Citi boss fires warning at government over banking tax August 5, 2026 The boss of Citigroup has warned the government that “money votes with its feet” and there are “very viable” alternatives to London should Andy Burnham decide to hit the banking sector with higher taxes. Dame Jane Fraser, a Scot credited with turning around the third largest bank in the US, said she was “concerned” at [...]
IHT pension scramble shows ‘no sign of slowing down’, says Royal London boss August 5, 2026 The mass scramble among UK pension savers to avoid being pulled into the inheritance tax net shows “no sign of slowing down”, as the policy shakeup creeps closer. From April 2027, pensions will be included in the scope of inheritance tax (IHT), meaning unused funds and death benefits will count towards the value of a [...]
Net zero and DEI targets cut from procurement rules as firms pressed to raise pay and hire NEETs August 5, 2026 Net zero, modern slavery and equality rules are set to be stripped from procurement rules as Andy Burnham’s premiership looks to force firms to prioritise job creation. Several major tenders for government contracts feature a list of “conditions of participation” that require firms to report on net zero, diversity, ESG –environmental, social, and governance for [...]
Royal London hits assets record amid pension push August 5, 2026 Royal London recorded a new record high for assets under management, as the group was buoyed by resilient market activity and an influx of pension wealth. Assets under management (AUM) climbed to £212bn, up from £199bn at the end of the last financial year, driven by positive market movements and investors taking the “Iran war [...]
L&G cheers push into private credit as profit jumps August 5, 2026 Legal & General cheered a rise in profit amid a greater push into private credit by its asset management arm. The FTSE 100 firm toasted the “continued fundraising success” across its private markets investments as it vowed to increase investment over the next two years. Total private markets assets under management (AUM) jumped by more [...]
Next hikes targets as heatwave boosts sales August 5, 2026 Next has upgraded its profit targets for the year after breezing past second quarter expectations, putting its shareholders in line for a bumper payday. The FTSE 100 retail giant hiked its pre-tax profit expectations for 2026 to £1.24bn, around £25m higher than previously estimates. If achieved the figure would mark 7.3 per cent growth on [...]
As it happened: Stocks rise as oil fluctuates after Red Sea attack; US-Iran deal ‘being circulated’ August 5, 2026 Welcome back to the Morning Wire liveblog. Oil prices have snapped a losing streak following Yemen’s Houthis said they had attacked a Saudi vessel in the Red Sea. Brent crude drew back above the $80 per barrel mark on Wednesday morning on the news, but prices were still down for the week by around 10 [...]
Ask the expert: How do I avoid double tax on my pension? August 5, 2026 Got a question for our expert? Email [email protected] Fidelity personal financial specialist Marianna Hunt is back on hand to answer your burning questions, and today a reader is looking to avoid the incoming double tax blow. Q: I’m hoping to retire soon and am just deciding where I will draw my income from. I had [...]
What Burnham could learn from BP’s pragmatism August 5, 2026 In 2020, BP unveiled a “major, necessary step in support of our purpose to reimagine energy for people and our planet.” The new strategy – “performing while transforming” – would see the firm “significantly scale-up our low carbon energy business” as part of a commitment “to become a net zero company by 2050 or sooner [...]
Where are Andy Burnham’s economic advisers? August 5, 2026 Andy Burnham’s allies boasted that highly-regarded economists had been lured as advisers. Mauricio Alencar and Ali Lyon report on the non-appointments of some of Britain’s best economists – and what the Prime Minister and Chancellor’s new teams look like. In the end, all it took was a few rumours. In the weeks leading up to [...]