The FTSE 100 index is down 0.7% in afternoon trading. Today, reporting and trading updates are forthcoming from Bonhill, Plus500, Sosandar, Playtech, and DP World. Read the Business Live blog entry for February 6 below.
In a recent interview, Rishi Sunak braces for a new attack from Liz Truss.
Today, Rishi Sunak faces a new onslaught from his predecessor, Liz Truss, as he rejects proposals for early tax cuts.
After breaking her quiet to defend her growth strategy, the former prime minister plans to make another public statement in an interview with The Spectator.
Ministers advocate for a “heat map” of fuel pricing at every gas station.
Drivers could access the price of fuel at every gas station, allowing them to save money and shame companies into lowering costs.
The Chancellor, Jeremy Hunt, and the Business Secretary, Grant Shapps, have requested that an online system displaying the best spots to refuel be developed.
IFS proposes a £100,000 cap on the tax-exempt portion of 25% of pension lump sums.
The 25% tax-free lump payment should be restricted at £100,000 to make savings benefits more equitable, a prominent think group advised today.
The Institute for Fiscal Studies made the controversial proposal, proposing a maximum pension pot size of £400,000 for the tax-free lump sum, drastically reducing the amount savers can withdraw.
Plus500 was granted operating license in the United Arab Emirates
However Plus500 has been awarded a license to operate in the United Arab Emirates, a market with the potential for rapid expansion.
The financial technology company, which provides individual investors with services such as futures trading and contracts for difference, informed investors that the Dubai Financial Services Authority license will allow it to immediately begin operations in the country.
Catherine Mann of the Bank of England predicts that interest rates will likely increase once more.
Today, the head of the Bank of England cautioned that interest rates are likely to rise again. Despite rising borrowing costs and inflation causing UK construction to perform at its lowest level since the first Covid shutdown.
Catherine Mann, a member of the Monetary Policy Committee. Stated that rates were more likely to rise than to remain at last week’s 15-year high of 4%.
The remarks were made at a conference this morning, following the release of closely-watched PMI data indicating that the sector remained in decline last month.
In a speech at the Lamfalussy Lectures Conference in Budapest, Hungary, Ms. Mann, a hawkish member of the MPC, stated:
Operating license in the United Arab Emirates
Uncertainty surrounding turning points should not encourage a wait-and-see strategy since, in my judgment, the repercussions of under tightening exceed the alternative by a significant margin.
Stay the course, and I think the Bank Rate will rise next.
She cautioned that stopping rate hikes, as advocated by some of her colleagues, may result in a “policy boogie” if it proved that rates would need to climb again.
The MPC is close to ending its rate hikes, which began in December 2021. After raising rates to 4% last week.
But Ms. Mann said:
In my opinion, a tighten-stop-tighten-loosen policy dance resembles fine-tuning too much to be an effective monetary policy. Both communication and transmission through markets to the real economy are challenging.
Travelodge seeks to fill almost 400 positions.
Travelodge has begun a recruitment campaign to fill around 400 positions.
Some of its 580 UK hotels and Oxfordshire headquarters will offer full-time and part-time jobs.
Travelodge said that it will be hiring managers, bar and cafe employees, housekeepers, receptionists. And its in-house maintenance team, in addition to positions in finance and marketing.
The company’s stated goal is to attract parents by providing flexible work hours that accommodate the school run.
Hannah Thomson, chief human resources officer at Travelodge, stated:
The beginning of a new year is an ideal time to initiate a career transition.
We are now seeking 435 new colleagues to join the Travelodge team, and we welcome applicants from all backgrounds.
British battery manufacturer Britishvolt is nearing acquisition
Britishvolt may be acquired by an Australian business, reviving ambitions to build the country’s first gigafactory in Northumberland.
Recharge Industries was picked as the preferred bidder to acquire the majority of the business. Which went bankrupt last month due to an inability to raise sufficient funds to stay afloat.
Administrators at EY stated that the group had received “several approaches” and “many proposals” before selecting Recharge. But did not indicate why or for how much Britishvolt would be sold.
