Afternoon all,
Poundland is teetering on the edge of collapse after its directors filed a notice of intent to appoint administrators, in a move that puts the future of its thousands of workers in doubt.
Meanwhile, the trifecta of Natwest, Nationwide and Lloyds is set to feel the biggest hit to profit from John Healey’s bank tax raid, analysts have said.
We’ll be back in your inboxes at 8am tomorrow. In the meantime, have a great Thursday evening!
Matt
RETAIL
Poundland on brink of collapse as it files notice to appoint administrators
The company made the filing to the High Court on Thursday, suggesting that AlixPartners, its administrators, could be formally called in to take control of the business in the coming days. A collapse of Poundland could put nearly 12,000 jobs at risk and shutter its 640 stores in the UK and Ireland.
BANKING
Natwest and Nationwide set for biggest profit hit from Healey’s bank tax raid
The levy sits on top of corporation tax and was raised to six per cent in the Budget for 15 months, which is expected to raise an extra £1.5bn for the Treasury.
Analysts at RBC estimate Natwest and Nationwide will both face a four per cent hit to net attributable profit (NAP) in the next financial year following the tax hike.
INFRASTRUCTURE
Healey’s grid pledge faces test as data centre pipeline stalls
The Chancellor announced a new Data Centre Covenant on Wednesday, offering strategically important projects priority access to Britain’s electricity grid in exchange for commitments on local jobs, investment and environmental protections.
However, analysis published by Science Works on Thursday found that most of Britain’s proposed data centre capacity remains in the planning pipeline, while more than two-fifths has no announced tenants.
LEGAL
City legal body on standby to aid Weil trainees left in ‘limbo’
The City’s legal professional body has said it is on standby to support Weil Gotshal and Manges trainees as the storied US law firm prepares to wind down after 95 years.
Colin Passmore, chairman of the City of London Law Society (CLLS), said: “Our primary concern is everyone at Weil’s office, particularly the trainees and junior lawyers here in London, who will understandably be anxious about what these latest developments mean for their careers.”
TECH
Millions face ID checks under UK social media ban as Ofcom warns of loopholes
The watchdog on Thursday identified four methods it considers sufficiently reliable to determine whether users are aged 16 or over, ahead of the restrictions coming into force in March.
The proposals would affect some of the UK’s biggest social media platforms, including Instagram, Tiktok and Snapchat, with many adult users also likely to face checks before continuing to access their accounts.
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SPORT BUSINESS
No bids for West Ham’s London Stadium amid reported £50m asking price
Reports had suggested that City Hall, which is effectively the stadium’s ultimate landlord, had set a £50m price tag for the sale of a venue that currently hosts Championship football and global athletics meets.
OPINION
UK Finance chief: Labour must keep its promise that the bank tax is temporary
Taxes introduced in response to temporary pressures have a habit of outlasting them. The Chancellor must keep his promise that the bank tax rise is only temporary, writes David Postings.
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