Author: Scott Dylan

Oxford Economics warns Labour’s non-dom tax reforms may backfire, costing the UK up to £1 billion.The reforms shrink tax benefits for non-dom residents from 15 to 4 years, raising concerns about their economic impact.Oxford Economics forecasts a possible 32% drop in non-dom population, significantly affecting tax revenues.A survey indicates 63% of non-doms consider leaving the UK due to the impending reforms.Inheritance tax changes are a major concern, potentially prompting a migration of wealthy individuals.Oxford Economics has expressed concern that Labour’s proposed reforms to the non-dom tax system could result in significant economic repercussions for the United Kingdom. The think tank…

Potential repercussions loom as Labour’s proposed tax reforms concerning non-doms draw attention.Oxford Economics warns of a potential £1bn cost to Labour due to non-dom departures.The reforms aim to shorten non-dom tax exemptions from 15 to 4 years, beginning April 2025.A study reveals 63% of non-doms are considering leaving the UK, risking a £0.9bn revenue loss.Concerns mount over inheritance tax changes, affecting non-doms’ UK investments.The proposed non-dom tax reforms have sparked considerable debate regarding their implications for the UK’s economic landscape. Oxford Economics has highlighted a potential £1 billion cost to Labour, resulting from wealthy individuals choosing to leave the country.…

Cirata’s journey towards recovery is seeing signs of progress, albeit clouded by deal slippages.Interim results show an increase in revenues and reduction in losses, despite challenges.Efforts are concentrated on reducing annual costs and achieving demanding booking targets.Leadership is keen on mitigating the impact of deal delays on business recovery.The company’s restructuring is supported by a significant equity fundraise aimed at cashflow stability.Cirata’s leadership team, under Stephen Kelly, acknowledges the complexities faced in rebuilding from WANdisco’s challenges. A steadfast focus on restructuring has shown growth in revenues, increasing to $3.4m (£2.5m), and a decrease in statutory losses to $8.6m (£6.5m). Despite…

CAB Payments, listed in London, faces a challenging start to 2024 with a significant profit decline.The firm’s pretax profit dropped 43% to £13.7m for the first half of the year due to adverse currency movements.Earnings per share fell from 6.1p to 4p, reflecting tougher market conditions.Despite challenges, transaction volumes increased by 4%, highlighting some operational resilience.CAB Payments is focusing on a revised strategy to navigate current market volatility and enhance growth.CAB Payments, a London-listed firm specialising in foreign exchange and cross-border payments for ‘hard-to-reach markets’, reported a substantial decline in profits for the first half of 2024. The pretax profit…

Opencast strengthens its Government ties with a significant new contract from the Department for Work and Pensions (DWP).The £32 million contract is one of the largest single agreements for Opencast, spanning two years.Opencast will leverage its expertise in product delivery, analysis, and accessibility to support ‘citizen-facing’ services for DWP Digital.This deal enhances Opencast’s position, following a period of significant growth and expansion across the UK.With ambitions to reach £100m in revenue by 2026, Opencast continues to expand its footprint and services.Opencast, a technology consultancy based in Byker, has secured a landmark £32 million contract with the Department for Work and…

Pennant International has made strategic senior appointments to enhance its leadership.Klaas van der Leest joins as a non-executive director, bringing extensive market experience.Darren Wiggins is appointed interim chief finance officer for a fixed term.These appointments aim to strengthen Pennant’s strategic and financial capabilities.Pennant seeks to drive growth and evolution of its integrated software suite.AIM-listed Pennant International has recently announced significant changes in its leadership team by appointing two seasoned professionals. Klaas van der Leest, who has been serving as the chief executive of Intercede, a cyber security firm, has joined the company as a non-executive director. His appointment is expected…

Hewlett Packard Enterprise (HPE) is steadfast in pursuing its legal claim for £3 billion against the estate of Mike Lynch, despite his recent passing. The lawsuit concerns allegations of fraud related to the sale of Autonomy to Hewlett Packard in 2011.Mike Lynch and his former CFO, Sushovan Hussain, were found liable for fraud in 2022, following HPE’s acquisition of Autonomy.Lynch’s death follows a tragic accident, but HPE’s pursuit of the lawsuit remains unchanged.The estate of Mike Lynch could face further legal proceedings depending on future rulings and potential appeals.HPE remains committed to seeing the legal case to its conclusion, with…

Concerns are growing as the UK government plans to increase the windfall tax on oil and gas companies.The Energy Profits Levy (EPL) is set to rise from 35% to 38% in November, potentially impacting the economic contribution of the energy sector.The Offshore Energies UK (OEUK) warns that these changes could lead to significant job losses and reduced sector investment.Business confidence in the UK is declining amid discussions of increased taxes and stricter employment rights.The Institute of Directors’ Economic Confidence Index showed a sharp drop in August, with decreased investment intentions and expectations.The UK government’s decision to increase the windfall tax,…

Young Londoners are driving the movement back to office work, reversing the trend of older employees favouring remote working. This demographic shift is contributing to the UK’s slower office attendance compared to global rivals. The effects on productivity and economic outcomes are being closely examined.The study covering cities like London, Paris, and New York shows London’s office attendance is notably low, ranking just above Toronto.Gen Z, particularly those in London, exhibit higher office attendance compared to their older counterparts, driven by home space and privacy constraints.Despite acknowledged benefits of office work, such as improved collaboration, attendance remains below pre-pandemic levels,…

Ogi, a leading alternative telecoms provider, has secured a £45m loan from Cardiff Capital Region, supporting its growth strategy.The funding will expand Ogi’s full fibre network across ten local authority areas in the region.This marks the Cardiff Capital Region’s largest loan, leveraging its £1.2bn City Deal investments.Ogi aims to provide extensive connectivity to underserved communities, enhancing economic prospects in the area.Strategic partnerships and additional investments are set to drive substantial regional development.Ogi, a prominent name in alternative telecoms, has successfully secured a £45 million funding deal from the Cardiff Capital Region (CCR). This significant investment is intended to bolster Ogi’s…