Deliveroo's Debut Share Price Slumps

Given the negative publicity surrounding its rate of pay, and the strike scheduled for next week, it is unsurprising that the opening share price of Deliveroo has tanked.

Deliveroo had earlier this week had to slash its offer price to the bottom end of its initial range of 390 pence per share and a $10.4 billion valuation. 

Deliveroo’s shares plunged to lows of 276p per share before stabilizing at 299p per share. Deliveroo’s opening marked one of the worst debuts in recent years for a London-listed company. 

Deliveroo had initially hoped for an opening rice of around 460p.

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PayPal Launches Crypto Checkout

Reuters reports that PayPal Holdings Inc will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.

The company will charge no transaction fee to checkout with crypto and only one type of coin can be used for each purchase, it said.

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Ever Given On The Move

The Suez traffic jam may soon be at an end!

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Dredging 87% Complete

EGYPT'S SUEZ CANAL AUTHORITY SAYS DREDGING OPERATIONS AT THE BOW OF STRANDED SHIP ARE ABOUT 87% COMPLETE

— First Squawk (@FirstSquawk) March 26, 2021

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Still Stuck!

AFTER 48 HOURS OF "PROACTIVE EFFORTS" TO RE-FLOAT EVER GIVEN, STRANDED SUEZ CANAL VESSEL’S GROUNDING SITUATION HAS NOT BEEN RESOLVED - EVERGREEN

— zerohedge (@zerohedge) March 25, 2021

 

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Nationwide's "Work Anywhere" Scheme

Nationwide is to allow 13,000 office staff to choose where they work under a new flexibility scheme.

The UK's biggest building society said its "work anywhere" plan would allow employees more control of their lives.

Under the plan, Nationwide is closing three offices in Swindon, with 3,000 staff either moving to the nearby HQ, working from home, or mixing the two.

Other UK staff may be able to work from their local High Street branch if they prefer, rather than travel to offices.

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Normal Suez Canal Traffic To Resume Shortly

CONTAINER SHIP STRANDED IN SUEZ CANAL PARTIALLY REFLOATED AND TRAFFIC EXPECTED TO RESUME SOON - PORT AGENT GAC

— First Squawk (@FirstSquawk) March 24, 2021

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Bank of England Unanimously Votes To Keep Rates Unchanged

At its meeting ending on 17 March 2021, the MPC voted unanimously to maintain #BankRate at 0.1%. https://t.co/5O78q5m2Cu pic.twitter.com/55SHmVHAV4

— Bank of England (@bankofengland) March 18, 2021

Additionally, The Bank of England will keep the stimulus package unchanged at £895 billion

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UK - Australia Free-Trade Agreement Negotiations Continue To Make Good Progress

We continue to make good progress toward an agreement on a free-trade agreement with our very good friends in the UK.

The fifth round of negotiations is expected to take place towards the end of April 2021.

Let's get this deal done 🇦🇺🇬🇧#AUKFTAhttps://t.co/DzDwAy61Dr

— George Brandis (@AusHCUK) March 15, 2021

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£75 Offer On New Capital on Tap Business Credit Cards

 

Apply for the Capital on Tap business credit card, and get £75 when you make your first transaction on the card.

Sign up through this link 

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Pandemic Provdes Boost To Local Economy

It seems that the local economy has benefited from the pandemic. Butchers, bakers, fishmongers and grocers recorded record sales in 2020, with shoppers staying closer to home and making use of local retail.

Data from Barclaycard showed sales in independent food and drink shops rose by 28.6 per cent compared to 2019, while spending on non-essential products fell by 11.3 per cent, suggesting money usually spent on clothing, holidays and recreation instead went back into the community. 

Lee Frost, a fourth generation butcher from Chorlton in Manchester, said sales doubled overnight as the pandemic hit. Ad per i:

“In the first lockdown, average Saturday sales went from £6,000 to £12,000. 

At first we thought it was panic buying, but the demand kept coming and we couldn’t keep up. 

In our busiest week, we took £35,000. Customers who would normally be going out to eat came to us”.

There have been suggestions the surge in popularity would dip dramatically after lockdown, but Mr Frost and other smaller retailers said they have forged close relationships with shoppers who have grown accustomed to “better quality” produce and a more personal experience. 

It would seem that even the darkest cloud really does have a silver lining!

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The Budget 2021

 

• Corporation tax will rise to 25% in April 2023, from 19%
• The pension lifetime allowance will be frozen at £1,073,100 until April 2026, instead of rising in line with inflation as planned
• Inheritance tax and capital gains tax will be frozen until April 2026

Introduction

The links below set out the detail of each tax policy measure announced at Budget and of previously announced measures that will be included in Finance Bill 2021. It is intended for tax practitioners and others with an interest in tax policy changes, especially those who will be involved in consultations both on the policy and on draft legislation.

Finance Bill 2021 will be published on 11 March 2021.

The information in the document is set out as follows:

Chapter 1 contains details of measures that are included in Finance Bill 2021.

Chapter 2 contains details of measures which are part of Budget but are not in Finance Bill 2021.

Table 1 lists measures where draft legislation was published on either 21 July 2020 or 12 November 2020, for consultation, and which remain unchanged.

Table 2 lists measures in this document without a corresponding announcement in the Budget report.

Annex A provides tables of tax rates and allowances for the tax year 2021 to 2022 and the tax year 2022 to 2023.

Annex B lists upcoming consultations, calls for evidence and other consultative documents announced at Budget. The government will publish a number of tax-related consultations and calls for evidence on 23 March, announced through a Command Paper “Tax policies and consultations Spring 2021”. None of these announcements will require legislation in Finance Bill 2021 or have an impact on the government’s finances. This document will be updated on that date to reflect the further announcements.

Annex C provides a guide to the impact assessments in tax information and impact notes.

The Corporation tax rise has caused some consternation. However, given that it won't take effect until 2023, it is not impossible to imagine a situation whereby the rise could be lessened or indeed not implemented at all!

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#Budget2021 Live

Watch live as the Chancellor @RishiSunak delivers #Budget2021 in @UKParliament. #PlanForJobs. https://t.co/fvedUBrF36

— HM Treasury (@hmtreasury) March 3, 2021

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Darlington Confirmed as Location for Treasury North

Chancellor Rishi Sunak this morning told Treasury officials that they would be relocating from London to Darlington, beating off competition from Newcastle, Leeds and Bradford. 

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The Budget

 

Today is Budget Day, and at 12.30 Rishi Sunak will address Parliament outlining the Budget.

Vast swathes of it have already been leaked (not like the good old days of Purdah!), and today's latest leak is that the limit for contactless payments will rise from £45 to £100.

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PMI Rises to 55.1

UPDATE: British factory activity has increased for nine consecutive months. The IHS Markit/CIPS UK manufacturing PMI rose to 55.1 in February - well above the 50.0 threshold denoting growth. #UKmfg🇬🇧

— Jefferson (@Jefferson_MFG) March 1, 2021

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