Rishi Sunak’s choices: The taxes that may define this year’s Budget March 1, 2021 It is becoming increasingly clear tax hikes are firmly on the Chancellor’s agenda this week, as Rishi Sunak has hinted that he will raise some in the Budget on Wednesday. He is reportedly keen to “level” with people about the fiscal challenges to come. The Chancellor’s primary objective will continue for to be supporting the [...]
S&P rises as Biden’s stimulus heads to the Senate March 1, 2021 The news that Joe Biden’s $1.9 trillion stimulus bill had passed through Congress over the weekend helped give investors confidence, pushing markets up round the world. The bill will now move to the Senate, where the Democrats hold the casting vote. The S&P 500 rose 2.5 per cent and the Nasdaq jumped 2.9 per cent [...]
Unemployment claims in London airport communities rise at double the national rate March 1, 2021 The number of people claiming unemployment benefits rose at double the national rate in communities around London’s biggest airports in 2020. The coronavirus pandemic has decimated the travel industry, leading to airlines and airports slashing thousands of jobs to stay afloat. In Hayes and Harlington, Heathrow’s local constituency, the number of people claiming benefits rose [...]
Sterling loses early gains as new mutations dent vaccine optimism March 1, 2021 Sterling failed to hold onto early gains on Monday, as concerns over cases of a new Brazil coronavirus variant dented hopes that the UK’s swift vaccine rollout will usher a speedy economic recovery. The pound soared as high as $1.3999 in Asian trading, after retreating from a three-year high on Friday amid inflation concerns. In [...]
Labour’s Anneliese Dodds hints at support for online sales tax on tech giants March 1, 2021 Shadow chancellor Anneliese Dodds has called for the government to level the taxation playing field between digital and bricks and mortar retail in a potential call for new online taxes. Dodds said at a pre-Budget address on Bloomberg that there was a “big gulf on how businesses based in bricks and businesses based on clicks [...]
UK PMIs: Manufacturing activity creeps higher amid Covid restrictions March 1, 2021 UK manufacturing activity climbed back to its highest levels since the latest lockdown began in February, new figures have shown. The IHS Markit/CIPS Purchasing Managers’ Index rose to 55.1 last month, up from 54.1 in January. Any reading above 50 designates growth. However, a combination of supply chain disruption as a result of the Uk’s [...]
The Week Ahead: March kicks off with the Budget, Aviva, Zoom and Vroom March 1, 2021 March has arrived and City A.M. looks at what the first week of this month has in store. First of all, of course, there is the Budget this Wednesday. It’s the most important week of the year for Chancellor Rishi Sunak as he outlines the outlook for the UK economy over the next few months. He [...]
Pound off to a good start ahead of this week’s Budget March 1, 2021 The pound has got off to a positive start ahead of this week’s budget as optimism over the vaccine rollout, which passed the 20m at the weekend, fostered hopes for an economic rebound that is likely to be much faster than its peers in Europe. Moreover, with the UK budget only two days away, mortgage [...]
FinTech revolution was borne out of 2008 crash, Rishi Sunak must nurture a post-crisis environment for innovation March 1, 2021 It was from the devastation of the global financial crisis the FinTech revolution emerged. The pandemic will spur a new era of innovation too, and it has the potential to be bigger and even more explosive than the past decade – if we get it right. Who knew that while we all watched on as [...]
20 taxes to scrap: Britain’s growth needs a simpler tax system March 1, 2021 This week, Chancellor Rishi Sunak will present possibly the most consequential Budget in half a century. UK PLC is simultaneously struggling to cope with both the ongoing catastrophic impact of the Covid pandemic and the unanswered questions of what post-Brexit Britain will look like. According to the OBR, this year’s expected budget deficit will likely [...]