Low-paid workers £2,500 worse than 10 years ago even before Sunak's pay freeze

Tory Rishi Sunak is waging war on the very workers keeping Britain afloat in the pandemic as his 2021 public sector pay squeeze will hit the lowest paid who have already lost thousands

Week ahead: UK and global PMIs, Eurozone inflation, US employment data

Financial markets are bracing themselves for a busy end to a chaotic year, as we enter the last month of 2020. As for the coronavirus, on 2 December, the four-week lockdown will end and England will return to its tiered system to monitor the virus. European countries are still fighting the second wave, but lockdowns and restrictions are helping slow the spread in many nations. In the US, the numbers continue to climb to record highs. Things look...

Minimum wage increase 2021: How much UK National Living Wage will rise next year, and who it applies to

The National Living Wage will get a 19p increase, from £8.72 to £8.91 per hour

Use your gift card quickly... or it could end up worthless

Just ask Doug and Angela James. The couple, from East Sussex, had a 'distressing and infuriating' experience trying to spend money on their Vanilla gift cards.

City grandee Martin Gilbert reveals bold plans for Revolut: 'I'll turn £4bn app into one-stop shop for ALL your finances'

The entrepreneur stepped down as vice-chairman of FTSE100-listed Standard Life Aberdeen in May. But instead of filling his time working on his putting, keen golfer Gilbert has a new goal.

Black Friday sees record online as US shoppers stay home

Black Friday online sales hit a new record this year as pandemic-wary Americans filled virtual carts instead of real ones. Consumers spent an estimated $9 billion on U.S. retail websites on Black Friday, according to Adobe Analytics, which tracks online shopping. That was a 22% increase over the previous record of $7.4 billion set in 2019. Meanwhile, traffic to physical stores plummeted as retailers tried to prevent crowds by cutting their hours...

Debenhams rescue hanging by a thread: Fears 242-year-old chain could follow Topshop into the abyss in crunch week for the high street

A final decision by suitor JD Sports is expected within days. The potential deal is widely seen as the last chance to save the high street stalwart from a painful breakup in the New Year.

Sky sale continues for Cyber Monday with big savings on TV, broadband and mobile

You've got until November 30...

HSBC mulls exit from US retail banking

HSBC is considering a total exit from retail banking in the US after narrowing the options for how to improve The post HSBC mulls exit from US retail banking appeared first on CityAM.

Starling sets its sights on IPO amid interest from big lenders

Starling Bank has said it is still eyeing up an initial public offering (IPO) amid reports that banking giants Lloyds Banking Group (LLOY.L) and JP Morgan (JPM) were interested in the company. The British startup challenger bank, founded in 2017, said that a stock market listing was “still in our sights.” It came as the Times earlier revealed that American bank JP Morgan was looking to snap up the company, while Lloyds had its eye on its...

Rapid economic recovery could allow Rishi Sunak to delay tax rises

Senior Treasury ministers are waiting until the UK is past the worst of the coroanvirus pandemic before looking at tax rises, The Telegraph reported.

Winter Fuel Payment 2020: When DWP allowance is paid, how much it is, who’s eligible and how to claim

Most payments are made automatically between November and December, and people should get their money by 13 January 2020

L&G ECOMMERCE LOGISTICS FUND: Fund soars as we buy and sell more online

Listed on the UK stock market and other European bourses, its share price has jumped by 38 per cent since the start of the year. Since launch in 2018, it has generated a return of 48 per cent.

New Huawei equipment will be banned from UK's 5G network 'next year'

Telecommunications firms will be banned from installing new Huawei equipment into the UK's 5G network from September next year, it was claimed today.

Philip Green's empire was doomed by failure to move with the times

For nearly two decades Sir Philip Green has been Britain’s most famous, or perhaps infamous, shopkeeper, with a store on every major UK high street and in every shopping centre. But with his stricken Arcadia fashion empire expected to enter administration this week, the fashion group’s problems could mark the end of an era for the controversial businessman – and another lurch downwards for a high street stricken by coronavirus. Green made his...

Decline in UK private sector activity slows in three months to November

Private sector activity in Britain fell at a slower pace in the quarter to November than in previous months. Research from the Confederation of British Industry (CBI) shows activity in the three months to November declined slower compared to October to -16% from -29%. The survey of 620 companies revealed that sales in the distribution sector grew at the fastest rate since last year May to +10% from -12%. Meanwhile, the decline in manufacturing...

JEFF PRESTRIDGE: Lloyds shows cash CAN survive - bank to launch new cashback initiative with local retailers

It will result in 500 retailers offering cashback facilities for the first time. All will be business customers of the bank. It will not just be corner shops that will be targeted, but pharmacies, cafes and pubs.

Netflix is to start declaring its £1billion-plus UK revenues

The streaming service has been funnelling profits from the UK through accounts at its headquarters in the Netherlands since 2012.

