Global growth to dive below three per cent and stay there till 2028, IMF chief warns April 6, 2023 World economic growth will dip below three per cent during 2023 and is likely to stay at that level for the next five years, the head of the International Monetary Fund (IMF) said today. Kristalina Georgieva, IMF managing director, made the assessment during a prepared speech while visiting Washington DC in advance of the IMF [...]
Is HS2 holding up the UK’s construction industry? Output up but housebuilding continues to fall April 6, 2023 Civil engineering rose at its highest level since 2009 in March, according to a leading global index which measures the monthly construction output of the UK economy. At 50.7 in March, the headline seasonally adjusted S&P Global /CIPS UK Construction Purchasing Managers’ Index (PMI) – which measures month-on-month changes in total industry activity – was [...]
Peter Murrell released without charge amid ongoing police probe of SNP finances April 6, 2023 Nicola Sturgeon’s husband Peter Murrell has been been released without charge as police continue an investigation into the SNP’s finances. Mr Murrell, who married the former first minister in 2010, stepped down as the SNP’s chief executive last month following a controversy about misleading information being given to journalists over the party’s membership numbers. The [...]
A new tax year has started, here’s what you should be doing April 5, 2023 Savers have welcomed in a new tax year, starting Thursday 6 April. These include putting savings into tax free accounts such as Isas; the annual contributions limit for Isas will remain frozen in the 2023/24 tax year, from April 6, at £20,000. Sarah Coles, head of personal finance at financial services provider Hargreaves Lansdown, said: [...]
UK economy: Flat services sector could ease fears of more interest rate hikes although recession fears still loom April 5, 2023 The British services sector continued its recovery from recent woes as it expanded again in March, although more slowly than in February meaning recession still stalks the UK economy. The S&P Global/CIPS UK services PMI survey showed a reading of 52.9 last month, down from a score of 53.5 in February. Experts had forecast that [...]
Aviva completes £400m bulk annuity deal with Deutsche Bank April 4, 2023 Aviva has completed a £400 million bulk purchase annuity buy-in transaction with the trustees of the Deutsche Bank (UK) Pension Scheme. Aviva will insure the defined benefit pension liabilities for nearly 1,300 members, removing the investmentand longevity risk of these members from the scheme. Aviva said members would experience no change in the amount of [...]
Capital gains tax allowance changes to hit half a million investors’ profits as tax year begins April 4, 2023 Investors are being warned to be aware of the halving in the tax free amount of profit they can make when selling valuable assets, such as shares or a second home. Wealth manager Nutmeg said investors were likely to be caught out by capital gains tax (CGT) changes coming in on 6 April. After then [...]
Has Branson’s satellite dream been grounded? Virgin Orbit files for bankruptcy in the US April 4, 2023 Sir Richard Branson’s satellite launch firm Virgin Orbit has filed for Chapter 11 bankruptcy in the US after failing to secure rescue funding. It comes after a Virgin Orbit rocket failed to complete the first satellite launch from UK soil in January. On Tuesday, the business lodged a filing with the US Bankruptcy Court for [...]
Royal London snaps up Aegon’s protection business, adding 400,000 customers to its books April 4, 2023 Royal London, one of the UK’s largest life, pensions, and investment mutuals, has snapped up Aegon UK’s individual protection business. The acquisition, which is subject to court approval, will see the transfer of 400,000 customers’ life insurance, critical illness and income protection to Royal London. Barry O’Dwyer, group chief executive of Royal London said: “We [...]
UK economy on tightrope between recession and growth as exports slip but inflationary pressure eases in March April 3, 2023 Manufacturing fell in March, although fears the UK economy is entering a recession may be premature as inflation eased and average supplier lead times improved. The seasonally adjusted S&P Global /CIPS UK Manufacturing Purchasing Managers’ Index fell to 47.9 in March, down from February’s seven-month high of 49.3 and an earlier flash estimate of 48.0. [...]
