Boeing ekes out small profit after aviation volumes ramp up October 27, 2021 In the third quarter aircraft manufacturer Boeing has registered a small adjusted profit after commercial airplanes and services volumes ramped up when travel restrictions eased. The company’s core operating profit amounted to $59m, compared with a $754m loss in 2020. Year-on-year, revenues grew 8 per cent to $15.2bn, going up from $14.1bn. “We are driving [...]
Budget 2021: Government to review further changes to pension schemes charge cap October 27, 2021 As part of his Autumn budget reveal today, Chancellor Rishi Sunak announced that the government will further review the pension schemes charge gap, as a way to encourage schemes to invest in high-growth UK businesses. Under the plans announced today, the government will consider options to amend the scope of the charge cap so that [...]
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.
Budget 2021: Sunak launches tighter fiscal rules to repair public coffers October 27, 2021 Chancellor Rishi Sunak announced a fresh set of fiscal rules at the budget today in a bid to repair the damage inflicted on the public finances from the Covid-19 crisis. Sunak told the House of Commons the debt-to-GDP ratio must be shrinking and the government must not borrow to fund day-to-day spending. The rules apply [...]
Budget 2021: Bank surcharge slashed but lenders still stung by higher taxes October 27, 2021 UK banks will still be stung by a higher tax rate on their profits even though Chancellor Rishi Sunak confirmed he will slash the bank surcharge. Sunak told the House of Commons today that the bank surcharge will drop to three per cent from eight per cent in 2023. However, the increase in the headline [...]
Budget 2021: Fiscal watchdog ramps up forecast for UK economic growth to 6.5 per cent October 27, 2021 The government’s fiscal watchdog has ramped up its forecast for the UK economy and expects it to recover to pre-pandemic levels by the end of the year. Chancellor Rishi Sunak told the House of Commons today, as he delivered his third budget, that the Office for Budget Responsibility (OBR) expects the British economy to expand [...]
Budget 2021: Sunak extends HGV road user levy until 2023 October 27, 2021 Chancellor Rishi Sunak has announced that the HGV road user levy will be suspended until 2023. It was initially suspended until August in 2022, but this will now be extended for a further year. Speaking at the Budget, Sunak also revealed the government is freezing vehicle excise duty for HGVs. The Road Haulage Association welcomed [...]
How’s vaccine inequality driving up global inflation? October 27, 2021 | City Talk As the more highly vaccinated countries roll out Covid booster shots, other parts of the world are still struggling to get their first jab. The vaccine divide is more apparent in the emerging markets (EM). World organisations have voiced their concerns over “vaccine nationalism” whereby vaccine-exporting countries prioritise supply first for their own populations before [...]
Q&A: why are so many investors still ignoring the UK stock market? October 27, 2021 | City Talk Q: Are UK shares cheap because they’re “old economy” businesses in the banking, oil and tobacco sectors? Bill Casey: When we speak to management teams of UK-listed businesses, many are pulling their hair out, complaining their shares are lowly “rated” compared to US and European-listed peers. They run good quality businesses which we don’t think have [...]
FTSE 100 pulls back from 20-month high as investors brace for budget October 27, 2021 London’s FTSE 100 pulled back from a 20 month high this morning as investors brace for Chancellor Rishi Sunak to deliver his third budget at lunchtime today. The capital’s premier index slipped 0.22 per cent to 7,261.88 points during the opening session. More to follow.