Non-dom exodus could cost the Treasury £12.2bn May 6, 2025 Chancellor Rachel Reeves’ decision to remove tax exemptions for non-doms could lead to “billions” in losses from the public purse, new research has suggested, in a blow to the Treasury’s fiscal plans. Reeves followed through with manifesto pledges by removing tax exemptions from mega-rich non-domiciled individuals at last year’s Autumn Budget, something the Office for [...]
EY: Profit warnings surge points to ‘economic shock’ May 6, 2025 Nearly one in five listed companies have told investors that they expected profits to decline in the past twelve months, new research has suggested, reflecting firms’ vulnerabilities to higher taxes and damaging tariffs. Chancellor Reeves flattered investors in the run-up to last year’s election, calling Labour the “natural party of business”. But a new report [...]
UK scale-ups face crisis as growth capital hits seven-year low May 6, 2025 Growth capital has hit a seven-year low on both volume and value with the UK start-up to scale-up pipeline “broken”, a fresh report has warned. Figures seen by City PM revealed Series A funding – investments of £2m to £10m for startups looking to grow – had slumped to £2.4bn in the 12 months to [...]
When words matter more than numbers at the Bank of England May 5, 2025 City analysts have pencilled in their predictions for Thursday. Here’s how almost all of them likely read. Interest rates will be cut to 4.25 per cent, the Bank of England’s inflation forecast for this year will exceed its two per cent target and President Trump’s tariffs will be highlighted as a detriment to UK growth. [...]
Rachel Reeves has promised UK fintech the world – now she must deliver May 4, 2025 Judgement day looms for Rachel Reeves, and UK fintech will be handing her the verdict. In a keynote speech at Innovate Finance’s 11th global summit, the Chancellor confirmed the Treasury’s inaugural Financial Services Growth and Competitiveness Strategy would be published on 15 July. Reeves has lauded the industry’s growth and touted the achievements of fintech [...]
MP defends ‘human cost’ of assisted dying bill after impact assessment May 3, 2025 Assisted dying is about the “human cost” and not pounds and pence, the MP behind the proposed legislation has said after an assessment of the potential costs. An impact assessment into the Terminally Ill Adults (End of Life) Bill was published on Friday, exactly a fortnight ahead of the next Commons debate on the proposed [...]
Week in Business: The billionaires backing Britain May 1, 2025 BlackRock CEO Larry Fink, Virgin supremo Sir Richard Branson, businessman John Caudwell and JP Morgan top dog Jamie Dimon – quite the quartet – have all made some fascinating interventions this week. Let’s start with BlackRock, the world’s largest investor, running more than $11 trillion on behalf of pension funds, private clients and sovereign wealth [...]
Manufacturing edges towards year of decline amid ‘noticeable impact’ of tariffs May 1, 2025 UK manufacturing’s falling production levels show no signs of ending as the spectre of tariffs brings a “noticeable impact” on exporters’ sales, leading analysts have said. Firms have had to navigate through sticky inflation and high energy costs for the best part of three years as the UK’s weakened economy has failed to bounce back [...]
Lloyds’ finance boss slams ring-fencing amid waning growth forecast May 1, 2025 Lloyds‘ finance boss raised the alarm on lenders’ ability to help drive growth due to restrictions from the ring-fencing regime. The bank trimmed its UK GDP expectations and has projected a rise in unemployment in the latest warning sign for the health of the British economy. The FTSE 100 giant pencilled in 0.2 per cent [...]
Mercer: Pension funds need better pick of UK investments for key deal to work May 1, 2025 The government’s proposed pensions deal will not boost growth unless better UK investment opportunities are put on offer, the boss of one of Britain’s biggest funds has warned. In an interview with City PM, Benoit Hudon suggested a stronger pipeline of UK assets was needed as current options did not deliver good enough returns for [...]
