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23 Feb, 2021 07:20

Tuesday newspaper round-up: Uber, IG Group, capital gains

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Business leaders have told Boris Johnson that his roadmap for exiting the third Covid lockdown in England remains incomplete without fresh financial support for companies and workers hardest hit by the pandemic. The prime minister promised the government would “not pull the rug out” from under struggling firms and workers while restrictions remain in place during the phased relaxation of lockdown, but to the disappointment of company bosses and trade unions he deferred details of future economic support to the budget in 10 days’ time. - Guardian

Uber has been accused of trying to deter drivers from seeking compensation for missed holiday and minimum wage payments after a landmark court ruling. The taxi-hailing app may have to pay out more than £100m to more than 10,000 drivers involved in cases linked to a UK supreme court ruling on Friday that they must be classified as workers. Uber has previously argued that its 60,000 UK drivers are self-employed independent contractors with no right to holiday pay, a company pension or the national minimum wage. - Guardian

Boris Johnson's plan to reopen international travel does not go fast enough to allow a summer holiday season and could put hopes of a swift industry recovery at risk, his predecessor Theresa May has said. Mr Johnson pledged to map out a return to foreign vacations by Apr 12 and said he will reopen borders as early as May 17, allaying concerns that there would be no route to recovery for the travel sector. But Mrs May warned this simply does not given businesses and the public enough time to plan a getaway - and companies will suffer as a result. - Telegraph

IG Group is withdrawing leveraged bets on hundreds of companies as Britain’s oldest spread-betting firm scrambles to react to the day-trading mania gripping financial markets. It emerged yesterday that IG had decided to stop offering margin trading on 900 shares, including those of some British companies, and had given its customers 30 days to unwind existing positions. The company said it was pulling the leveraged products it had been offering on the stocks as part of efforts to allocate its resources in the face of spiralling demand to play the markets after the GameStop saga in America. - The Times

A group of 1,600 Londoners made more in capital gains than the entire north of England, according to a new report. Tax Justice UK, a campaign group, found that the ultra-wealthy group had made £9 billion from assets in 2019. By comparison, the entire population of the north of England made £8 billion. Tax Justice said that the figures, based on a freedom of information request to HM Revenue & Customs, underscored the need for the government to equalise capital gains and income tax rates. At present, basic rate capital gains taxpayers are charged 10 per cent, compared with 20 per cent for payers of income tax. - The Times


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Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.