Articles by David Milliken

UK Employers Warn Tax Rise Will Hit Investment and Pay

British employers have been caught off guard by a 25 billion-pound ($31 billion) tax rise at last month’s budget and plan to cut training, investment and jobs in response, a leading employers group said on Monday. The Confederation of British …

UK’s Reeves Raises Employers’ National Insurance Contributions

Finance minister Rachel Reeves said on Wednesday she would raise employers’ social security contributions to 15% from April, a major revenue raiser for a budget the government hopes will kick-start moves to turn around a flagging economy. Britain’s Labour government …

UK Business Group Says Tax Clarity Needed at Budget to Support Investment

British finance minister Rachel Reeves needs to strike a positive tone at her first budget on Oct. 30 in order to give businesses the confidence to invest, the Confederation of British Industry said on Tuesday. After winning a large parliament …

Brexit Has Cost UK More Than $178 Billion so far: London Mayor

Britain’s departure from the European Union has reduced the size of its economy by 6% so far – an annual cost of 140 billion pounds ($178 billion) – London mayor Sadiq Khan said on Thursday, with the shortfall seen reaching …

UK Workers Take Most Sick Leave in More Than a Decade: Employer Survey

British workers took the most sick leave in more than a decade during the past year, a survey of employers showed on Tuesday, adding to signs of a lasting increase in ill health since the COVID-19 pandemic. The Chartered Institute …

UK’s Confederation of British Industry Fires Director General After Probe of Complaints

The Confederation of British Industry said it had fired its director-general Tony Danker and suspended three others after an investigation into complaints of workplace misconduct at the leading business group. One of Britain’s best-known business organizations, the CBI said it …

Bank of England Worried New Insurance Capital Rules Could Risk Policyholder Bailout

Britain’s proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday. Late …

UK Non-Bank Institutions (Such as Insurers) Face 1st Stress Test After Pensions Turmoil

Investment funds and other non-bank financial institutions face their first “stress test” next year to apply lessons from the near-meltdown in Britain’s pension fund sector, the Bank of England (BoE) said on Tuesday. The BoE had to step in from …

New UK Finance Minister Targets Flexibility of Post-Brexit Financial Regs, Solvency II

Britain’s government must focus on sound public finances and avoid further fueling inflation by pumping up demand, new finance minister Nadhim Zahawi is due to say in his first major speech on Tuesday. Zahawi will address the City of London’s …

UK CFOs Expect High Inflation to Cut Profit Margins: Deloitte Survey

More than seven out of 10 chief financial officers (CFOs) at Britain’s biggest companies expect high inflation to reduce their profit margins, and few see the Bank of England getting inflation under control in the next couple of years. A …