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Thursday, September 21, 2023

Bank of England Holds Rates at 5.25%

 

The MPC voted 5-4 to hold rates at this level.

The question is how long will the rate remain at this level, before the Bank starts to reduce it?

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Wednesday, September 20, 2023

Inflation Falls To 6.7%

With the much better than expected inflation figures some people are expecting that the Bank of England will not raise rates tomorrow.

That would require intelligence and flexibility from Bailey and the dullards on the MPC!

via GIPHY


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Friday, September 15, 2023

Discord at The ECB

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A Solar Protect policy will enable your accountant (your tax return agent) to:
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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Thursday, September 14, 2023

Apple's Watch Series 9 - Go Woke Go Broke!

 Translating the hype :

1 Powered by coal

2 30% more microplastics by weight for your intake

3 Shipped by sea in oil powered container ships

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Wednesday, September 13, 2023

July GDP Falls 0.5%


 

The ONS estimates of July's GDP shows a fall of 0.5%.

However, as with all ONS figures, this should be taken with a very large pinch of salt. As I have noted many times before, as evidenced by fact, ONS figures are notoriously unreliable and are rotuinely revised upwards.

As such, using their figures to make economic decisions is as reliable as reading the entrails of a goat.

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A Solar Protect policy will enable your accountant (your tax return agent) to:
  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, September 06, 2023

Go Woke Go Broke ETF Launched

Tuttle has launched an and Inverse Socially Conscious ETF (Exchange Traded Fund) that aims to short companies that follow the latest con "woke" investment policies.

Companies such as Disney and Budweiser will doubtless be amongst its targets.

In the short term this may well have some traction. However, as compliances begin to realise that woke financial policies are a good way to lose money, they will change tack and abandon them. As such, I doubt this ETF will have a long shelf life.

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Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.

You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:

  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
  • Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

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Tuesday, September 05, 2023

Birmingham's Bust!

The equal pay claims will bankrupt a few other councils too!

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You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:
  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
  • Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

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Friday, September 01, 2023

ONS Revises 2021 GDP Upwards by 2%

 As I have said many times, the fact that the ONS constantly has to revise its figures upwards means that its figures cannot be relied on for real time decision making and forward planning.

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Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, August 30, 2023

Orsted Falls 20% - Go Green Go Broke!

Denmark's Orsted (ORSTED.CO), the world's largest offshore wind farm developer, said on Wednesday it may see U.S. impairments of 16 billion Danish crowns ($2.3 billion) due to supply chain problems, soaring interest rates and a lack of new tax credits.

Orsted's share price tumbled 20% to its lowest level in more than four years and is down almost 70% from its 2021 peak.

"The situation in U.S. offshore wind is severe," Chief Executive Mads Nipper told reporters on a conference call.

Orsted said the company's discussions with "senior federal stakeholders" on obtaining more U.S. tax credits for its offshore wind projects had not progressed as expected, which in turn could lead to impairments of another 6 billion crowns.

A company that relies on tax credits to survive is not viable, a country that squanders billions on tax credits for such companies will not survive.

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Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

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  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, August 16, 2023

Inflation Falls To 6.8%

Inflation in the UK fell to 6.8% in the year to July, down from 7.9%.

Primarily due to falls in household energy prices. However, core inflation remained at 6.9% and services inflation rose by 7.4% (up on last month).

Interest rate rises have had little effect, as such the Bank of England will raise rates again. 

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Friday, August 11, 2023

GDP Hits 0.5% in June


 

The UK economy grew by 0.5% in June, according to figures released by the Office for National Statistics (ONS). This is the third consecutive month of growth, and the strongest since March 2023.

The ONS said that the main drivers of growth in June were the production and construction sectors. Production output grew by 1.8%, the largest monthly increase since March 2020. Construction output grew by 1.1%, the strongest monthly growth since January 2023.

The services sector also grew in June, but by a more modest 0.2%. This was the weakest monthly growth for the services sector since February 2023.

The ONS said that the increase in GDP in June was partly due to the additional bank holiday in May. However, it also said that there were signs of underlying strength in the economy.

For example, the ONS said that business investment grew by 0.9% in the three months to June, the strongest quarterly growth since March 2023. This suggests that businesses are becoming more confident about the future and are investing in their operations.

The ONS also said that the number of people in employment increased by 100,000 in the three months to June, the largest quarterly increase since March 2023. This suggests that the labor market is still strong, despite rising unemployment.

Overall, the figures for June suggest that the UK economy is on a solid footing. However, there are some risks to the outlook, such as rising inflation and the ongoing war in Ukraine.

What does this mean for the UK economy?

The increase in GDP in June is a positive sign for the UK economy. It suggests that the economy is recovering from the COVID-19 pandemic and is on a path to sustainable growth.

However, there are some risks to the outlook, such as rising inflation and the ongoing war in Ukraine. Inflation is currently at a 40-year high, and it is expected to continue to rise in the coming months. This could put a squeeze on household budgets and businesses' bottom lines.

