Budget 2021: As it happened March 3, 2021 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer delivers the government’s Budget later today – at 12.30pm. Please also visit our dedicated Budget 2021 Hub. Wrap-up of the main Budget announcements Here’s a wrap-up of the main announcements made by the chancellor in his spring Budget: [...]
Financial Conduct Authority clamps down on motor financing commissions October 15, 2019 The UK’s financial regulator is set to crackdown on motor financing commissions in an attempt to save drivers £165m a year. The Financial Conduct Authority (FCA) announced today it would ban how some auto dealers and brokers structure their sales commissions. Read more: Financial Conduct Authority sawn raids nearly doubled in 2018 The FCA said [...]
Paddy Power owner Flutter’s profit falls on UK tax blow February 27, 2020 Betfair and Paddy Power owner Flutter posted tumbling 2019 profit today as UK gaming taxes and the firm’s increased investment in the US both took their toll. The figures Profit before tax plunged 38 per cent year on year to £136m despite a 14 per cent hike in revenue to £2.14bn. Earnings per share also [...]
Private Equity: The Weight of the COVID-19 Crown April 7, 2020 Private equity (PE) often claims the financial crown of outperformance. But I am referring to that other, now infamous, Latin word for crown — corona — the shape of which lends its name to the current coronavirus pandemic. So how will it affect PE? Introduction PE investing is about absolute return, not outperformance, in my [...]
What’s happened to GBP/EUR this week? February 7, 2020 Sterling was on the back foot at the beginning of this week, but that wasn’t the whole story… After a positive end to last week thanks to the Bank of England holding interest rates, sterling was on the back foot at the beginning of this week due to the Prime Minister’s comments about the Brexit [...]
Banking watchdog outlines plan for single interest rate across cash savings accounts January 9, 2020 The financial watchdog has proposed an overhaul of cash savings products in the UK, a move it said would bump up interest payments to consumers by £260m a year. Under the plans by the Financial Conduct Authority (FCA), banks would have to set a single easy access interest rate (SEAR) across all easy access accounts. [...]
More than $600bn could be wasted in coal power generation at expense of renewables, says report March 12, 2020 An estimated $638bn (£489bn) could be wasted world wide on using coal to generate electricity. That’s according to a report released today which advises international governments to stop using coal as soon as possible. The report by think tank Carbon Tracker Initiative says in all major electricity markets, renewables are either cheaper than new coal [...]
With the CMA scrutinising the Big Four, can we still trust auditors? October 11, 2018 With the Competition and Markets Authority (CMA) scrutinising the Big Four, can we still trust auditors? Yes – Michael Izza is chief executive of the ICAEW. Every year, hundreds of thousands of audits are performed to the highest professional and ethical standards. Auditors underpin business confidence by providing independent verification that a company’s financial statements [...]
Asda considers up to 2,500 job cuts as CMA probes Sainsbury’s merger October 26, 2018 Asda has said that it will begin consultations with staff over changes that could lead to a reported loss of up to 2,500 jobs next year. The news, first reported by the Press Association, comes as the Competition and Markets Authority (CMA) conducts a second stage investigation into the proposed takeover of the supermarket by [...]
Competition watchdog investigates British Airways’ transatlantic flight agreement October 11, 2018 An investigation into British Airways’ revenue-sharing partnership on transatlantic flights is underway, a watchdog announced today. The decade-old Atlantic Joint Business Agreement sees BA, American Airlines, Iberia and Finnair split revenue on all passenger routes between Europe and the US. Read more: Moody's: BA and Easyjet among airlines 'most exposed to a no-deal Brexit' The European [...]