UK aerospace industry goes stratospheric February 1, 2016 The aerospace industry has increased in value by £3bn in 2015, with a new aircraft ordered on average every four hours and delivered every 6.5 hours globally, according to data from aerospace trade body ADS Group. Production of commercial aircraft in the country is up almost 50 per cent since 2009, as the government faces calls [...]
ICAEW: Weak business optimism is a bad sign for chancellor George Osborne February 1, 2016 Business confidence has dropped to a three-year low, signalling lower growth and posing a threat to chancellor George Osborne’s budget targets. The Institute of Chartered Accountants in England and Wales’ (ICAEW) confidence index dipped to a score of 11.4 for the start of 2016 – the lowest since early 2013. Lower economic growth can impact [...]
Crown Estate chairman Sir Stuart Hampson steps down February 1, 2016 Sir Stuart Hampson has announced plans to step down as chairman of The Crown Estate, one of the UK's biggest landlords, after six years in the role. Hampson, a former civil servant and chairman of John Lewis for 14 years, took responsibility for the Crown Estate in 2010 during a difficult year, when its portfolio lost value [...]
Late tax return? You have the right to appeal a penalty if you have a reasonable excuse, says industry body, as the deadline for self-assessment tax return draws nearer January 31, 2016 With just one hour to go until the deadline for self-assessment tax returns, an industry body has urged those who have a reasonable excuse for not hitting submit by midnight to appeal any late filing penalty they receive. The Low Incomes Tax Reform Group (LITRG) of the Chartered Institute of Taxation (CIOT) has today warned [...]
Barclays and Credit Suisse strike deals with US regulators over allegations that they misled investments in dark pools January 31, 2016 Two well-known names in banking have struck deals worth millions of dollars with US regulators over allegations they misled investors. The US Securities and Exchange Commission (SEC) today announced that Barclays and Credit Suisse have reached settlements on separate cases regarding accusations over dark pool investments. The banks have agreed to pay $154.3m (£108.3m) between them. Barclays has agreed to pay $70m, split [...]
Private jet membership set to take off in 2016 January 31, 2016 Private jet usage is set to take off in London, following the roll out of membership schemes that allow people to make use of jets without owning them. A survey carried out by industry magazine Corporate Jet Investor found that nearly one in four (23 per cent) said that the growth of membership schemes and online [...]
Oil industry body pushing for tax cuts for the North Sea ahead of Budget in March January 31, 2016 An oil and gas industry body is ramping up its fight against taxes on the struggling North Sea oil industry ahead of the Treasury’s March Budget. Oil &Gas UK (OGUK) will petition the Treasury to ease taxes on the industry as the North Sea reels from 70 per cent drop in the oil price in [...]
Morrisons adds fuel to the supermarket price war with another round of price cuts January 31, 2016 Morrisons has added fuel to the price war after announcing a further round of cuts in an effort to win back customers and revive sales. The Yorkshire-based supermarket said it will slash the price of 1,072 items, with an average price cut of 19 per cent on fruit and vegetables. The price of a kilo of Morrisons onions, for example, [...]
Credit Suisse results: Swiss banking expected to post a loss as it gets ready for billions of pounds in goodwill write-down January 31, 2016 Swiss banking giant Credit Suisse is expected to reveal a loss later this week as it gets ready to write down billions of pounds worth of assets. The bank’s chief financial officer David Mathers said last year that he expected a 6.3bn Swiss franc (£4.3bn) impairment charge in the fourth quarter in relation to the company’s [...]
Challenger bank Secure Trust is weighing up a bid for RBS business Williams & Glyn January 31, 2016 Challenger bank Secure Trust is considering making a bid for Williams & Glyn, the banking business that Royal Bank of Scotland (RBS) is required to sell off by the end of next year. City PM understands that Secure Trust, an AIM-listed retail and commercial bank, is looking at Williams & Glyn, which RBS is getting [...]
