The summer statement described as a mini-Budget by some was largely welcomed on the day but, as is often the case, criticism appeared the day after.
It was mostly aimed at boosting consumer confidence and the Telegraph provides a guide to all the giveaways including a VAT cut for the hospitality sector and cheap meals in August.
Early signs are that one measure at least may work.
Rightmove saw more than 8.5 million website visits following the Chancellor’s decision to offer a stamp duty holiday raising the threshold to £500,000 until March 31st.
Some have suggested the £1,000 bonus scheme on offer to employers who reintegrate employees after furlough will not have much impact at all on reducing expected unemployment.
Criticism came from no less than the head of the HMRC Jim Harra in a letter to the Chancellor. He has suggested the scheme may not work as intended and implies it could therefore be a waste of money as the Telegraph once again reports.
The FSCS has paid out £527m in compensation in financial year 2019/2020. Citywire has a more interesting take. The FSCS has handed over more than 100 cases over to the FCA where it believes phoenixing may be involved.
Niche IFA has provided coronavirus antibody tests to its 60 staff.
Investec saw staff return to its London office at the start of last week. Money Marketing relates an interesting story of how they did it.
St James’s Place has fired Paul Boyne from running its £679m Global Income fund in a change of strategy towards value orientated investment.
Advisers have been warned not to put the SM&CR on the backburner despite the delay until next year due to the virus.
Prudential is facing IFA concerns over poor admin including big delays to taking top up money. Does rather seem to defeat the point of being in asset management.
