Automotive sector in favour of relocating car manufacturing to UK March 23, 2022 The Society of Motor Manufacturers and Traders (SMMT) said today a relocation of car manufacturing back to the UK would be “good news” for the sector. “If supply chain resilience provides the opportunity to reshore more of the supply chain in the UK, we would certainly support and encourage that,” SMMT’s chief executive Mike Hawes [...]
Office for Budget Responsibility warns household energy bills could double this year March 23, 2022 Energy bills could spike 40 per cent this winter, warned the OBR, placing further pressure on cash-strapped households.
Spring statement: OBR slashes economic growth forecasts on Russia-Ukraine war inflation spike March 23, 2022 The UK’s fiscal watchdog has slashed its forecasts for economic growth this year driven by the Russia-Ukraine war sending inflation spiking. The Office for Budget Responsibility (OBR) is expecting the UK economy to grow 3.8 per cent this year, down from six per cent in its previous forecast. Russian President Vladimir Putin’s decision to send [...]
As it happened: Rishi Sunak’s Spring Budget 2022 March 23, 2022 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer, Rishi Sunak, delivers the government’s Spring Budget for 2022 . Please do get in touch and let us know your opinion via news@cityam.com or @Cityam With the cost of living crisis, rising inflation, war in Ukraine and [...]
Sunak gives National Insurance help and promises 2024 income tax cut March 23, 2022 Rishi Sunak has increased the income threshold for National Insurance in a £330 annual tax cut for employees, while also delivering a gloomy updated forecast for the UK economy. Sunak said in his spring statement that the threshold at which employees pay National Insurance will be lifted by £3,000 to £12,570 in what he called [...]
Sunak cuts fuel duty to ease pressure on motorists March 23, 2022 Fuel duty will be cut by five pence per litre for the next 12 months, revealed Chancellor Rishi Sunak in the Spring Statement today.
Rishi Sunak needs to tell a story if he wants to keep a hold on the economy March 23, 2022 In an interview with the Sunday Times earlier this month, Gordon Brown gave a quote that was both reflective of his past failings and the challenge that lies ahead for Rishi Sunak. “I’m afraid we didn’t win the argument. You learn as you get older, or at least more experienced, that the facts are not [...]
Automotive industry calls on Government to deliver more EV infrastructure to ease “charging anxiety” March 23, 2022 The Society of Motor Manufacturers and Traders (SMMT) has called on the UK Government to deliver more investment in electric vehicle (EV) charging infrastructure to ease this decade’s “charging anxiety.” According to data, the ratio between charging infrastructure and number of electric vehicles has worsened in the last year. “Last year, it was about one [...]
UK inflation climbs to more than triple Bank of England’s target March 23, 2022 UK inflation has soared to more than triple the Bank of England’s target, piling more pressure on the central bank to launch further rate hikes. Threadneedle Street is likely to pivot away from the dovish tone it set at its meeting last week after new figures published today by the Office for National Statistics (ONS) [...]
Explainer-in-brief: Fuel duty cuts and road taxes will drive us forward March 23, 2022 In 2011, then-Chancellor George Osborne cut fuel duty by 1p and froze it. It has stayed at 57.95p per litre ever since. Now as motorists face the second petrol crisis in five months – after crucial shortages in October last year – Rishi Sunak is expected to cut fuel duty again in his spring statement. [...]