Financial news

• Labour poised to announce £100m levy on gambling companies

  25-11-2024 21:00 via theguardian.com
  
  Money to be used to fund education and treatment of gambling harms in plans to be unveiled as soon as this weekCasinos and bookmakers in Great Britain will be forced to pay a £100m-a-year levy to fund research, education and treatment of gambling harms, under government plans to be announced as soon as this week.Labour is understood to be poised to rubber-stamp the previous government’s proposal to do away with a voluntary system that allows industry operators to choose how much to d
  
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• ‘Business cash cow has been milked,’ CBI chair tells ministers

  25-11-2024 20:36 via theguardian.com
  
  Rupert Soames urged government to water down workers’ rights plans after a budget ‘tough on business’The chair of the Confederation of British Industry, Rupert Soames, accused the government of treating employers as a “cash cow” on Monday as he urged ministers to water down plans for workers’ rights.“It’s been tough on business. In the budget, business has been the cash cow and it’s been milked. Don’t go and whack it,” Soames warn
  
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• The Guardian view on benefit reforms: ministers should enable work – not force it | Editorial

  25-11-2024 20:00
  
  Years of ugly attacks on benefit claimants mean Liz Kendall treads a delicate line as she sets out to boost employment That one in eight young people in the UK are not in education, employment or training is a dismal statistic. Nearly a decade after the school-leaving age was raised to 18 in England (in Scotland, Wales and Northern Ireland it remains 16), and 25 years after Tony Blair aimed to have 50% of young people in higher education, Britain under the Tories went backwards.The problem
  
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• Ireland prices corporation tax loss from Trump policies at €10bn

  25-11-2024 19:33 via theguardian.com
  
  Figure costed for three multinationals repatriating to US after nomination for commerce secretary hits out at Ireland’s tax regimeIreland’s prime minister has said the country could lose €10bn (£8.35bn) in corporate tax if just three US multinationals were repatriated to America under a hostile Donald Trump administration.His remarks come just days after Trump nominated the Wall Street investor Howard Lutnick to lead the Department of Commerce with direct responsibility fo
  
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• Barclays’ retreat over regulator’s Qatari finding is a cop-out

  25-11-2024 19:30 via theguardian.com
  
  Bank still does not accept FCA finding that payments of £322m to Qatari entities should have been disclosedA regulatory ruling that your conduct was “reckless and lacked integrity” is meant to be a highly serious matter for a bank. Thus it was understandable two years ago that Barclays decided to appeal against a £50m fine imposed by the Financial Conduct Authority that related to the disclosure of controversial payments to Qatari investors as part of a 2008 fund raising
  
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• Rachel Reeves says she 'won't have to do a budget like this ever again' – video

  25-11-2024 19:27 via theguardian.com
  Rachel Reeves discusses her tax-raising budget at the Confederation of British Industry annual conference in Westminster. Reeves said she faced a massive hole in the public finances and added that in the last parliament, people saw what happened when the government did not address thatUK politics live: Badenoch refuses to commit to reversing rise in employers’ national insurance in speech at CBI‘We had no alternative’: Reeves defends her budget to the CBIIs austerity over? Will
  
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• Inheritance tax on farms should be delayed to avoid unfairness, says thinktank

  25-11-2024 18:49 via theguardian.com
  IFS suggests gifts of land before a certain date could be tax-free so that elderly farmers would not be caught outMinisters should give farmers an inheritance tax holiday for the next few years, the Institute for Fiscal Studies (IFS) has said as it warned that government changes to agricultural taxes risked treating some landowners unfairly.Rachel Reeves, the chancellor, announced in her budget last month that farmers with a business worth more than £1m could be subjected to 20% inheritanc
  
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• Cop29 deal fails to consider inflation so is not tripling of target, economists say

  25-11-2024 18:22 via theguardian.com
  
  Experts say financial movements mean poor nations will in effect get billions less in value from £300bn pledgeA failure to factor in inflation means the $300bn (£240bn) climate finance deal agreed at Cop29 is not the tripling of pledges that has been claimed, economists have said.The international talks in Baku were pulled back from the brink of collapse early on Sunday morning when negotiators struck an agreement in which rich countries promised to raise $300bn a year by 2035. On pa
  
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• A fairer system would make paying taxes more palatable | Letters

  25-11-2024 18:18 via theguardian.com
  
  Most reasonable people can see that taxes are necessary to fund public services, says John Harradence. Plus letters from Tom Kelly and Ian ArnottRafael Behr (Labour wants tax rises to fall on the ‘broadest shoulders’. The farmers furore shows why that’s so hard to achieve, 20 November) makes many good points – but I think a key issue he missed is the perception of fairness. Junior doctors were incensed by the fact that their pay relative to others had stagnated. They work
  
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• DHL plane crash in Lithuania may be result of sabotage, says German minister

  25-11-2024 17:43 via theguardian.com
  
  Baerbock raises possibility of accident or ‘hybrid incident’ after Vilnius cargo plane crash kills one and injures threeThe fatal crash of a DHL cargo plane as it approached Vilnius airport could have been the result of sabotage or an accident, Germany’s foreign minister has said.A Spanish crew member was killed and three others injured when the German plane crashed into a house near the Lithuanian capital on Monday. Continue reading...
  