Arcadia troubles threaten Debenhams-JD Sports rescue talks

The collapse of Sir Philip Green’s Arcadia empire has left struggling department store retailer Debenhams in limbo. Debenhams’ rescue deal talks with JD Sports could be in peril as Arcadia — Debenhams’ biggest concession holder — may soon appoint administrators from Deloitte, with 15,000 jobs at risk. JD was thought to be in exclusive talks with the department store, which employs 12,000 people and trades from 124 UK stores. The chain was owned...

Families ‘facing hardest period in five decades’ as Britain's economy stalls

Britain is on course for one of the worst periods of income growth since records began, according to an analysis outlining the economic fallout from the Covid-19 pandemic. With the government already under pressure to improve the financial aid it is providing, it emerged that real household disposable income is set to rise by just £220 from 2019 to 2024, the expected period of the current parliament, a lift of just 1%. The analysis by the...

Which public sector workers get a pay rise? Pay freeze explained, and the NHS staff and other jobs exempt

A pay freeze for many public sector workers was confirmed by Rishi Sunak in his Spending Review on Wednesday - but NHS staff and employees on lower wages are protected

Brexit: what will change for Britons in the EU on 1 January?

A look at the major changes Britons can expect to encounter in the EU when the transition period ends

Plan to boost big Swiss firms' liability fails in referendum

GENEVA (AP) — A proposal that could have stiffened penalties against companies based in Switzerland if they violate human rights or harm the environment abroad failed in a Swiss referendum on Sunday. The initiative titled “Responsible companies — to protect people and the environment” won a narrow majority of votes, with 50.7% percent backing it and 49.3% against, but failed because a majority of the country's cantons, or states, came out...

MIDAS SHARE TIPS UPDATE: Cake Box serves up profit treat

Midas recommended Cake Box shares in July 2018, just after the group floated on AIM. The shares have since risen 37 per cent to £1.88 and should gain ground. New investors might also be tempted.

The Treasury must release more money – and relinquish more control

Rishi Sunak has spent billions of pounds rescuing the economy during the year of Covid, but he needs to go further. To start with, the chancellor, who set out his 2021-22 spending plans last week, needs to make permanent the £20-a-week increase in universal credit which is due to expire in the spring. Without that increase, about 6 million households, many of them the most vulnerable to financial shocks, will lose £1,000 a year of vital funds...

Things are looking up for oil, but Opec can't uncross its fingers just yet

When oil ministers from the world’s largest fossil-fuel nations meet via webcam this week to make decisions about the global oil market in 2021, they could be forgiven for indulging in a little early festive cheer. Oil prices have more than doubled since tumbling below $20 a barrel and hitting 21-year lows during “black April” – when Covid restrictions brought major economies to their knees, and caused what is thought to have been the worst...

Second home owners who registered properties as businesses set to land £85m windfall from Government's small business grant scheme

Experts said the loophole allows the owners to register them as businesses as long as they 'make them available' to let for 140 days of the year and take bookings for at least half of those days.

HAMISH MCRAE: In uncertain times, we must bolt down what we know, be frank about what we don't, and make a cool judgment about the ways forward

It would be great if we could figure out how to end boom and bust, as former Prime Minister Gordon Brown said he had, but we are not clever enough to do so.

Norway gas plant resumes exports to Europe

Norway gas plant resumes exports to Europe

Winter jackets and other items you should never buy at full price

Buying a bike in the off season, getting your dream mattress at a discount, purchasing wine by the case—there are ways to avoid emptying your wallet without missing out on the things you enjoy. A few minutes of research, some savvy tips, and a little flexibility will keep your money in the bank and a smile on your face. Life doesn’t wait, but when you do, there are savings to be had.

Actors, pilots, oil workers … thousands from Covid-blighted jobs join parcel courier army

For as long as Anna-Jane Casey can remember she has spent the run-up to Christmas on the stage in the West End. But this year Casey is joining a growing army of workers from Covid-blighted industries to deliver an unprecedented volume of parcels across the UK. “It’s gone bonkers. Last week both myself and my husband were doing 180 to 200 parcels a day,” she said. “People are so lovely when they get their things but I want to scream in their...

It has been a difficult year for most investors, but lift your fortunes with funds aiming for a big 2021 rebound

There seems to be a little bit of blue sky on the horizon, despite the calamitous impact of the pandemic on the economy outlined by Chancellor Rishi Sunak.

Half of Swiss support Responsible Business Initiative in early voting day

By Brenna Hughes Neghaiwi ZURICH (Reuters) – A vote setting up Swiss companies for higher scrutiny over human rights and The post Swiss Responsible Business vote set to fail after missing regional majority appeared first on CityAM.

