Legacy banks don’t deserve a bigger slice of the pie than fintech businesses October 27, 2021 Rishi Sunak plans to slash the bank profit surcharge from 8 per cent to 3 per cent. This is designed to offset the rise in corporation tax to 25 per cent in 2023, but only for the big banks. John Glen, economic secretary to the Treasury, outlined the logic behind the move in September, stating [...]
Free market think tanks back solar projects as Government considers clampdown November 21, 2022 Two of the UK's leading free market think tanks have raised concerns over the potential tightening of solar power planning rules.
Devolved nations add to mounting calls for fresh business support from Westminster amid Omicron surge December 14, 2021 Scotland’s first minister has added to calls mounting on Westminster for a fresh tranche of financial support for businesses. Nicola Sturgeon said a lack of new support from the UK government meant “there is no money to compensate” businesses in the wake of further Covid restrictions. This was “not acceptable,” Sturgeon said, echoing calls from [...]
City minister says UK changes to EU financial services rules will not be a ‘big bang’ March 2, 2022 Overhauling the EU’s financial services rulebook post-Brexit will not be a “big bang” moment and could take several years, according to UK City minister John Glen. Glen told Westminster’s Treasury Select Committee today that the push to reform EU regulation will be an “iterative” process and that any intervention will not “overnight change the competitiveness [...]
Why is the FTSE 100 nearing a record high with a recession looming? It ain’t the economy, stupid January 24, 2023 The FTSE 100 is becoming one massive hedge fund. That’s why it’s doing so well when all the doomsters have warned the UK is headed for a long, albeit shallow, recession over the next year. Of course, the stock market isn’t the economy. How many high street coffee shop owners do you know that worry [...]
Government’s net zero strategy only speaking to ‘energy elite’ warns Utilita boss Bill Bullen May 31, 2022 The government's net zero strategy is only resonating with the UK's "energy elite", argued Utilita Energy boss Bill Bullen.
UK recession lurks around corner as thousands face extreme poverty without more support May 11, 2022 A recession in the UK is just around the corner and the economy will stay in the doldrums without a major policy overhaul, a top think tank warned today. Britain’s economy will contract in the third and fourth quarters of this year, meeting the grade for a technical recession, the National Institute of Economic and [...]
Shell unveils record profits and begins $6bn buyback programme July 28, 2022 Shell has posted massive profits of $11.5 billion for the second quarter, smashing its previous record three months of trading earlier this year.
Transport, research and skills: £20bn of investments announced ahead of Budget October 24, 2021 When Rishi Sunak delivers his second Budget in a year this Wednesday, there may not be many surprises left after investments totalling more than £20bn were announced over the weekend. The Chancellor will head to the Commons with a focus on levelling up transport links outside London, research and development in health, and a “skills [...]
Russia’s economy plunges into chaos as Western sanctions bite February 28, 2022 Russia’s economy has been plunged into chaos after Western sanctions triggered a collapse in the country’s currency today. The value of the rouble tumbled as much as 30 per cent against the dollar today, dropping to its lowest ever level against the global currency benchmark. The sharp and sudden weakening in the rouble prompted Russia’s [...]