Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Fall in super-rich ‘non-doms’ sees tax receipts fall August 8, 2019 The number of super-wealthy UK residents who pay no tax on foreign earnings in Britain has fallen to a record low, causing tax receipts to suffer, HM Revenue and Customs (HMRC) revealed today. Read more: Freeports: Government plans tax-free hubs There were 78,000 non-domiciled taxpayers in Britain last year, down from 98,500 the year earlier, [...]
FCA: Ballooning exchange-traded fund sector no threat to financial stability August 8, 2019 Britain’s financial watchdog has said the exchange-traded funds (ETFs) market is not a threat to financial stability and can cope with the sort of liquidity issues that damaged Neil Woodford’s flagship fund. Read more: New business down at Hargreaves Lansdown as Woodford scandal bites The wider world of funds has come under scrutiny after Woodford’s [...]
European stock markets buoyed as Chinese trade beats expectations August 8, 2019 European stock markets have risen this morning, following their Asian counterparts higher after better-than-expected Chinese trade data. Read more: China hits back after US labels rival a currency manipulator Official data showed Chinese exports benefited from a falling renminbi and rose 3.3 per cent in July year on year, far exceeding analysts’ expectations of a [...]
Co-op Bank narrows losses but warns over mortgage competition August 8, 2019 The UK’s Co-operative Bank cut its losses in the first half of the year but said “margin headwinds” due to mortgage competition were holding it back. Read more: Metro Bank share price plummets in wake of profit drop The figures Co-op Bank made a statutory pre-tax loss of £38.5m in the first half, its interim [...]
Sterling to tumble further as no-deal Brexit worries intensify August 8, 2019 Sterling will continue its losing streak and tumble further as a no-deal Brexit becomes increasingly likely, a Reuters poll of foreign exchange analysts has found. Read more: Sterling resumes fall as Brexit debate takes bizarre turn The pound will slide beyond recent two-year lows against the dollar to trade between $1.17 and $1.20. It slumped [...]
US and European stock markets diverge as trade war jitters continue August 7, 2019 US stock markets fell today and investors bought up so-called safe haven assets as central banks around the world slashed interest rates in response to slowdowns. Read more: China hits back after US labels rival a currency manipulator European stocks climbed, however, as deals in the German chemicals sector provided a welcome boost to equities [...]
Sterling resumes fall as Brexit debate takes bizarre turn August 7, 2019 Sterling has resumed its fall against the dollar on no-deal Brexit fears as the Queen was dragged into the acrimonious debate about Britain crashing out of the European Union. Read more: Dominic Cummings squares off over Dominic Grieve’s Brexit threat The pound had fallen 0.2 per cent against the dollar by 12.50pm UK time to [...]
Payments firm Wirecard posts surge in profit as it nets new clients August 7, 2019 German payments firm Wirecard reported a jump in profits in its half-year results today and said it expected to do better in 2019 than originally thought. The firm, which provides payments systems to businesses and cards to customers, was boosted by new relationships with companies such as supermarket Aldi. Read more: Softbank to invest €900m [...]
Commerzbank warns its 2019 profit target now looks ‘ambitious’ August 7, 2019 Germany’s second-biggest lender Commerzbank said its net profit was unchanged in the second quarter from a year earlier, as it described “a very challenging environment”. Commerzbank, which was set to merge with its bigger rival Deutsche Bank this year before the deal fell through, said its target of a slight year-on-year increase in net income [...]
German factory production slumps in June raising recession fears August 7, 2019 German industrial production fell by much more than expected in June, raising fears that Europe’s biggest economy contracted in the second quarter. Read more: Eurozone construction sector held back by Germany in July Factories in Germany produced 1.5 per cent less in June than they did in May, far less than the 0.4 per cent [...]