The war in Ukraine is also a major risk to the UK economy. The war has caused energy prices to surge, and it has disrupted global supply chains. This could lead to slower growth in the UK economy in the coming quarters.

Despite these risks, the increase in GDP in June is a positive sign for the UK economy. It suggests that the economy is on a solid footing, and it is well-placed to withstand the challenges ahead.

 

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Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:
  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Thursday, August 10, 2023

Wilko Goes Into Administration

 


Wilko, the discount homewares retailer, has gone into administration, putting 12,000 jobs at risk. The company has been struggling financially for some time, and has been unable to find a buyer to save it from collapse.

Wilko was founded in 1930 and has over 400 stores across the UK. It is known for its wide range of products at affordable prices. However, the company has been hit hard by the rising cost of living and the decline of the high street.

In recent months, Wilko has been forced to close a number of stores and lay off staff. It has also struggled to pay its suppliers on time. This led to the company filing a notice of intention to appoint administrators on August 3.

The administrators, PricewaterhouseCoopers (PwC), are now looking for a buyer for Wilko. However, it is unclear if they will be able to find one. If Wilko does go into liquidation, it will be a major blow to the UK high street.

In a statement, PwC said: "We are aware that this news will be concerning for Wilko's employees, customers and suppliers. We will be working closely with all stakeholders to assess the situation and agree a way forward."

The collapse of Wilko is the latest in a string of high street casualties. In recent years, a number of well-known brands, including Toys R Us, Maplin and Debenhams, have gone into administration.

The high street is facing a number of challenges, including the rise of online shopping and the decline of consumer spending. These challenges have made it difficult for many retailers to survive.

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A Solar Protect policy will enable your accountant (your tax return agent) to:

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  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
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Wednesday, August 09, 2023

Monetary Policy Adviser to Megan Greene (External Member of the Monetary Policy Committee (MPC).)


 

"This vacancy is a permanent position as Adviser to Megan Greene, External Member of the Monetary Policy Committee (MPC). You will work at the heart of monetary policy, supporting on policy decisions and public communications. The precise balance of responsibilities is very flexible and can be adapted to suit the successful candidate’s preferences and ability..."

Apply here.

Unfortunately the Bank is not yet looking to replace the hapless and hopeless Bailey! 

Tax Investigation Insurance

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Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.

You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:

  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
  • Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

Please click here for details.

Tuesday, August 08, 2023

Bank of England Clueless!

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You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:
  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
  • Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

Please click here for details.

Thursday, August 03, 2023

Bank of England Raises Rates To 5.25%

The Bank of England raised interest rates today by a quarter of a point to 5.25%, the highest level since 2008. The move was widely expected, as the Bank is under pressure to bring inflation under control.

Inflation in the UK is currently at a 40-year high of 7.9%. The Bank has been raising rates in an effort to cool the economy and bring inflation back down to its target of 2%.

The decision to raise rates will have a significant impact on borrowers. Mortgage rates are already at their highest level in years, and they are likely to go even higher. This will make it more expensive for people to buy homes and refinance their mortgages.

Savers, on the other hand, will benefit from the higher interest rates. They will earn more interest on their savings accounts and other deposits.

The Bank of England has said that it is prepared to raise rates further if necessary. It will be watching inflation closely in the coming months to see if it is starting to come down.

By happenstance the Bank of Brazil cut its benchmark interest rate by 50 basis points today, to 13.25%. This is the first rate cut in three years, and it comes as inflation in Brazil has begun to cool.

Inflation in Brazil was running at a 10-year high of 11.73% in June. However, it has since come down to 10.9% in July. The Bank is now confident that it will reach its target of 4% by the end of the year. The Bank of Brazil is hoping that by cutting rates, it can help to boost economic growth and further cool inflation.

The decision to cut rates was widely expected by economists. They had been forecasting a rate cut of either 25 or 50 basis points. The fact that the Bank of Brazil opted for a larger cut suggests that it is more confident that inflation is starting to come under control.

Brazil was among the first major economies to start increasing their interest rates. They are now the first to cut, it is a sign of things to come.

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Having a Solar Protect Tax Investigation Insurance policy at your disposal means that should you be one of the many 1000's of businesses or individuals that are selected by HMRC each year to look into your tax affairs your own accountant (your tax return agent) can get on and defend you robustly.

You have the peace of mind knowing that your accountant's (your tax return agent) fees will be paid by the insurance without any Excess for you to find.

Tax Investigation Insurance is an insurance policy that will fully reimburse your accountant's (your tax return agent) fees up to £100,000 if you are subject to enquiry by or dispute with HMRC.

A Solar Protect policy will enable your accountant (your tax return agent) to:
  • Deal with any correspondence from HMRC
  • Attend any meeting with HMRC
  • Appeal to the First-tier Tribunal or Upper Tribunal
  • Having the security of knowing that fees will be met in full will enable your Accountant (your tax return agent) to defend your position robustly

Please click here for details.