Budget 2021: Big business to pay off UK’s Covid debt burden with £45bn corporation tax rises March 3, 2021 Rishi Sunak will make the UK’s big businesses pay off the country’s Covid spending, with £45bn of corporation tax rises to hit companies with profits over £250,000 the hardest. Corporation tax will rise from 19 per cent to 25 per cent by 2023 for UK companies with annual profits of £250,000 or higher, however a [...]
Budget watchdog predicts UK Covid restrictions to last into autumn March 3, 2021 The UK’s budgetary watchdog is expecting Covid restrictions to last well past the government’s 21 June target date. The Office for Budget Responsibility (OBR) said in its economic forecast today that it expected Covid curbs like travel restrictions, local lockdowns, limits on large gatherings and guidance on home working to continue into the autumn. This [...]
Budget: OBR forecasts stronger than expected UK economic recovery March 3, 2021 The UK’s economy will have a stronger bounce back from the coronavirus crisis than previously expected with unemployment set to peak at a far lower level, according to new economic forecasts from the government’s Budget watchdog. Sunak said the Office for Budget Responsibility (OBR) now predicts the UK’s GDP will return to pre-crisis levels by [...]
Deloitte to pay Malaysia $80m for role in 1MDB corruption scandal March 3, 2021 Audit giant Deloitte is set to pay $80m to the Malaysian government to settle claims of corruption tied to the auditing of scandal-linked state accounts, the finance ministry has said today. Deloitte’s fee will conclude its role in the corruption saga that involved former Malaysian prime minister Najib Razak who allegedly used the state fund [...]
UK PMIs: Services activity stabilises after lockdown plunge March 3, 2021 UK services activity continued to contract last month, but bounced back from January’s dramatic tumble on optimism about a potential end to the pandemic. The IHS Markit/Cips purchasing managers (PMI) index for services registered 49.5 in February, with any score below the 50 mark indicating contraction. It came in just below analyst expectations of a score of [...]
Google launches $2m fund to help bridge funding gap for Black tech founders March 2, 2021 Google For Start Ups launches fund to tackle lack of black talent in tech
Budget 2021: Philip Hammond tells Boris Johnson to ditch big infrastructure projects March 2, 2021 Former chancellor Lord Philip Hammond has told Boris Johnson to ditch his plans for big infrastructure projects in the North, with the UK facing its largest ever Budget deficit. Hammond said today that a better way to enact Johnson’s “levelling up” agenda was for more devolution to regions, while also calling for tax rises and [...]
G20 nations including UK agree to raise IMF funds March 2, 2021 The G20 agrees to inflate IMF funds as a gesture to poorer countries to help them recover from pandemic.
May the forest be with you! Putting a price on nature March 2, 2021 | City Talk Natural resources are often seen as free inputs that any company may use to produce an output. The exploitation cost alone is how firms assess a natural asset’s monetary value. In this way, natural resources tend to be seen as infinite: there is no clear sense of how overexploitation can destroy surrounding ecosystems. Today, many [...]
UK small businesses donated £6bn in cash and gifts during the Covid pandemic March 2, 2021 UK small businesses donated £18bn during the Covid pandemic