Libor scandal: Convicted former UBS and Citigroup trader Tom Hayes tells Old Bailey how he broke down over rate-rigging allegations March 16, 2016 Tom Hayes told a court today how the rate-rigging allegations that eventually lead to his conviction caused him to suffer a breakdown, as he continued his legal battle over his assets. Hayes, who is serving an 11-year prison sentence after being found guilty of eight counts of conspiracy to defraud for his role in manipulating Libor, has [...]
Dollar dips as US Federal Reserve holds interest rates and cuts forecasts March 16, 2016 The US Federal Reserve kept it's main policy interest rates on hold today. The target rate for the federal funds rate was kept at 0.25 to 0.5 per cent. It marks the second meeting since December that the federal open market committee has held rates after rising them for the first time since the 2008-9 recession in [...]
What George Osborne’s Budget means for you: Five case studies including an entrepreneur, an apprentice and a chief exec March 16, 2016 Accountants from BDO ran the numbers for City PM to see the effect George Osborne's 2016 Budget will have on people with a variety of different incomes, living situations and responsibilities. THE BUSINESS WOMAN Catherine Gannon, chief executive at Gannons Commercial Law Gannons Commercial Law continues to perform well as profits and earnings increase on last year. [...]
Budget 2016: Lawyers warn North Sea tax relief may be “too little, too late” March 16, 2016 Lawyers warned that tax relief for the embattled North Sea oil and gas industry in today's Budget may be "too little too late." It comes as chancellor George Osborne halving the supplementary charge on oil and gas companies from 20 per cent to 10 per cent, backdated to 1 January. He also "effectively abolished" the petroleum revenue tax, having cut it [...]
Chancellor George Osborne to borrow £33bn more than expected over next five years despite boost from cheap debt March 16, 2016 Chancellor George Osborne will borrow an extra £33bn over the next five years as he ruled out making cuts to make up for a tax receipts shortfall. Weaker economic growth left Osborne with a £49bn tax receipts hole over the rest of the current parliament and £69bn gap over the next five years. Lower incomes alone will lead to a [...]
Budget 2016: Here’s how Twitter really felt about the Budget – in two perfect charts March 16, 2016 More than 100 tweets per minute were sent about the Budget and that was before George Osborne had even picked up his little red box and started speaking. Nothing else but the Budget could dominate the day on Twitter and that gives a fascinating snapshot into the mind of the nation (or, the Twitterati, at least) and how they [...]
Budget 2016: Chancellor to introduce surprise sugar tax on soft drinks in two years’ time March 16, 2016 George Osborne has announced the government will introduce a surprise new levy on the sugar drinks industry that will come into effect in two years' time. A sugar tax was widely considered to not be making an appearance in the Budget, with other strategies thought to take precedence in the government's fight against childhood obesity. Citing [...]
Budget 2016: Office for Budget Responsibility slashes UK economic growth forecast and hikes debt estimates projections March 16, 2016 The government’s fiscal watchdog has downgraded its economic growth forecast. The Office for Budget Responsibility believes the economy will grow two per cent this year, 2.2 per cent in 2017 and 2.1 per cent in each of three years after, chancellor George Osborne said today In November it forecast growth of 2.4 per cent in [...]
The most ironic thing likely to happen in today’s Budget? The Money Advice Service could be scrapped because it doesn’t provide value for money March 16, 2016 We've been told today's Budget is going to be aimed at the young – but we didn't realise it would be so… steeped in irony. But it's emerged the chancellor is set to make an announcement so, like, totally ironic, it could have come straight out of the playbook of the most tattooed of Shoreditch's natives. Yep: according [...]
UK employment maintains record high as pay growth continues to rebound March 16, 2016 The UK's employment rate remained at 74.1 per cent between November and January, the joint-highest since records began in 1971. The headline unemployment rate maintained its 10-year low of 5.1 per cent, the data released this morning by the Office for National Statistics (ONS) shows. There are now 171,000 fewer people unemployed than in the same period last year. [...]
