Bank of England mulls regulatory shake up to manage climate risks October 28, 2021 The Bank of England has taken a step closer to imposing stricter rules on banks to ensure they step up their preparedness for climate change. The Old Lady’s Prudential Regulation Authority (PRA) said today it is mulling a shake up of capital buffer structures to manage the potential risks of global warming. It will publish [...]
Budget 2021: Sunak puts low tax conservatism to the sword October 28, 2021 Chancellor Rishi Sunak will heap extra financial pain on households across the UK as he puts low tax conservatism to the sword. Sunak’s wave of spending will lay the groundwork for a permanently more punitive tax regime that will intensify the cost living crisis, leaving Brits “worse off in the short term”, the Institute for [...]
Supply chain snarl ups weigh on US economy October 28, 2021 Severe supply chain breakdowns and a resurgence in Covid-19 infections have clamped down on US economic growth. The American economy grew at an annualised rate of two per cent in the three months to September, the Commerce Department said today. The weak growth rate came in below economists’ forecasts of 2.7 per cent. Supply chains [...]
Rishi Sunak: I won’t apologise for cutting alcohol duty on champagne in prosecco in Budget October 28, 2021 Rishi Sunak said this morning he will not apologise for cutting alcohol duty on Champagne, prosecco and other sparkling wine in the Budget. Speaking to Sky News, Rishi Sunak said: “I’m not going to make any apologies for that. We have an irrational system at the moment of how we tax alcohol. “The new system [...]
Budget: Rishi Sunak refuses to commit to tax cuts before next general election October 28, 2021 Chancellor Rishi Sunak this morning refused to commit to cutting taxes before the next general election. Asked on Sky News whether he would slash taxes before the next Westminster polling day, which is expected to be held by 2024, Mr Sunak said: “We started cutting taxes yesterday, our priority being those on the lowest incomes. [...]
Forget the pandemic: Brexit’s impact on UK economy will be much worse, warns fiscal chief October 28, 2021 The consequences of the UK leaving the European Union will be much more serious than the economic impact of the pandemic, the boss of the UK’s fiscal watchdog warns this morning. The Office for Budget Responsibility (OBR) had assumed leaving the EU would “reduce our long run gross domestic product by around 4 per cent”, [...]
Budget: Brits face flat recovery for household living standards, Sunak warned October 28, 2021 The average household could see their tax rise by thousands of pounds during Boris Johnson’s premiership, a think tank has warned, as Rishi Sunak’s Budget has the country set for a flat recovery for living standards. The Office for Budget Responsibility (OBR) said the Budget would leave the overall tax burden at its highest since [...]
Budget 2021: Steel sector bemoans “missed opportunity” as energy costs continue to rise October 27, 2021 The Budget was a “missed opportunity” for the country’s steel sector, argues the UK Steel and Community Union. The organisation has criticised Chancellor Rishi Sunak, believing he has left the steel sector “high and dry” by the lack of action on electricity prices and its failure to set out a clear plan for decarbonising UK steel production. [...]
Rishi Sunak’s Autumn Budget: A quick overview of what has been announced October 27, 2021 Downing in numbers and announcements? No worries, here are the main points from Chancellor Rishi Sunak’s Budget. – The Budget is focused on the “post-Covid” era, according to the Chancellor, and will pave the way for the “Prime Minister’s economy of higher wages, higher skills, and rising productivity”. – Independent forecaster the Office for Budget [...]
Budget 2021: Government debt interest bill to swell £16bn more than previously expected October 27, 2021 The government’s debt interest bill is set to swell by billions over the next year driven by inflation accelerating at a fiery print than the fiscal watchdog expected. The Office for Budget Responsibility (OBR) revised up its forecasts for the government’s debt interest payments by around £16bn for this year. More to follow.
