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UK services growth hits a snag
UK services growth slowed in November, with the S&P Global UK services PMI survey scoring 51.3, down from 52.3 in October. Tim Moore, economics director at S&P Global, noted that demand conditions weakened in both domestic and export markets. Firms cited subdued business and consumer confidence as reasons for delays in investment decisions and a…
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Cyber-attacks viewed as a top risk
The Bank of England’s Financial Stability Report (FSR) reveals that cyber-attacks are now viewed as a top risk to the UK’s financial system. Andrew Bailey, the Bank’s Governor, said: “If you look at the league table of risks post the financial crisis and asked the question, what risk has come up the league table most…
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Mortgage approvals dip as savers invest
Mortgage approvals for house purchases fell to 65,018 in October, down from 65,647 in September, according to the Bank of England’s Money and Credit report. Richard Donnell from Zoopla noted that uncertainty surrounding property tax changes in the Budget contributed to the decline. However, he anticipates a rebound in demand as the threat of additional…
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High Court to hear Lloyds fraud claims
Lloyds Banking Group faces a £280m claim in the High Court over alleged involvement in a £1.2bn fraud linked to Arena, a collapsed TV equipment business. Arena’s liquidators, from Kroll, claim that owner Richard Yeowart misappropriated funds and presented falsified equipment serial numbers to secure multiple loans. The court ruled that key aspects of the…
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Graduates face £1bn stealth tax
Graduates are facing a £1bn stealth tax due to measures announced in the Budget. The salary threshold for repaying student loans will freeze at £29,385 from April 2027 for those who started their degrees between September 2012 and July 2023. This change means more graduates will start repaying loans sooner as their salaries increase. Graduates…
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Stamp duty holiday for new listings
Chancellor Rachel Reeves has introduced a three-year stamp duty holiday for new companies listing in London. This removes the 0.5% tax on shares purchased in newly listed firms for three years following the IPO. Dame Julia Hoggett, CEO of the London Stock Exchange, welcomed the move, saying that it acknowledges the “vital role equity markets…
