Business News – London Business News

Business News – London Business News

Business News – London Business News |
Business News

Energy supplier eyes up insolvency advisors as the industry is at crisis point
<p>A UK energy supplier is facing administration as they are lining up advisors over a potential insolvency as the government has refused to help bail out suppliers.</p>
<p>Many energy companies are on the brink of collapse and according to Sky News the energy supplier Green as re working with Alvarez &amp; Marsal (A&amp;M) to use the regulator Ogem’s Supplier of Last Resort (SOLR) mechanism.</p>
<p>It is expected many more energy suppliers will collapse as Green will go into administration with days which will affect around 200 staff and 250,000 customers.</p>
<p>Bulb, the UK’s sixth largest energy supplier who are also at risk of collapse amidst the current “energy crisis.”</p>
<p>The company who have around 1.7m customers are working with the investment bank Lazard to try to shore up its balance sheet.</p>
<p>Whilst Bulb is the largest energy company battling to avoid going bust, four smaller UK companies are expected to go out of business next week.</p>
<p>People’s Energy and Utility Point both collapsed late last week, requiring the energy regulator, Ofgem, to step in to protect customers.</p>

Tue, 21 Sep 2021 14:43:03 +0000 LLB Finance Reporter
Business News

Thousands of families will have to choose between food and heating this winter
<div><img src=”” class=”ff-og-image-inserted”></div><p>Money Saving Expert Martin Lewis has warned that thousands of families will be forced to choose between eating and heating this winter as gas bills are to rise.</p>
<p>Brits will be expected to pay £139 more as next month the price cap on gas and electricity will be raised.</p>
<p>Lewis said the cost of energy is rising “in a way we have never seen before,” and he suggested that the cap could rise again on the 1 April by more than £200.</p>
<p>Thousands of families across the country are already under immense financial pressure due to Universal Credit being reduced, the end of furlough and a freeze on pay rises amid the pandemic.</p>
<p>Lewis warned, “The situation is catastrophic, in a way we have never seen before.</p>
<p>“There will be many people making the devastating choice between heating and eating.</p>
<p>“The government is talking about intervening with energy companies, it needs to intervene with consumers as well.</p>
<p>“As I never thought I would say, one option is prices have gone up so much the price cap is now not a bad deal for the next six months and you get six months of protection.</p>
<p>“But you could bide your time and just go onto the price cap when your current deal finishes, because it cannot go up until April 1.</p>
<p>“The second option is to try and lock into a one or two-year fixed rate. There are still a couple of tariffs out there where you can lock in for a year or two years at below what the price cap will be on October 1.</p>
<p>“They offer protection if things do not get better.”</p>
<p>He added, “Everybody needs to understand you will be paying more for your energy.</p>
<p>“This is not a question of saving money, this is a question of reducing the rise.”</p>

Tue, 21 Sep 2021 14:27:14 +0000 LLB Finance Reporter
Business News
Food & Drink

Treasury nets over half lost pandemic revenue
<p>Latest published statistics indicate that the overall tax take HMRC received in the year to 31 August 2021 has now bounced back strongly, by over £105bn year on year, say leading tax and advisory firm Blick Rothenberg</p>
<p>Robert Pullen, a tax partner at the firm, said: “Overall, HMRC receipts were £669bn. This compares favourably to the prior year amount of £564bn, an increase of 18%. This jump in revenue has helped to claw back the significant hit taken due to the pandemic, when total HMRC receipts tumbled between year end Aug 19 and Aug 20 by over £66bn or 11%. The bounce back represents around 57% of the “lost” revenue HMRC would have expected last year.”</p>
<p>He added: “The increased tax revenue will be from a combination of the deferral reliefs for VAT and income tax ending, as well as greater economic activity since lockdowns have all but ended. These are promising signs for the Treasury and Rishi Sunak in particular, who will be under immense pressure in the run up to the Budget next month to increase tax receipts without angering the typical conservative voter base, as well as the new voters in ‘red wall’ constituencies.”</p>
<p>Robert said: “The tax statistics show significant increases in both PAYE (13%) and NIC (8%) receipts compared to August 2019.&nbsp; Whilst these increases on the one hand can be said to showcase the underlying strength of the UK economy and the labour shortages we are currently experiencing with a consequent increase in wages for many people, they would also appear to be an earlier indicator of the underlying inflation risks in the UK economy.</p>
<p>“There also appears to be a real risk that higher wages will simply result in more money ‘chasing’ the limited amount of goods and services which are presently available, which will realistically have an inevitable impact on high street prices in due course.”</p>
<p>Robert said: “Whilst these are positive movements in tax receipts, there remains a huge debt mountain to begin chipping away at. The overall tax take returning to a normal amount is only the first step in what will be a long recovery for the country’s finances, and which may need further (and unpopular) tax raising measures to succeed.”</p>

