A Budget for 'backbenchers'?

Afternoon all,

The former Bank of England chief economist who once advised Andy Burnham on economic policy has predicted “further borrowing” and “further tax rises” at next week’s Budget. Andy Haldane said that John Healey’s first major fiscal event will be “for the backbenchers not businesses or the bond markets”.

Meanwhile, supermarket chain Iceland is looking to buy a number of Poundland stores if the embattled discount retailer cannot find a buyer, City AM can reveal.

We’ll be back in your inboxes at 8am tomorrow. In the meantime, have a great evening!

Matt

A former Bank of England chief economist has warned he expects to see “further borrowing” and “further tax rises” in next week’s Budget as he threw his weight behind Kemi Badenoch’s plan on the UK economy.

Speaking at an Ipsos event, Andy Haldane said the Budget has been a “less lengthy and a less leaky Budget process” compared to its predecessors, which is a “good thing”.

The discount supermarket will be on the lookout for a small number of shops if Poundland’s 600-store estate ends up being split apart, sources said.

Iceland, which specialises in frozen goods, runs more than 900 stores in the UK and holds 2.2 per cent of the UK’s grocery market.

Anne Boden has sold her remaining 2.7 per cent stake in Starling as she begins work on a new AI project. She sold the stake at a valuation of just £1.7bn, according to Sky News, marking a far cry from the £4bn Starling sought in a secondary share sale last year.

City AM revealed earlier this year that Boden, who launched Starling in 2014 after stints at Allied Irish Bank (AIB) and Lloyds, had reduced her stake to 2.7 per cent from 4.3 per cent before the sale.

The New-York listed firm will restructure its UK and Ireland division, slashing around 15 per cent of its workforce. Redundancies will affect roles in Leeds and Dublin, as well as Portugal and Romania where staff support the UK division.

The betting group said the losses were in response to the “significant increase” in UK gambling taxes announced in last year’s Autumn Budget.

The Chancellor has decided against raising capital gains tax (CGT) at the Autumn Budget next week, City AM understands, despite pressure from some members of the Cabinet to lift the levy from its current level of 24 per cent for higher rate tax payers.

A pal’s in town. You’ve booked a trendy new restaurant. It’s been a while and you’re looking forward to catching up. There’s one issue: the place is so loud you can’t chat and you end up shouting over your sashimi.

Why do so many restaurants get their acoustics all messed up? Is sound the final frontier of luxury? Adam Bloodworth spoke to the experts attempting to quieten the cacophony.

Vote for your favourite Aquis company

The fifth annual Aquis Showcase brings together investors, advisers, private-company Rising Stars, and exciting Aquis-listed businesses.

Over four weeks, 12 companies battle it out for the right to win the Aquis Showcase Trophy.

The companies with the highest number of votes in each group will progress through to the live semi-finals and final, taking place on 3rd November, where an expert judging panel will decide the winner of the Aquis Showcase Trophy.

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The English top flight counts London Pride as its beer sponsor but will add the West Country brand to its partnership roster as official cider partner.

It is part of a push to expand the commercial portfolio of Prem Rugby after onboarding Rocket Sports, which is owned by Crocodile Rock songsmith John. 

As Greek government bonds yield lower interest than France’s, the Eurozone faces a critical test over whether European institutions will enforce fiscal rules consistently or protect politically influential member states, says Tim Focas.

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