aims to boost GDP, the pain comes later March 4, 2021 Although yesterday’s UK Budget was generally well received in the international markets, with the fiscal taps to be left fully open until December, the British Pound did rally. With the major decisions pre-announced earlier this week, a big equity market reaction to the Budget speech was unlikely anyway. In addition to the extension of Covid-19 specific support, [...]
Budget 2021: Main points in Rishi Sunak’s announcement March 4, 2021 The chancellor unveiled the contents of his Budget in the Commons this afternoon, announcing a raft of new support measures alongside plans to shore up Britain’s finances in the wake of the coronavirus pandemic. Rishi Sunak doubled down on his commitment to do “whatever it takes” to protect lives and livelihoods as he set out [...]