Tue, 21 Sep 2021 12:17:02 +0000 LLB Finance Reporter
Business News

Global economic recovery continues but remains uneven, says OECD
<p>The global economy is growing far more strongly than anticipated a year ago but the recovery remains uneven, exposing both advanced and emerging markets to a range of risks, according to the OECD’s latest <a href=””>Interim Economic Outlook</a>.</p>
<p>The OECD says extraordinary support from governments and central banks helped avoid the worst once the COVID-19 pandemic hit. With the vaccine roll-out continuing and a gradual resumption of economic activity underway, the OECD projects strong global growth of 5.7% this year and 4.5% in 2022, little changed from its May 2021 Outlook of 5.8% and 4.4% respectively.</p>
<p>Countries are emerging from the crisis with different challenges, often reflecting their pre-COVID 19 strengths and weaknesses, and their policy approaches during the pandemic. Even in the countries where output or employment have recovered to their pre-pandemic levels, the recovery is incomplete, with jobs and incomes still short of the levels expected before the pandemic.</p>
<p><img loading=”lazy” class=”alignnone size-full wp-image-115566″ src=”” alt width=”1166″ height=”738″ srcset=” 1166w,×190.png 300w,×648.png 1024w,×486.png 768w,×370.png 585w,×95.png 150w” sizes=”(max-width: 1166px) 100vw, 1166px”>Large differences in vaccination rates between countries are adding to the unevenness of the recovery. Renewed outbreaks of the virus are forcing some countries to restrict activities, resulting in bottlenecks and adding to supply shortages.</p>
<p>There is a marked variation in the outlook for inflation, which has risen sharply in the US and some emerging market economies but remains relatively low in many other advanced economies, particularly in the euro area.</p>
<p>A rapid increase in demand as economies reopen has pushed up prices in key commodities such as oil and metals as well as &nbsp;food, which has a stronger effect on inflation in emerging markets. The disruption to supply chains caused by the pandemic has added to cost pressures. At the same time, shipping costs have increased sharply.</p>
<p>But the Interim Outlook says that these inflationary pressures should eventually fade. Consumer price inflation in the G20 countries is projected to peak towards the end of 2021 and slow throughout 2022. Wage growth remains broadly moderate and medium-term inflation expectations remain contained.</p>
<p><img loading=”lazy” class=”alignnone size-full wp-image-115565″ src=”” alt width=”1750″ height=”1167″ srcset=” 1750w,×200.png 300w,×683.png 1024w,×512.png 768w,×1024.png 1536w,×80.png 120w,×780.png 1170w,×390.png 585w,×175.png 263w,×100.png 150w” sizes=”(max-width: 1750px) 100vw, 1750px”>The report warns that to keep the recovery on track stronger international efforts are needed to provide low-income countries with the resources to vaccinate their populations, both for their own and global benefits.</p>
<p>Macroeconomic policy support is still needed as long as the outlook is uncertain and employment has not yet recovered fully, but clear guidance is called upon from policymakers to minimise risks looking forward.&nbsp;Central banks should communicate clearly about the likely sequencing of moves towards eventual policy normalisation and the extent to which any overshooting of inflation targets will be tolerated. The report says fiscal policies should remain flexible and avoid a premature withdrawal of support, operating within credible and transparent medium-term fiscal frameworks that provide space for stronger public infrastructure investment.</p>
<p>Presenting the Interim Economic Outlook alongside Chief Economist Laurence Boone, OECD Secretary-General Mathias Cormann said: “The world is experiencing a strong recovery thanks to decisive action taken by governments and central banks at the height of the crisis. But as we have seen with vaccine distribution, progress is uneven. Ensuring the recovery is sustained and widespread requires action on a number of fronts – from effective vaccination programmes across all countries to concerted public investment strategies to build for the future.”</p>
<p>Ms Boone said: “Policies have been efficient in buffering the shock and ensuring a strong recovery; planning for more efficient public finances, shifted towards investment in physical and human capital is necessary and will help monetary policy to normalise smoothly once the recovery is firmly established.”</p>

