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New top team takes place at Newcastle tech accelerator Ignite
A business accelerator in the North East has appointed one of its former cohort members as its new CEO. Newcastle-based Ignite Accelerator – which was started by Tristan Watson and Paul Smith in 2011 – has announced that Jo York will be new CEO. Mr Watson will become chairman to support Ignite’s strategic direction. Ms …
Business
Business Live
Profits and turnover surge at Northumberland firm Simpsons Malt
A Northumberland malting company has reported big increases in turnover and profit after an acquisition boosted its earnings. Berwick firm Simpsons Malt has reported turnover of £214.2m in 2021, a big increase on the £123.5m reported a year earlier. For the same period, profit before tax went up from £4.7m to £7.1m. The financial year …
Business
Evening Standard
Government dismisses criticism of tax cuts as ‘politics of envy’
The Government is not concerned about the “politics of envy”, a Treasury minister said as its raft of tax cuts came under fire for disproportionately benefiting the rich.Labour accused Prime Minister Liz Truss and Chancellor Kwasi Kwarteng of gambling with people’s finances in “casino economics” and said their “trickle-down” approach will leave the next generation …
Business
Sky News
Hoseasons owner Awaze picks banks to oversee £2bn sale
The owner of Hoseasons and some of Europe’s biggest holiday rental operations has hired banks to oversee a sale that could value it at up to £2bn.Sky News has learnt that Platinum Equity, a US-based private equity firm, has appointed Goldman Sachs and Morgan Stanley to oversee a strategic review of Awaze, which it bought …
Business
Evening Standard
‘Only the very richest’ in Britain will see incomes grow, tax cut analysis says
The Chancellor’s huge package of personal tax cuts amid a cost-of-living crisis will do nothing to stop more than two million people falling below the poverty line, according to a think tank.Analysis of Kwasi Kwarteng’s fiscal statement by Resolution Foundation said “only the very richest households in Britain” will see their incomes grow as a …
Business
Evening Standard
Kwasi Kwarteng insists vast tax cuts ‘not a gamble’ amid hostile reception
Chancellor Kwasi Kwarteng has denied suggestions he is gambling with the UK economy and insisted the biggest raft of tax cuts for half a century were “absolutely fair” as his mini-budget faced a hostile reception.The Institute of Fiscal Studies (IFS) said he was “betting the house” by putting Government debt on an “unsustainable rising path”.The …
Business
Sky News
Drivers paying extra £5 per tank of petrol due to falling value of the pound
Drivers are paying an extra £5 per tank of petrol due to the fall in the value of the pound, according to new analysis.Pump price savings from the cost of oil dropping back to where it was before Russia invaded Ukraine are being “severely undermined” by the weakness of sterling, the AA said. This week, …
Business
Evening Standard
Pound plummets to fresh 37-year low as markets are spooked as mini-budget unveiled
Britain was facing a full blown currency crisis on Friday as the pound went into free fall after Kwasi Kwarteng’s mini Budget.The value of sterling lurched downwards well over three and a half cents against the dollar during the day to a new 37 year low of $1.0899.City investors said the markets had lost all …
Business
Business Live
Rescue takeover for McColl’s by Morrisons on as competition concerns addressed
The UK competition watchdog has indicated it could push through the rescue takeover by Morrisons of convenience chain McColl’s after the supermarket firm offered to address competition concerns. Earlier this month, the Competition and Markets Authority (CMA) raised concerns over 35 locations where it saw the potential for reduced competition between McColl’s, Morrisons and Motor …
Business
Evening Standard
The pound is dropping – What will it mean for Britons?
The pound had its worst day since the early days of the pandemic on Friday after the Chancellor announced his mini-budget.It fell by more than 3%, yet again dropping to the lowest value against the US dollar for 37 years.It adds to a months-long fall in the value of the pound. Over the last month, …
Business
Business Live
Leading East Yorkshire housebuilder welcomes stamp duty cut that takes cost away for most in region
A leading East Yorkshire housebuilder has welcomed the changes to stamp duty in the new Chancellor’s mini Budget. The threshold at which it is charged has been doubled from £125,000 to £250,000, while first time buyers will be exempt up to £425,000. It comes into effect immediately, with the government claiming 200,000 people will be …
Business
Evening Standard
Chancellor on collision course with unions over strikes
The Chancellor has put himself on a collision course with trade unions by announcing plans to legislate to require them to put pay offers from employers to a vote of members.Amid a wave of industrial action by hundreds of thousands of workers, he told the Commons it is “unacceptable” that strike action is causing so …

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