ME AND MY MONEY: I was in the Big Brother house, now I've got 24 of my own! Craig Phillips ploughs cash into property including his £1.5m home

The former bricklayer made hundreds of thousands of pounds as the first winner of the TV reality show 20 years ago. But his best money making venture has been to invest in buy-to-let property.

If Rishi Sunak fears for the deficit, why does he back Brexit?

My Irish mother taught me always to “try to see the good in people”. Alas, with this government it’s a bit of a problem. George Osborne and his needless austerity programme was bad enough. But this lot are taking bad government to new depths. Last week was very much Chancellor Sunak’s show. His speech on Wednesday was preceded by so many media leaks that very little came as a surprise. But I fear that behind that ingratiating smile lies an...

Little-known British pharmaceutical executive working on Covid vaccine sees his wealth catapulted to more than $100m after value of his shares rocket

Sean Marett has benefited as investors across the world have piled in on news that the drugs firm has developed an effective vaccine.

The plants costing UK homeowners over £10,000 to remove

UK homeowners could face unexpected problems with plants and trees that could knock down property prices, cost thousands of pounds to remove, cause issues with selling or buying a property, and even result in a lawsuit. Japanese knotweed can cost over £10,000 to remove in a process that can take up to three years. A knotweed infestation can devalue a property between 5-15% or in some severe cases properties have been almost completely devalued,...

UK household incomes take a beating as economy flounders

Real household disposable income (RHDI) is set to grow by just 1% per person, or £220 ($293), over the course of the current Conservative government, which runs to the end of 2024. This would make it the second worst parliament for living standards since records began in 1955, according to a new Resolution Foundation analysis. The research published today analysed the Office for Budget Responsibility’s (OBR) latest economic outlook and historic...

UK says Brexit trade talks with EU are in their 'last week'

LONDON (AP) — Britain’s foreign minister said Sunday there is only about a week left for the U.K. and the European Union to strike a post-Brexit trade deal, with fishing rights the major obstacle to an agreement. As talks continued between the two sides in London, Foreign Secretary Dominic Raab said “I think we are into the last week or so of substantive negotiations.” The U.K. left the EU early this year, but remained part of the 27-nation...

Bank of England chief economist Andy Haldane says inflation could rise more than expected

Andy Haldane, the Bank of England’s chief economist has said that inflation could rise by more than expected as huge amounts of stimulus raised the chances of a quick economic bounce-back. Speaking at a webinar on Saturday at University College London he said: “As the economic recovery gathers pace next year, it will be important that central banks remain squarely focused on their core medium-term price stability mandates.” He focused the main...

From Black Friday to Cyber Monday: everything you need to know

Using super to fix wages growth is as disingenuous as using it to fix the housing market

So many of our policy debates are mired in bad faith that are never actually about solving the problem at hand. Dealing with climate change, for example, means we need to reduce emissions, but instead the debate is always about power prices and economic growth. To wit: Government: “How can we reduce emissions?” Everyone: “Put a price on carbon and subsidise renewables.” Government: “If only there were an answer ... oh well, guess we need more...

Australia considering WTO appeal against China barley tariffs as tensions rise

Australia considering WTO appeal against China barley tariffs as tensions rise

Analysis: Investors weigh prospects for U.S. corporate earnings as stocks set records

Analysis: Investors weigh prospects for U.S. corporate earnings as stocks set records

One in six plan to rely on credit cards or payday loans to pay for Christmas splurge

One in 20 of those questioned are planning to spend more this Christmas

Private equity firms approach Sabadell about buying TSB from the Spanish bank

It is understood that NewDay, a credit card provider, looked at a possible merger with TSB earlier this year. It is not known if NewDay is still interested.

Brexit: Chance of no-deal exit 'underpriced', says Number 10

There is still a reasonably good chance the UK will leave the post-Brexit transition period on a no-deal basis, according The post Brexit: Chance of no-deal exit 'underpriced', says Number 10 appeared first on CityAM.

AJ Bell expected to reveal profit surge from year of Covid volatility

But the online trading platform may have to give answers over why its servers – along with others – crashed after the Pfizer vaccine trial results.

Firms lined up to work on EDF's Sizewell C nuclear plant in Suffolk say they need green light from Government by Christmas to protect 25,000 jobs

There are warnings of a looming 'cliff edge' as many firms' work on Hinkley Point C is coming to an end. They say they cannot plan to switch workers to Sizewell until it gets government backing.

The Observer view on Rishi Sunak's callous spending review

The impacts of this pandemic will continue to be felt long after vaccines have generated enough Covid-19 immunity to eliminate its immediate threat to human health. There are the tens of thousands of lives that have been ended decades too soon, leaving gaps that will never be filled in the hearts of loved ones and, last week, the scale of the long-term economic damage that this virus will wreak was set out by the independent Office for Budget...