{"id":2649,"date":"2021-11-02T11:35:31","date_gmt":"2021-11-02T11:35:31","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=2649"},"modified":"2022-07-05T14:10:06","modified_gmt":"2022-07-05T13:10:06","slug":"news-in-review-29","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2021\/11\/02\/news-in-review-29\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u201cThe world is\nlooking to you\u201d<\/em><\/strong><\/p>\n<\/div>\n\n

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All eyes turned to Glasgow on\nMonday as world leaders convened for COP26, which is being hailed as the most\nimportant climate change summit since the Paris Agreement was struck in 2015. The\nnext couple of weeks are set to be packed with important announcements about\nthe future of the planet. <\/strong><\/p>\n<\/div>\n\n

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As Prime Minister of the hosting\ncountry, Boris Johnson opened the conference with a stark warning, \u201cHumanity\nhas long since run down the clock on climate change. It is one minute to\nmidnight on that clock and we need to act now.\u201d<\/em> Other notable speakers\nincluded Sir David Attenborough, whose impassioned speech drew rapturous\napplause from the audience. \u201cWe are already in trouble, the stability we all\ndepend on is breaking,\u201d<\/em> he said. \u201cThis story is one of inequality as\nwell as instability. Those who have done the least to cause this problem are\nbeing the hardest hit.\u201d <\/em>He concluded, \u201cThe world is looking to you.\u201d<\/em><\/p>\n<\/div>\n\n

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The major announcements made so far\ninclude an agreement by more than 100 countries to end and reverse\ndeforestation by 2030, a pledge by India to reach net zero by 2070 and\nannouncement of a Global Methane Pledge which aims to limit methane emissions\nby 30% within a decade. Today, Chancellor Rishi Sunak will address the summit,\nas part of a day dedicated to finance, to outline plans to make the UK the\nfirst net zero financial centre.<\/p>\n<\/div>\n\n

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Corporate tax in the spotlight\nat G20<\/strong><\/p>\n<\/div>\n\n

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A major corporate tax deal was\nagreed by leaders of 20 of the world\u2019s major economies over the weekend at the\nG20 Summit in Rome. The agreement, which was proposed by the US and is set to\nbe put into place by 2023, will see large businesses taxed on their profits at\na rate of at least 15%. <\/p>\n<\/div>\n\n

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Also included in the \u2018Rome\nDeclaration\u2019 was a pledge to boost COVID-19 vaccine supply and a commitment to\nstrengthen actions to halt and reverse biodiversity loss by 2030. <\/p>\n<\/div>\n\n

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\u201cPreparing for a new economy\u201d<\/em><\/strong><\/p>\n<\/div>\n\n

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UK fiscal news in the last week was dominated by the Budget and Spending Review on 27 October. <\/strong>Rishi Sunak delivered his third Budget, declaring that it begins “the work of preparing for a new economy post-COVID.”<\/em> <\/strong>He took the opportunity to announce that reducing taxes will be his \u201cmission over the remainder of this Parliament.\u201d <\/em><\/p>\n<\/div>\n\n

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However, on Budget Day itself, no major tax changes were announced and instead, the focus was on spending. The Treasury had released a series of funding announcements ahead of the Budget, including statements setting out spending plans for health, education and transport. Specific spending pledges included \u00a321bn on roads, \u00a346bn on railways, \u00a33.8bn on skills and training, \u00a31.7bn in grants from the Treasury\u2019s Levelling Up Fund for towns and cities, and \u00a35.9bn in funding for the NHS to tackle the immediate backlog of patients awaiting treatment.<\/p>\n<\/div>\n\n

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Last\nWednesday, the Office for Budget Responsibility (OBR) latest\nforecast predicted that economic recovery will be quicker than previously anticipated,\nwith revised figures suggesting that the UK economy will\ngrow by 6.5% this year \u2013 an upgrade from\nMarch\u2019s 4% figure. The forecast implies the economy will regain\nits pre-pandemic level by the turn of the year, six months earlier than\npreviously expected. OBR\npredictions suggest the CPI measure of inflation will average 4% over the next\nyear, peaking at 4.4% in Q2 2022. The Chancellor added, \u201cThe pressures\ncaused by supply chains and energy prices will take months to ease”<\/em>\nadding “it would be irresponsible for anyone to pretend that we can\nsolve this overnight.”<\/em><\/p>\n<\/div>\n\n

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Speculation rises ahead of MPC\nmeeting<\/strong><\/p>\n<\/div>\n\n

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With the Bank\nof England (BoE) hinting at a Base Rate rise from the current 0.1% before the\nend of the year, the financial world is waiting with bated breath for the\noutcome of the BoE\u2019s next Monetary Policy Committee (MPC) meeting on Thursday.\nMany mortgage lenders have already started raising rates in anticipation of a\nBase Rate increase.<\/p>\n<\/div>\n\n

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Here to help<\/strong><\/p>\n<\/div>\n\n

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Financial advice is key, so please\ndo not hesitate to get in contact with any questions or concerns you may have.<\/p>\n<\/div>\n\n

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The\nvalue of investments can go down as well as up and you may not get back the\nfull amount you invested. The past is not a guide to future performance and\npast performance may not necessarily be repeated.<\/strong><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cThe world is looking to you\u201d All eyes turned to Glasgow on Monday as world leaders convened for COP26, which is being hailed as the most important climate change summit since the Paris Agreement was struck in 2015. The next couple of weeks are set to be packed with important announcements about the future of […]<\/p>\n","protected":false},"author":15,"featured_media":2650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2649"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=2649"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2649\/revisions"}],"predecessor-version":[{"id":2652,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/2649\/revisions\/2652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/2650"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=2649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=2649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=2649"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=2649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}