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• Trump tariff on China could lower global inflation, says UK economist

  25-11-2024 16:40 via theguardian.com
  
  Bank of England’s Swati Dhingra says threatened 60% tariff could lead exporters to cut prices elsewhereDonald Trump imposing massive US tariffs on Chinese imports could drag down global inflation by lowering the price of goods in other countries, a senior Bank of England policymaker has said.Swati Dhingra, an external member of the Bank’s rate-setting monetary policy committee, said Trump imposing a threatened 60% tariff on goods from China sold in the US could lead Chinese exporters
  
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• What’s in store for returning Asda boss Allan Leighton?

  25-11-2024 16:36 via theguardian.com
  
  The ex-CEO turned the troubled supermarket around once before. Now he faces a new battle, from sorting retail basics to rebooting ITAllan Leighton faces a back to the future challenge as he once again takes charge at struggling Asda. Two decades on from his first spell turning around the supermarket chain, he has been appointed as its executive chair, tasked with repeating the feat.When Leighton, 71, left Asda in 2000 it was a scrappy challenger to Tesco and Sainsbury’s and he had just rev
  
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• Barclays fined £40m for ‘reckless’ failures in 2008 Qatari fundraising

  25-11-2024 15:19 via theguardian.com
  
  Bank’s shares rise as it disputes FCA finding it should have disclosed more about deal during financial crisisBusiness live – latest updatesBarclays will pay a fine of £40m for “reckless” failures to disclose a fundraising deal with Qatar at the height of the financial crisis, after the British bank agreed to withdraw a legal challenge against it.The FTSE 100 bank effectively won a discount of £10m by challenging the fine, but was found by the regulator to hav
  
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• ‘No alternative’: is Rachel Reeves channelling Thatcher? – Politics Weekly Westminster

  25-11-2024 15:03 via theguardian.com
  
  The Guardian’s Pippa Crerar and Kiran Stacey discuss how Rachel Reeves’s budget has upset businesses, as the annual CBI conference takes place. Plus, what is the government’s plan for the welfare state and getting Britain ‘back to work’? Continue reading...
  
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• Moment DHL cargo plane crashes near airport in Lithuania – video

  25-11-2024 14:36 via theguardian.com
  Footage shows the moment a DHL cargo plane crashed as it came in to land at Vilnius airport in Lithuania. According to officials, one person was killed and three others on the aircraft were injured. Rescue services said the plane hit the ground and slid at least 100 metres before crashing into a house. All of the residents were evacuated and survivedDHL cargo plane crashes near Lithuania airport Continue reading...
  
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• I worked in charities for years – here’s how I make sure my money is going to a good cause, not Captain Tom’s family | Gary Nunn

  25-11-2024 11:00
  
  Even when huge sums are raised, pooling donations towards one celebrity and one cause can cause problemsThis year hasn’t been great for charity foundations fronted by British celebrities. As we head into the Christmas season and think about supporting others with donations to nonprofit organisations, it might be worth reflecting on the lessons we’ve learned along the way.In 2024 the charities of two very different household names, Captain Sir Tom Moore and the model Naomi Campbell, f
  
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• Gina Miller’s call to women: invest, and fight back against financial abuse

  25-11-2024 11:00 via theguardian.com
  
  The activist and businesswomen is campaigning to raise awareness of the ‘gender pension gap’ and the importance of having one’s own moneyGina Miller became a household name for challenging the UK government over Brexit, but now the entrepreneur and activist has another big fight on her hands: to push women to invest so they can prosper and avoid being a victim of financial abuse.Financial independence is vital for women’s safety, security and freedom, she says, as researc
  
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• Further chilling tales of nightmare utility companies to make you scream

  25-11-2024 09:30 via theguardian.com
  
  A horror story in three acts as more readers do battle with their energy providers …As temperatures drop, it’s time for some gas-lighting. My ongoing drama series on utilities companies guarantees phantoms, impostors, and chilling suspense. Even death can’t save victims from the tentacles of the energy giants. Read, if you dare, the latest instalment in three acts. Continue reading...
  
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