Author: Scott Dylan

In June 2022, Lucy Frazer, then the financial secretary to the Treasury, pledged to disclose figures on the offshore tax gap. Despite this commitment, the release has been repeatedly postponed.A report published by HMRC on 20 June this year, four weeks after the election was called, estimated the total tax gap for the 2022-23 tax year to be £39.8bn. This tax gap represents the difference between the amount of tax owed and the amount actually paid. However, HMRC withheld a breakdown of figures related to ‘non-compliance by UK residents failing to declare their offshore income,’ citing civil servants’ guidelines during…

Cineworld, the multiplex giant delisted from the London Stock Exchange last year, has announced plans to close 25% of its UK cinemas and negotiate rent cuts at 50 more as part of a radical restructuring plan. These proposals will be formally presented to creditors, including landlords, in the coming weeks.Sources suggest that the restructuring will likely utilise a restructuring plan rather than a company voluntary arrangement (CVA). Cineworld responded to inquiries by stating, “We continue to review our options but we don’t comment on rumours and speculation.” This development follows reports from last month which highlighted initial discussions about a…

The United States’ labour market added 206,000 jobs in June, a figure that aligns closely with economists’ expectations and marks a modest decline from May’s revised total of 218,000. More critically, the unemployment rate edged up to 4.1%, the highest it has been in over two years, signalling a gradual easing in labour market conditions.Earlier reports this week had hinted at a cooling trend in the labour market. Payroll processor ADP noted a growth of 150,000 jobs in the private sector for June, down from 157,000 in May. Concurrently, statistics from the executive outplacement firm Challenger, Gray & Christmas indicated…

Businesses across the UK are expected to benefit from a surge in consumer confidence following Keir Starmer’s election victory, amplified by key sports events.Historical trends indicate that governmental change often stimulates economic activity. Post-election periods in 1997 and 2010 witnessed upticks in consumer sentiment and retail spending, according to research from GlobalData and PwC. This upcoming weekend promises a notable spending boost, highlighted by England’s Euro 2024 quarter-final against Switzerland and a Wimbledon doubles match featuring Emma Raducanu and Andy Murray.GlobalData forecasts a £419.5 million economic injection from football fans alone, with 24.8 million Britons anticipated to watch the England…

Jonathan Reynolds has stepped into the role of the UK’s new Business Minister following Labour’s recent electoral victory.With increased expectations from business groups, particularly the National Enterprise Network (NEN), Reynolds faces significant pressure to champion the small business agenda Labour had pledged.Labour’s Commitment to Small BusinessesThe appointment comes amid strong calls for support from various business groups. The NEN, representing micro and small businesses, had already highlighted the urgent need for governmental backing. Labour had previously committed to recognising small businesses as essential to both community lifeblood and economic success.With Keir Starmer’s new cabinet unveiled, the NEN is urging Jonathan…

The recent landslide victory for Labour has prompted calls for economic reforms from independent sectors.Andrew Goodacre of Bira emphasises the need for business rate reforms to aid high street retailers.Labour’s promise of maintaining the 75% small retailers’ discount is seen as essential for recovery.Weather and pre-election uncertainty have recently dampened consumer spending in various regions.Labour’s leadership is expected to stabilise the nation after a period of political turbulence.In the wake of a decisive election outcome, Andrew Goodacre, CEO of the British Independent Retailers Association (Bira), has called on the newly elected Labour government to focus on boosting economic growth. Goodacre…

Labour’s landslide victory has sparked a wave of reactions from business owners across the UK. The transition promises significant changes, especially for small and medium enterprises (SMEs).Business leaders express both optimism and concerns about Labour’s ability to fulfil manifesto promises.Economic conditions and support for innovation are primary concerns.The need for strategic investment in the EV sector and cybersecurity is highlighted by industry professionals.Labour’s approach to education, workforce, and tech startups is seen as critical for future growth.Following a 14-year Conservative rule, the British public has voted decisively for Labour, leading to a landslide victory. Business owners are watching intently to…

Frasers Group’s acquisition of the Frenchgate centre signals a strategic expansion into real estate.The purchase represents Frasers Group’s third shopping centre acquisition in the UK.Property insiders attribute Frasers’ strategy to the decreasing value of retail properties.Ikea is also expanding with a similar approach, acquiring Brighton’s Churchill Square.These moves are aimed at revitalising town centres and boosting economic value.Frasers Group’s acquisition of the Frenchgate shopping centre in Doncaster marks a significant step in its ongoing expansion into the real estate sector. This latest purchase, undisclosed in terms of cost but initially listed at £35 million, adds to the company’s burgeoning portfolio…

The British Retail Consortium (BRC) highlights critical economic concerns regarding UK footfall.UK footfall registered a 2.3% year-on-year decline in June, led by shopping centres.Regional differences were observed, with Scotland as an outlier, maintaining stable footfall levels.The BRC calls for immediate government action to implement fast-track planning reforms.Reform in business rates is deemed essential for rejuvenating local high streets.The British Retail Consortium (BRC) has underscored the urgency of addressing the decline in UK footfall, noting a 2.3% year-on-year drop in June, highlighting the need for immediate government intervention. Shopping centres bore the brunt with a 3.2% fall, underscoring the pressing economic…

The recent Labour government, led by Sir Keir Starmer, is expected to face significant challenges as it assumes office. Key areas of focus include the water industry, postal services, steel production, international relations, and property tax reforms.Labour inherits deep-seated economic issues and immediate industrial crises.Thames Water requires substantial investments, with potential government intervention looming.The proposed takeover of Royal Mail by Daniel Kretinsky faces legislative and union scrutiny.Labour will need to develop an industrial strategy for Tata Steel’s Port Talbot plant and its operational decisions.Labour aims to renegotiate trading relations with the EU and audit UK-China relations.The honeymoon period for the…