The Financial Roundup – 21/11/2017

Dodging car tax after tax discs scrapped.

According to government figures, the number of unlicensed vehicles on the road has increased threefold since the paper tax discs were retired. Last year alone, 755,000 unlicensed vehicles were on the road, meaning that the government missed out on £107m.

ASDA reports rise in sales for two quarters.

Owned by Walmart, ASDA’s sales rose by 1.8 percent and most recently by 1.1 percent in the last two business quarters of this year. Chief executive Sean Clarke said that ASDA had “clear plans and a renewed level of confidence.”

McDonnell wants ‘emergency Budget’ to help public services.

Labour’s Shadow Chancellor, John McDonnell, says an emergency Budget is needed for public services. He promises to spend about £17bn more on services such as schools, the NHS, social care, and local government – paid for by tax rises on companies and “the rich,” and by combatting tax avoidance.

Budget to address housing and NHS issues.

Chancellor Philip Hammond’s Budget on Wednesday is to focus on fixing the housing shortage and addressing the financial woes of the NHS; he will be using £26bn of available funds in the public finances to fix issues that contributed to the Conservatives’ weak election performance. There will also be consideration of a tax on the most polluting single-use plastics.

Asos overtakes M&S in market value.

M&S is the UK’s biggest clothing retailer, but its market value of £4.88bn has been overtaken by online fashion website Asos, which has a market valuation of £4.89bn due to a recent 2 percent increase in share value. The higher market valuation does not mean that Asos’ sales are currently greater, as they stand at £1.9bn as of last year compared to M&S’ £10.6bn, however they do reflect a greater earning potential.

Siemens announces job losses.

The German company Siemens plans to cut 6,900 jobs. Half of the compulsory redundancies will be in Germany, with the rest in other European countries and the US. Jobs in the UK will apparently not be affected. The company blames the fall in demand for large turbines for power and gas creation.


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