Big Bang 2.0: Financial institutions welcome Jeremy Hunt’s Edinburgh reforms December 10, 2022 Leading financial institutions have welcomed Chancellor Jeremy Hunt’s Edinburgh reforms, which set out to “turbocharge” the UK’s growth. Announced yesterday, the plans aim to “seize the benefits of Brexit” by delivering the biggest shake-up in the financial sector for 30 years. According to UK Finance’s chief executive David Postings, the package is “a major step [...]
Post-Brexit reforms: Hunt aims to ‘turbocharge’ economy with biggest banking shake-up in 30 years December 9, 2022 Chancellor Jeremy Hunt has unveiled plans to “turbocharge growth” with the biggest shake-up in banking reforms for three decades. His so-called Edinburgh reforms announced this morning seek to “seize the benefits of Brexit” by cutting EU red tape for the financial sector. The new measures build on the government’s Mansion House 2021 package, with a [...]
Hunt to unveil post-Brexit Big Bang 2.0 for UK financial services industry December 8, 2022 Jeremy Hunt will finally unveil the government’s plans to shred EU financial services laws today as he proposes a package to boost the City’s global competitiveness post-Brexit. Hunt will deliver the landmark announcement in Edinburgh this morning, with the chancellor set to drop Solvency II capital requirements on insurance firms and ease current bank ring-fencing [...]
Optimism abounds in OBR forecasts, but just how feasible are they? November 28, 2022 When former Tory chancellor George Osborne created the Office for Budget Responsibility (OBR) in 2010, he was unlikely to have envisioned it would become the source of financial market turmoil. But, that upheaval was not the budget watchdog’s fault. Instead, it was former prime minister Liz Truss and ex-Number 11 incumbent Kwasi Kwarteng’s disdain toward [...]
Taxman grabs 30 per cent more from Brits over last five years November 23, 2022 The amount of money the taxman takes away from Brits has climbed 30 per cent over the last five years, CityAM analysis of official figures shows. In the year to 31 October this year, HMRC collected £757bn in taxes, up from £584bn in 2015/16, stats out this week reveal. The rise in tax revenues [...]
UK borrowing surges to £13.5bn on energy price cap support November 22, 2022 UK borrowing surged over the last year due to the government partially covering the cost of household energy bills, official figures out today reveal. The UK’s debt pile swelled £13.5bn last month, up more than £4bn compared to October 2021, according to the Office for National Statistics (ONS). Although high, the figure was far below [...]
UK slumps to bottom of G7 economy league next year, OECD predicts November 22, 2022 The UK economy will languish behind its rich counterparts next year amid a tough inflation surge driven by worker shortages and an “untargeted” energy support package, a new report reveals. Britain’s economy will shrink 0.4 per cent next year, the worst performance of any country in the G7, according to the Organisation for Economic Co-operation [...]
UK ‘can’t afford’ another decade of lost growth, CBI warn November 21, 2022 The UK “can’t afford a repeat” of its severe economic underperformance since the 2008 financial crisis, the chief of the country’s top business group will warn chancellor Jeremy Hunt today. Responding to last week’s autumn statement, Tony Danker, director general of the Confederation of British Industry (CBI), will slam the chancellor for failing to roll [...]
Hunt on course to miss fiscal targets despite £55bn of tightening, Deutsche Bank bet November 20, 2022 Chancellor Jeremy Hunt is on course to miss his fiscal goals due to a weaker growth outlook than forecast by the UK’s budget watchdog, an investment bank has said. According to Sanjay Raja, senior economist at Deutsche Bank, the Office for Budget Responsibility’s (OBR) GDP growth forecasts are too optimistic. Last week, the OBR said [...]
The Tory knives are out as Jacob Rees-Mogg calls Hunt’s Budget cuts ‘undeliverable’ November 18, 2022 The Chancellor’s spending cuts may prove “undeliverable” as Jeremy Hunt faces criticism from a range of senior Tories for raising taxes as he seeks to rebuild the UK’s battered public finances. Former business secretary Jacob Rees-Mogg accused the Chancellor of taking the “easy option” in Thursday’s autumn statement rather than bearing down harder on public [...]