In investment news, UK fintech dropped by ...
In this week's In the Sheets:
Alternative lenders are stepping in to meet the rising demand for larger loans by UK SMEs, who are demanding loans of over ￡100,000, a 15% increase from the previous quarter.
The latest tax news on Heathrow Airport warns that the abolition of VAT-free shopping has hindered home-grown growth and harmed the UK's business environment.
In investment, UK fintech dropped by $12.3 billion last year, falling 34%. Data shows that fintech investing across Europe, the Middle East, and Asia halved last year, from $49.6bn to $24.5bn.
Tax News
Sunak: I'll cut taxes to reward hard work
Rishi Sunak has pledged to reward people who work hard with tax cuts. In an interview with The Times, the Prime Minister said the economy was “pointing in the right direction” and that the “future is going to be better.” He said a combination of tax cuts and falling mortgage rates would leave people feeling better off, suggesting that an “economic gear shift” would improve people’s lives after a “tough couple of years.” Mr Sunak insisted that a vote for the Conservatives was a vote for lower taxes, claiming: “That’s always been the case.” Urging voters to “stick with the plan” the government has put in place to tackle inflation and boost the economy, the PM said people will feel better off “because economic conditions have improved, because the plan is working, you are starting to see mortgage rates come down and we have been able to cut taxes.” While some Conservatives have said tax cuts are coming in the Budget in March, Mr Sunak said some people are “over-interpreting,” adding: “What the Chancellor and I have said is that of course our long-term plan is to cut people’s taxes.”
Employment
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Businesses are frustrated over efforts to land British workers
Businesses have expressed frustration at the difficulty of attracting local workers, leading them to turn to overseas staff. According to Max Mosley, an economist at the National Institute of Economic and Social Research, international workers are propping up the labour market as employers struggle to compete for British staff. Over nine million people of working age have left the jobs market, resulting in a doubling of companies registering to become sponsors for hiring overseas staff. The Home Office is facing unprecedented demand for work visas before the rise in the minimum salary threshold in April. The minimum salary required for a foreign migrant to qualify for a skilled worker visa will increase from ￡26,200 to ￡38,700. The Home Office is reviewing its visa services to prevent a collapse before the changes.
Brainteaser ??
Doubling daily, how much does a person earn in 31 days if they start with 1p?
Your full latest summary of all the finance headlines this week and the answer to this week's brainteaser below ??