Banks brace for tax showdown: City giants warn jobs and growth are at risk from Whitehall interference September 21, 2015 Unpredictable and excessive taxes are pushing the British banking sector to the brink, according to a major new report by a leading industry body. The British Bankers’ Association (BBA) and PwC reveal that the UK banking sector contributed an estimated total of £31.3bn in taxes last year, and warn of the risk posed to [...]
UK house prices: Rightmove says the average London home could cost £1m by end of the decade September 21, 2015 London house prices are climbing at such a rapid rate that the average price could hit £1m by 2020. In news that will buoy homeowners but frighten Londoners with ownership aspirations, house prices in the capital jumped 2.2 per cent this month compared with August, according to figures published today by property website Rightmove. [...]
Activist Edward Bramson’s second Sherborne Investors board bid draws ire of Electra directors September 20, 2015 Directors of profitable private equity firm Electra are growing more frustrated at activist investor Edward Bramson’s attempts to join the company’s board. Bramson’s firm Sherborne Investors, which owns just under 30 per cent of Electra, last week called another general meeting so shareholders could vote on the matter. It follows a failed bid to be [...]
Debenhams coup: Shareholders and City stockbroker Cenkos plot shake-up at retail chain September 20, 2015 Debenhams could be forced to undergo a shake-up of its senior management after coming under pressure from a group of disgruntled investors unhappy with the department store group’s performance. City stockbroker Cenkos is understood to have been asked by Debenhams shareholders that collectively own a stake of around 20 per cent in the company to [...]
Las Iguanas owner to sell £150m bonds September 20, 2015 THE OWNER of restaurant brands Cafe Rouge and Bella Italia, is planning to tap the debt markets as part of a refinancing that would see the group issue around £150m worth of bonds. Casual Dining Group (CDG), which was previously known as Tragus, has undergone a major restructuring since a consortium led by private equity [...]
HMRC’s tax probes drag on says law firm RPC September 20, 2015 HMRC takes over a year to wrap up almost a quarter of the 115,000 local tax compliance investigations open at any one time, a City law firm has said. Lawyers RPC today released figures showing that HMRC’s local compliance unit had more than 115,000 investigations ongoing against individual taxpayers and businesses as of March [...]
Labour councillor pushes to end zero hours work for 96,000 in the capital September 20, 2015 Labour's London Assembly economy spokeswoman will today call for changes to zero-hour contracts in London to guarantee workers 80 per cent of the hours they have worked over the previous three months. Fiona Twycross said in a statement she recognised that zero-hours contracts are popular with students and parents who need flexibility, but added, [...]
Insurers look to technology to boost profits by profiling clients September 20, 2015 New technology, which monitors how fast you drive and where you go, as well as your Facebook profile is the future for setting insurance premiums. A survey by Interim Partners, found that, in addition to tracking technology installed in potential customers’ cars, insurance executives said social media profiling, combined with geographic, political and economic data, [...]
Small firms are owed billions in late payments and the figure is climbing September 20, 2015 The problem of late payments that is straining the finances of many of the UK’s smaller firms is getting worse, according to new figures. British small and medium-sized enterprises (SMEs) are owed £67.4bn in unpaid invoices, up eight per cent from this time last year, the Asset Based Finance Association (ABFA) said today. However, ABFA [...]
Chancellor George Osborne is optimistic about the slowing Chinese economy September 20, 2015 Chancellor George Osborne has said he isn't worried about China's slowing economy, which is undergoing a period of very challenging but necessary transformation. Renewed fears over the health of the world's second biggest economy rippled through global financial markets this summer. "Black Monday" wiped nearly $300bn (£193bn) off the value of Chinese shares, while US, Europe, Japan [...]