Government borrowing fell last month as the economic recovery boosted tax revenues, official figures show, but national debt is still at the highest levels since the 1960s. Public sector net borrowing, excluding public sector banks, fell by £19.4 billion year-on-year to £24.3 billion in May, the Office for National Statistics said. This was better than the £26 billion forecast by…
Continue ReadingCBI and City bosses warn against giving staff legal right to work from home
The heads of the UK’s largest business lobby group and two major City employers have warned against giving workers the legal right to demand remote working, claiming it would harm young employees and city centre economies. Lord Bilimoria, the president of the CBI, said that while employees should be able to request the option of working from home, flexible working…
Continue ReadingEmployers can put self-isolating staff on furlough
Employers can claim from the furlough scheme for staff who are self-isolating. The entitlement exists despite government guidance stating it is not what the scheme is intended for. The little-known entitlement was first reported by Politico magazine after emails from civil servants complaining about government guidance were leaked. One email from a civil servant said the Treasury was “reluctant” to…
Continue ReadingJP Morgan buys Nutmeg to join Chase digital bank in Britain
JP Morgan has struck a deal worth about £700 million to buy Nutmeg, the digital wealth manager, as America’s biggest bank seeks to kickstart plans to build a consumer business in Britain. The surprise move by the Wall Street financial services group comes before the launch of its long-awaited online retail bank in the UK this year. Nutmeg will sit…
Continue ReadingTikTok sees its earnings double in 2020
ByteDance, the Chinese company behind the smash-hit video app TikTok, saw its earnings double last year. An internal memo released to staff showed that the firm’s total revenue jumped by 111{7cf23ffd9f893b42e5168467dbdff3dd8c8539e14232c919813e000f7f93ca07} to $34.3bn (£25.6bn) for 2020. The figures underscore TikTok’s continued global popularity. It comes as ByteDance and several other Chinese technology giants have come under increasing pressure from governments…
Continue ReadingCryptocurrencies boom as Brits throw caution to the wind
The number of Britons who own cryptocurrencies has risen to an estimated 2.3 million amid signs that fewer consumers believe that putting money into the nascent market is a gamble. The Financial Conduct Authority said yesterday that its latest research indicated that about 400,000 more adults had recently bought bitcoin and other cryptoassets. The regulator’s survey suggests that 4.4 per…
Continue Reading
Yorkshire start-up helps client win back £8k in wrongly charged loan fees
A property developer who took out a bridging loan in 2019 has reclaimed £8,200 in wrongly charged loan interest and fees thanks to Yorkshire start-up Secured Lending Auditing. The firm, which checks commercial loans and mortgages for any mismanagement that could result in a refund back to the borrower, was instructed to perform a specialist commercial finance audit by the…
Continue Reading
It’s time to get back in the office, Morgan Stanley boss tells staff
The boss of Morgan Stanley, one of the biggest banks on Wall Street, has said he will be “very disappointed” if staff are not back in its offices by September. James Gorman said that employees who want to be paid at “New York rates” need to work in the city. He told a conference yesterday that if people feel safe…
Continue Reading
UK tech leaders team up to fight climate crisis, drive green investment and help 100 million make greener choices
Leading UK tech companies are joining forces to accelerate progress to net zero, support tech companies in making a climate action plan and use tech to help the 100 million customers they serve live more sustainably. The Tech Zero taskforce officially launches in London today and is targeting 1,000 members by COP26 this November. The Tech Zero taskforce is led…
Continue Reading
Lockdown extension ‘will be devastating’ for business
A delay to the full unlocking of Covid-19 restrictions will be devastating for businesses and require a comprehensive extension of emergency support to avoid further widespread job losses, the government has been warned. Employers’ groups said that extensive help would be vital to protect firms if Boris Johnson pushes back the planned June 21 lifting of Covid-19 restrictions at a…
Continue Reading