Editorial: Long-term growth worryingly absent in a tax-hiking, business-battering Budget March 3, 2021 Tax hikes are one thing – but more concerning are the pedestrian growth numbers that seem to be the new normal for the British economy Conservative Chancellors do not, as a general rule, batter big business or ordinary Brits with tax hikes. But these are not normal times, and batter both Rishi Sunak certainly has. [...]
Budget 2021: Keir Starmer accuses Sunak of ‘papering over the cracks’ March 3, 2021 Sir Keir Starmer has hit back at Rishi Sunak’s Budget, accusing the chancellor of “papering over the cracks” in his spending plans. The Labour leader said the chancellor was the person “actually making the decisions” in government, but said these decisions had “left us with the mess we find today”. Starmer accused Sunak of delivering [...]
Budget 2021: Big business to pay off UK’s Covid debt burden with £45bn corporation tax rises March 3, 2021 Rishi Sunak will make the UK’s big businesses pay off the country’s Covid spending, with £45bn of corporation tax rises to hit companies with profits over £250,000 the hardest. 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, however a [...]
Corporation tax hike: Rishi Sunak is on the way to creating a tax environment to stifle innovation March 3, 2021 Last week, Rishi Sunak rightly said that fintech is one of the UK’s big success stories, and that the growing industry needs access to talent, finance and support. I had therefore hoped for more good news for the sector in today’s Budget. However, it’s been announced that from 2023, the rate of corporation tax, paid [...]
Chefs spy light at end of Covid tunnel after Sunak budget March 3, 2021 Chefs and restaurateurs across London have welcomed Rishi Sunak’s “life saving” budget plans announced today. A raft of measures aimed at keeping the embattled hospitality industry afloat until it can fully reopen in June includes an extension of the furlough scheme, grants of up to £18,000 for pubs and restaurants, and an extension of the [...]
Nightclubs blast ‘ridiculous’ Budget amid summer festival warning March 3, 2021 UK nightclubs have hit back at a “ridiculous” lack of support for the sector in today’s Budget amid warnings that time is running out to save this summer’s music festivals. The Night Time Industries Association (NTIA) said chancellor Rishi Sunak had failed to recognise the specific challenges faced by clubs, bars and casinos, many of [...]
Budget 2021: Aviation firms accuse Sunak of ignoring sector March 3, 2021 The aviation industry has reacted furiously to today’s Budget, accusing Chancellor Rishi Sunak of ignoring the sector, which has been battered by the pandemic. Aviation firms had been lobbying hard for sector-specific relief for the industry, which has been in a tailspin for an entire year due to wide-ranging travel restrictions. Although the sector will [...]
Spac-tacular: The City welcomes overhaul of stock market listings March 3, 2021 The US phenomenon of Spac listings could soon make its way to the City after a government-backed report called for widespread reform in the stock market. Lord Jonathan Hill’s report into London’s listing requirements called for regulators to allow blank-cheque vehicles to list in the capital as well as to ease other listing restrictions. It [...]
Budget 2021: How does the new tax ‘super-deduction’ work? March 3, 2021 This afternoon Chancellor Rishi Sunak announced a new tax “super-deduction” policy to encourage investment into the UK and boost its recovery from the pandemic. The new form of relief will come into effect next month and last until the end of March 2023, and should be especially popular with manufacturing, construction and utilities firms. Shares [...]
Cricket, horse racing, tennis and women’s football set to benefit from £300m summer sport aid package March 3, 2021 Sport is to receive a £300m recovery package as part of the Budget announced by Chancellor Rishi Sunak today. Cricket, horse racing, tennis, women’s football and rugby league are expected to be among the sports to benefit from the financial support. It follows similar aid granted to winter sports in November to mitigate the cost [...]