Rishi Sunak doubles down on 2021 deadline for global tech tax deal February 12, 2021 Rishi Sunak has doubled down on a commitment to establish a new global tax on tech firms in the coming months following years of conflict over a new regime targeting Silicon Valley. In a G7 meeting today the chancellor said the new digital tax framework was a “key priority” and called on member nations to [...]
Financial markets continue to hang on two Vs: vaccine and virus February 9, 2021 Global equities bounced strongly last week, gaining nearly 5 per cent and more than reversing their losses from the previous week. Stock markets ended the week at new highs and opened again higher yesterday. The market correction ended up lasting no more than a week. “So too did the surge in GameStock which has fallen back [...]
Don’t expect sharp post-Covid rebound for UK economy, warn Niesr economists February 8, 2021 Don't expect sharp post-Covid rebound for UK economy, warns Niesr
Heathrow ‘key’ to success of UK’s freeports push, airport says February 8, 2021 Heathrow Airport has said that the UK’s biggest air travel hub has a “key role in facilitating the successful implementation of the UK’s freeports policy”. In its application for freeport status, which was submitted on Friday, the airport said it played “a central role in facilitating Britain’s position as an independent trading nation by enabling [...]
UK business groups give backing to Bounce Back Loans repayment extension February 8, 2021 The UK’s largest business advocacy groups have backed Rishi Sunak’s move to offer more generous repayment terms on £45bn of emergency Covid Bounce Back Loans. The Treasury announced yesterday that the 1.4m businesses who have taken out a Bounce Back Loan will be able to pay it back over ten years instead of six, make [...]
London is a leader in green finance but we must strive for more February 8, 2021 The pandemic has propelled our global community towards a major crossroads in 2021, and we arrive knowing that the direction we choose will prove critical for the future of our societies and our planet. It has accelerated systemic changes in the global economy and demonstrated the absolute need for international collaboration across governments and institutions [...]
UK relaxes repayment terms for Covid Bounce Back Loans February 8, 2021 UK businesses that took out risk-free Covid loans will be given more generous repayment terms, after a recent warning that up to half of the £45bn in borrowing will not be paid back. The Treasury announced today that the 1.4m businesses who have taken out a Bounce Back Loan will be able to pay it [...]
UK supermarket chiefs call for online sales tax on firms like Amazon February 8, 2021 Some of the UK’s largest retailers, including Tesco and Asda, have called for Rishi Sunak to “rebalance the tax base” between online and bricks and mortar retail in an apparent push for a new digital sales levy on firms like Amazon. In a letter to Sunak, 18 chief executives and union bosses said “online retailers [...]
Labour calls for UK tax cut extensions before 3 March Budget February 7, 2021 Labour is calling for an extension to tax cuts for some of the UK sectors worst affected by the Covid pandemic. Shadow chancellor Anneliese Dodds today urged Rishi Sunak to extend the current VAT cut, from 20 per cent to five per cent, for retail and hospitality for another six months past March or or [...]
Pandemic profiteers face tax hike on Covid winnings February 7, 2021 Companies that have cashed in a result of the coronavirus pandemic, including the likes of Amazon, will face a double tax raid under plans being draw up by the government. The government has summoned companies to discuss how an online sales tax would work, while plans are also being drawn up for a one-off “excessive profits tax,” the [...]