Autumn Budget 2024: Leading tech founders slam tax increases Tech British tech founders have slammed rises in capital gains tax (CGT) and national insurance contributions (NICs) confirmed by Chancellor Rachel Reeves in Wednesday’s Budget. The government has increased the lower rate of CGT from 10 to 18 per cent, and the higher rate from 20 to 24 per cent. It also hiked employers’ NICs by [...]
Autumn Budget 2024: Labour backs UK’s tech and creative sectors Tech The UK’s technology and creative industries received a boost in Rachel Reeves’s Autumn Budget on Wednesday, as the Chancellor laid out capital investment plans that she said will “drive growth across the country.” Reeves confirmed plans to “capitalise” the National Wealth Fund to back industries set for future growth, including gigafactories, ports, and green hydrogen. [...]
Autumn Budget 2024: Vaping tax and tobacco duty to increase Politics Smokers and vapers are set to pay more in Britain as Chancellor Rachel Reeves today announced a new vaping tax and an increase in tobacco duty during her Autumn Budget. She confirmed that the government will introduce a “flat rate duty” on all vaping liquid from October 2026, while also renewing the tobacco duty escalator [...]
Virgin Media O2 sells Cornerstone Towers stake as revenue dips October 30, 2024 Virgin Media O2 has announced the sale of a stake in its mobile towers joint venture, Cornerstone, to infrastructure investor Equitix, bagging £186m in cash. The deal, which leaves the telco with just over 25 per cent of Cornerstone after selling 8.33 per cent, involves a 16.66 per cent stake in a holding company that [...]
Eckoh: Another AIM exit as private equity firm launches bid October 30, 2024 Payments software firm Eckoh is set to leave the London Stock Exchange’s AIM after it received an offer from private equity firm Bridgepoint. The bid values Eckoh at 54p per share or £169.3m. The price is offered is 15.9 times Eckoh’s adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year ending March [...]
Sir Martin Sorrell: Tax hikes risk hurting UK productivity October 29, 2024 The government’s potential tax hikes and changes to investment relief could drive capital abroad, discourage hiring and stymie productivity, former WPP chief Sir Martin Sorrell has warned ahead of tomorrow’s Autumn Statement.
YouGov shares jump after revenue and profit growth revealed October 29, 2024 YouGov shares jumped 13 per cent on Tuesday as the data firm reported revenue and operating profit narrowly ahead of full-year expectations. In unaudited results for the year to 31 July, 2024, Yougov posted a three per cent organic revenue increase, with reported revenue up 30 per cent to £258.3m, driven by its recent CPS [...]
IG Design: Card maker’s cost-cutting drive starts to pay off despite profit plummet October 29, 2024 Profit at IG Design, the world’s largest maker of greeting cards, wrapping paper and gift bags, has been slashed but the firm is now cash generative and expecting to make a comeback in the second half of the year. As expected, group revenue fell 11 per cent in the six months to September, causing adjusted profit to [...]
Pearson: Educational publisher starts to reap rewards of AI October 29, 2024 Pearson said it is starting to see “commercial benefit” from the integration of artificial intelligence (AI) into its services. The education publisher said there have been over five million student interactions with its higher education AI study tools in the nine months to September, leading to double-digit year on year billings growth in its higher [...]
Tech boss warns UK to avoid own goal in Autumn Budget October 29, 2024 The founder and chief executive of a British artificial intelligence (AI) unicorn has urged the government to prioritise innovation in this week’s Budget, warning against policies that could hinder growth for UK tech firms. “I will be watching with huge focus when the Budget is delivered,” Vishal Marria told City AM, adding that “we must [...]
