Explainer: What are green bonds? And how will the UK’s first green gilts work? November 15, 2020 Chancellor Rishi Sunak announced yesterday that Britain will issue its first green government bond next year, in a bid to capitalise on growing investor demand for assets that fund environmentally-friendly projects. The market for investments with an environment, social, or governance (ESG) focus has increased exponentially in recent years. Around $250bn (£189bn) of green bonds [...]
Lobbyists given access to confidential government Covid briefings November 15, 2020 An influential lobbyist was given access to UK government Covid briefings on future restrictions and briefed clients about an upcoming lockdown, it has been revealed. Former Sun political editor, and current chairman of Portland Communications, George Pascoe-Watson worked as an unpaid adviser to the UK government during the first wave of Covid in April. He [...]
NHS providers urge Rishi Sunak to invest extra £4bn due to Covid challenges November 13, 2020 NHS providers sent a letter to Rishi Sunak today demanding he increases investment in the NHS by £4bn, in light of the upcoming public spending review on 25 November. The letter is co-signed by Chris Hopson and Saffron Cordery, respectively the Chief Executive and Deputy Chief Executive of NHS Providers, the membership organisation for the [...]
Exclusive: Government’s widely-mocked careers quiz cost UK taxpayer £1.7m November 12, 2020 The government’s much-mocked jobs quiz that suggested people retrain as boxers, cinema projectionists and lock keepers cost the UK taxpayer almost £1.7m, City A.M. can reveal. The Discover Your Skills and Careers tool launched last year, but saw renewed interest last month after chancellor Rishi Sunak warned that Britain’s jobs market needed to “adapt and [...]
Aligning CGT with income tax would be a mistake, warns Andersen’s tax head November 12, 2020 The government’s tax advisory body published yesterday a highly anticipated report into capital gains tax, concluding that the current rules are ‘counter-intuitive’ and create ‘odd incentives’ in several areas. Instead, Rishi Sunak should increase capital gains tax rates in order to reel in an extra £14bn, according to the Office for Tax Simplification, as it [...]
First lockdown cost food and drink industry £751m a week in lost sales, research shows November 12, 2020 The first UK-wide national lockdown cost the food and drink industry £751m a week in lost revenue, according to the latest research. Out-of-home food consumption fell 36 per cent in the first half of 2020, as the closure of restaurants and cafes and the shift to remote working forced Brits to eat more meals at [...]
Chancellor sets Budget for March 2021 November 12, 2020 The chancellor will announce a new government Budget in March as part of plans to hike income tax, the Treasury’s permanent secretary has announced. Speaking at a Public Accounts Committee meeting on the government’s furlough scheme this morning, Tom Scholar said: “There will be a Budget in March. We know a lot will change between [...]
Disappointing GDP figures show UK recovery lost momentum ahead of second lockdown November 12, 2020 UK GDP grew by a record quarterly amount in the three months to September, but failed to make up for its historic slump the previous quarter as Covid-19 brought large swathes of the economy to a halt. The UK economy grew by a record 15.5 per cent in the third quarter, the Office for National [...]
City of London to be shut out of EU with no equivalence deal from January November 12, 2020 Brussels looks set to lock the City of London out of European markets from 1 January, with the EU not planning on granting regulatory equivalence for the whole bloc before the end of the Brexit transition period.
Rishi Sunak warns second lockdown will have ‘significant’ impact on UK economy November 12, 2020 Chancellor Rishi Sunak has warned that England’s second nationwide lockdown will have a “significant impact on the economy”, as today’s record GDP figures laid the ground for a steep slump over the winter. “Obviously restrictions of this nature do have a significant impact on the economy. We’ve already seen that when we’ve done this over [...]