Tue, 21 Sep 2021 12:13:35 +0000 LLB Finance Reporter
Business News
World News
World news

Third Russian spy accused over chemical weapon nerve agent attack in Salisbury
<div><img src=”” class=”ff-og-image-inserted”></div><p>A third Russian spy has been accused of seven charges including attempted murder of trying to kill former Russian spy Sergei Skripal, his daughter Yulia and a former police officer, Nick Bailey.</p>
<p>Denis Sergeev, who used the alias Sergey Fedotov whilst in the UK in March 2018 tried to kill the Skripals and is believed to be a member of a deadly Russian military intelligence squad.</p>
<p>Sergeev is accused of seven charges, including three of attempted murder, conspiracy to murder Sergei Skripal, causing grievous bodily harm with intent to Yulia Skripal and Nick Bailey, and possession and use of a chemical weapon called Novichok.</p>
<p>Russian military intelligence service members of the GRU, Alexander Mishkin, who used the name Alexander Petrov and Anatoliy Chepiga, who used the alias Ruslan Boshirov who claimed that they were sight seeing at Salisbury cathedral also face the sae charges.</p>
<p>Investigators have also linked the three Russian spies to similar operations in other European countries such as the Czech Republic and Bulgaria.</p>
<blockquote class=”twitter-tweet” data-width=”550″ data-dnt=”true” readability=”14.055248618785″>
<p lang=”en” dir=”ltr”>Detectives investigating the 2018 Salisbury Novichok attack identify third suspect.</p>
<p>Evidence shows Sergey Fedotov is an alias for Denis Sergeev (Russian GRU)</p>
<p>He is charged with conspiracy to murder, attempted murder, grievous bodily harm, possession &amp; use of a chemical weapon. <a href=””></a></p>
<p>— Metropolitan Police (@metpoliceuk) <a href=””>September 21, 2021</a></p></blockquote>

<p>Wiltshire Police and Crime Commissioner Philip Wilkinson said, “My thoughts, and those of my office, remain with Dawn Sturgess’ family and friends, alongside the other victims who have had their lives devastated by this incident.</p>
<p>“While today’s announcement is important, it is vital we remember a member of our community was killed and others left changed and traumatised by the barbaric use of a nerve agent on UK soil.</p>
<p>“Our community has rebuilt, and those other victims are coming to terms with the long-lasting implications, so my hope now is the perpetrators will have their appalling crimes levelled against them and all of the victims will see justice served in their names.</p>
<p>“I am democratically elected to hold our police force to account, it would be widely welcomed if some foreign security services demonstrated that same accountability.”</p>
<p>Anyone who saw Fedotov while he was in the UK or has information relating to the perfume bottle can call the anti-terrorism hotline on 0800 789321 or email <a href=”” class=”__cf_email__” data-cfemail=”a8fbc9c4c1dbcadddad19a989990e8c5cddc86d8c7c4c1cbcd86ddc386″>[email&nbsp;protected]</a></p>

Tue, 21 Sep 2021 11:56:19 +0000 LLB staff reporter
Business News
World News

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