Monday , May 22 2017
Breaking News


High tax consensus will hit UK’s growth

credit growth

LONDON: The first rule of economic forecasts is not to believe them, or at least to take them as impressionistic sketches of where the reality could be, rather than precise predictions. The same applies to the political parties’ manifestoes, and especially to the fiscal analyses constructed upon them. The Tory pamphlet was surprisingly long, but many of its policies were ... Read More »

UK consumer inflation rises to 3 ½-years high of 2.7%

Finland inflation highest since Sep-2014

LONDON: The WPI-based inflation, based on the new series, slipped to a four-month low of 3.85 per cent in April as both food articles and manufactured items eased. The findings echo official figures from the Office for National Statistics today that showed average earnings increased by 2.4 per cent in the year to March, below inflation which is running at ... Read More »

U.K. conservative party pledges ‘tougher’ tax adviser rules

New Zealand meat, wine exports to face uncertainty on U.S border tax

LONDON: The U.K.’s Conservative Party has said it plans to impose “tougher regulations” on tax advisory firms, pledging to step up the fight against aggressive tax planning before next month’s general election. In its manifesto for the June 8 election, the party said it will “go further” in targeting tax evasion and avoidance and “will legislate for tougher regulation of ... Read More »

Post-Brexit customs controls would mean hundreds of vehicles stopped every day


LONDON: POST-Brexit customs checks that would see freight vehicles stopped at “trade facilitation posts” near the border would create huge problems for businesses across Ireland, it was claimed last night. The Republic’s customs authorities have indicated that up to eight per cent of goods would be subject to checks after the UK leaves the EU. It has been estimated that ... Read More »

UK police seize heroin from PIA plane


LONDON: A large amount of heroin was seized from Pakistan International Airlines (PIA) PK-785 by UK’s National Crime Agency (NCA). “National Crime Agency officers are investigating following the seizure of a large quantity of heroin found by Border Force officers onboard a flight from Pakistan at Heathrow on Monday, May 15. No arrests have been made, inquiries are ongoing,” NCA ... Read More »

UK timber product imports rise 18% in Jan-Feb

profit rises

LONDON: UK timber product import volumes increased by 18% in the first two months of 2017 compared to a year ago, according to the Timber Trade Federation’s (TTF) latest statistics bulletin. Solid wood imports were 16% higher in January-February and panel products were up 23%. The figures show hardwood imports up 52% to 100,000m3, but the bulletin urges caution as ... Read More »

U.K. labour plans tax on companies that pay over $425,000


LONDON: The U.K.’s opposition Labour Party will introduce a tax on companies that pay staff more than 330,000 pounds ($425,000) a year if it wins the June 8 general election, according to a person familiar with the plans. Party leader Jeremy Corbyn will unveil the proposed levy on Tuesday as part of a range of policies intended to “reverse” seven ... Read More »

UK inflation climbs to four-year high, beating forecasts


LONDON: Inflation hit the highest level in four years during April, beating forecasts and likely ending a two-year period of real wage growth, according to the latest inflation figures from the Office for National Statistics. Prices were 2.7 per cent higher than in the same month a year ago, up from 2.3 per cent during March. The latest labour market ... Read More »

Officer sacked for repeatedly smuggling goods into UK


LONDON: A road traffic officer who was caught attempting to smuggle cigarettes and alcohol into the United Kingdom from Serbia has been dismissed. Police Constable Susan Best, from the Metropolitan Police Service (MPS), had travelled from Belgrade to Luton when the incident occurred. The MPS said it was not the first time the officer had failed to declare goods that ... Read More »

UK unemployment rate to rise in 2018, says EY Item Club


LONDON: Unemployment is set to increase amid a slower growth in jobs, a new report predicts. The jobless rate will rise from about 4.7% this year to 5.4% in 2018 and 5.8% in 2019, said the EY Item Club. The forecasting group said employment will fall for the first time since 2009, albeit only by 0.1% next year, as the ... Read More »

Esher drug dealing crackdown leads to six arrests


LONDON: A crackdown on drug dealing has led to six arrests and seizures of a ‘large’ amount of drugs in Esher this week. Acting on local intelligence, officers from Surrey Police searched homes in Haymeads Drive on Tuesday, May 9 and Farm Road on Thursday, May 11. Some Class A drugs were seized at the property on Haymeads Drive, along ... Read More »

UK Tax relief for games up 65% in Q1

tax relief

  LONDON: BFI announce an increase to 58 games that received tax relief in Q1 2017. The BFI have announced that certifications for video game tax relief increased to 65 per cent in Q1 2017. This is an increase compared to Q1 2016 as a year-on-year comparison as 58 games recieved final certification compared to 35 in 2016. A total ... Read More »

UK business confidence boosted by manufacturing

business confidence

LONDON: The manufacturing sector is acting as the primary driving force behind business confidence in the UK, according to the latest results (Q1 2017) from the UK’s Credit Managers’ Index (CMI). The Index – which is the quarterly barometer of the Chartered Institute of Credit Management (CICM) – also reports a reduction in market volatility with overall confidence and business ... Read More »

UK industrial output falls in March

fall in revenue

LONDON: Activity in the UK’s industrial and construction sectors shrank in March, new figures show. The Office for National Statistics said industrial output fell 0.5% compared with February, when it dropped by a revised 0.8%. Falling demand for energy as a result of warmer weather was behind the change, the ONS said. Construction output fell by 0.7% in March, after ... Read More »

UK consumer spending forecast to flatline as inflation continues to rise


LONDON: Growth in UK consumer spending is expected to grind to a halt by the start of next year as inflation continues ramping upwards. Latest projections from the National Institute of Economic and Social Research (NIESR) predict a peak of 3.4 per cent in consumer price inflation at the end of 2017, up from 2.3 per cent in the latest ... Read More »

Greater access to finance will help UK businesses grow

fast growth

LONDON: Since the UK voted to leave the EU, there have been plenty of warnings that the economy will suffer as a result. It is too early to see how challenging Brexit will be in the long run but so far the small and medium-sized businesses that drive much of our economy have shown resilience and, as we demonstrate today, ... Read More »

UK Sipp giant faces £1.8m tax bill over Guernsey biofuel scheme

tax bill

LONDON: UK Sipp provider James Hay has been hit with a £1.8m (€2.12m, $2.3m) tax bill from HM Revenue and Customs (HMRC) over the Guernsey-listed biofuel investment scheme Elysian Fuels. In a results update on its website, James Hay’s parent company IFG said it is currently in a legal dispute with the UK tax office regarding the penalty. James Hay ... Read More »

Grafton revenues up 7.7% in 4 months to April


LONDON: Builders merchant Grafton said revenue for the first four months of the year was up 7.7% to £851m as favourable conditions from the end of 2016 continued combined with the benefits of exposure to multiple markets. “The group has had a good start to the year and the outlook is positive. We expect a continuation of the favourable trends ... Read More »

UK supermarkets ban fresh NZ lamb


LONDON: A decision by UK supermarkets to ban fresh New Zealand lamb is bad news for the industry and could turn consumers away from the meat, says Beef and Lamb New Zealand. Supermarket chain Co-op Food, which is the UK’s fifth largest retailer, is banning fresh New Zealand lamb in response to lobbying from the British Sheep Association. Last year, ... Read More »

UK consumer spending growth slows in April

consumer confidence

LONDON: British consumer spending growth slowed to one of its weakest rates in the past three years last month, credit and debit card company Visa reported on Monday, as higher inflation and weak wage growth squeeze households’disposable income. Visa said consumer spending rose by just 0.5 per cent in April after adjusting for inflation, down from 1.0 per cent in ... Read More »