The prime minister has signalled controls on steel imports that were due to expire this week could be retained. When asked whether this could lead to a possible breach of international law, Boris Johnson responded “these are tough choices we have to make”. It follows a proposed approach set out by the international trade secretary […]
HMRC is missing out on a total of £2.7bn in underpaid VAT, a new study has revealed. HMRC suspects 208 of the UK’s 2,000 largest businesses have underpaid VAT by an average of £13.4m each, according to fresh analysis by Thomson Reuters. The study said that the £13.4m figure relates to “tax under consideration”, which […]
End-to-end online sales of passenger vehicles (PVs) have seen an upswing in the last three years as Covid-related disruptions led companies to focus more on such channels and customers getting more comfortable with the idea. Some car manufacturers started basic online channels in 2019, which were sharpened during 2020-2021, and today, sales through the medium […]
Autonomous warehouse robot maker BotsAndUs has secured $13m (£10.6m) in a seed round led by Swiss venture capital firm Lakestar. London-based BotsAndUs will use the capital to develop its robots that are used to measure, track and locate stock in a warehouse. The startup’s robots use artificial intelligence (AI) to create a digital twin of […]
Porsche Ventures has invested $1.5m (£1.2m) into British cycling insurance provider Laka as part of a wider $13.5m (£10.9m) Series A funding round. Headquartered in London, the company is an insurance platform for cycling and electric vehicles. It plans to offer e-scooter, e-moped and electric car insurance in the future and will use the fresh […]
Netflix has announced another round of job cuts as it grapples with slowing growth and increased competition. The streaming giant said it was cutting 300 more jobs – roughly 4% of its workforce – mostly in the US, after axing 150 people in May. The moves come after the company reported its first subscriber loss […]
Rail companies and unions edged closer towards a deal yesterday with bosses at Network Rail hinting that they had put together a package that met one of the RMT’s key demands to end strike action. The state-owned company had previously refused to rule out compulsory redundancies as part of efficiency savings that it was demanding […]
The taxman failed to collect more than £30 billion last year, the equivalent of £1 in every £20 owed. Figures released by HMRC showed £32 billion in tax went unpaid in the 2020-21 financial year — 5.1 per cent of the total the taxman is owed. The figure, known by HMRC as the “tax gap”, […]
UK shoppers cut back on food spending last month, adding to concerns that the economy is heading for an inflation-induced recession later this year. Retail sales fell by 0.5 per cent between April and May and by 0.7 per cent when fuel is excluded, according to data from the Office for National Statistics (ONS). Sales […]
The days of spending paper banknotes in the shops are numbered: 100 days, to be exact – so start hunting at home. Remaining paper £20 or £50 notes should be spent or deposited by the end of September, the Bank of England said. An estimated 163 million paper £50 banknotes and about 314 million £20 […]