Finance

Yesterday the Chancellor, Rishi Sunak, delivered the UK’s 2021 Budget detailing the government’s tax, spending and coronavirus recovery plans. Here are the main takeaways and what the Budget could mean for you and your money. This article isn’t personal advice. Unlike cash, the value of investments can go down as well as up so you could get back less than you invest. What the Budget could mean for the UK economy George Trefgarne After weeks of media speculation, the Budget turned out to be both worse and better than expected. The good news is that the colossal borrowing required to support the economy during the pandemic is coming in £39bn lower than expected at £355bn, or 17% of GDP. That is still a peacetime record and the chancellor remains worried about the long term vulnerabilit...

Beyond Meat, the company created by vegan Ethan Brown in 2009, is planning to go public to raise the money it needs to grow its line of plant-based meats. The maker of the Beyond Burger, which is sold at Whole Foods and restaurant chain TGIF, set terms for the deal on Monday, saying in a regulatory filing that it plans to offer 8.75 million shares priced at $19 to $21 each. The company would raise $183.8 million at the top of that range and be valued at $1.21 billion. It has applied to list on Nasdaq under the ticker symbol “BYND”. Goldman Sachs, JPMorgan and Credit Suisse are lead underwriters on the deal with BofA Merrill Lynch, Jefferies and William Blair acting as co-managers. The company, which also makes pork and poultry products, has not yet set a price range or specified how much...

Borrowing by Americans fell in January for the first time in five months, as the use of credit cards fell to the lowest level in four years, offsetting gains in auto loans and student loans WASHINGTON -- Borrowing by Americans fell in January for the first time in five months, as the use of credit cards fell to the lowest level in four years, offsetting gains in auto loans and student loans. The Federal Reserve reported Friday that consumer borrowing fell by $1.3 billion in January, the first setback since a $9 billion decline in August. The weakness came from a $9.9 billion decline in borrowing in the category that covers credit cards. It marked the fourth straight decline in that category and was the biggest drop since a $10.8 billion fall in August. It pushed credit card activity dow...

In the last hour before midnight on 5 April 2020 a stocks-and-shares Isa was opened or added to every seven seconds at investment platform Hargreaves Lansdown as investors rushed to use their allowance before they lost it. This year, however, abysmally low interest rates have cast a pall over Isa season and may scotch the last-minute rush. The last few months of the tax year are known as Isa (individual savings account) season thanks to the sheer volume of people who wait until the last minute to use up their tax-free allowance. Anyone over the age of 16 can deposit up to £20,000 into a cash, stocks-and-shares or investment Isa every tax year. Once the money is in an Isa it can grow free from any risk of having income tax or capital gains tax deducted. But, unlike other tax allowances, un...

For example, the longest 0% balance transfer deal currently available is 29 months from Sainsbury’s Bank , but it comes with a balance transfer fee of up to 4%. On a £1,000 debt that means paying £40 to transfer your balance. When comparing balance-transfer credit cards there are two things to look at: the length of the interest-free period and what the balance transfer fee is. You then need to balance these two elements to find the cheapest card for you. If you have debt on a credit card that you can’t pay off, it can be moved onto a balance-transfer credit card. These cards offer a 0% introductory period, which means you won’t pay any interest on balances you transfer from other credit cards for that length of time. Did you run up some debts at Christmas? According to National Debt Ad...

Once you know what you are doing, if you want to buy significant sums of bitcoin, the place to do that is on an exchange. There are all sorts of identity checks you have to go through to open an account with an exchange. The process can be rather frustrating. If you’re struggling, one point I’d make is that in many cases I found it easier doing this on my phone than on my computer. Even more frustrating is trying to send large sums. Banks sometimes limit the amount you can send. Some exchanges require extra verification, which can take considerable time to process, particularly at the moment with so many platforms swamped with new accounts opening. (There is a global rush to buy bitcoin – it always happens in bull markets – and the general public is in a speculative frenzy anyway as a resu...

Ridesharing giant Lyft went public on March 28 and, last week, its bigger rival Uber has said it will soon follow with its own IPO. The IPO prospectus for Lyft and the initial filing to the Securities and Exchange Commission by Uber lift the veil for the first time on the sustainability of their business models and — for now, at least — their low prices. Ride-sharing services are designed to undercut traditional taxi cabs by allowing passengers to share a ride for a cheaper price. Ideally, this results in higher revenue for the driver, but only if they manage to pick up other customers on the route. Both companies will be under pressure from investors to turn a profit. The IPO prospectus for Lyft and the initial SEC filing by Uber lift the veil for the first time on the sustainability ...

The Australian government on Friday expressed frustration at Italy's decision to block a shipment of AstraZeneca's COVID-19 vaccine, but stressed it would not affect the rollout of Australia's inoculation program. Italy, supported by the European Commission, blocked the planned export of around 250,000 doses of AstraZeneca's vaccine after the drug manufacturer failed to meet its European Union contract commitments. "The world is in unchartered territory at present, it's unsurprising that some countries would tear up the rule book," Australian Finance Minister Simon Birmingham told Sky News. "This is a demonstration of really how well Australia continues to do compared to the desperation of other countries." Health Minister Greg Hunt said Australia had already received 300,000 doses of ...

In the last hour before midnight on 5 April 2020 a stocks-and-shares Isa was opened or added to every seven seconds at investment platform Hargreaves Lansdown as investors rushed to use their allowance before they lost it. This year, however, abysmally low interest rates have cast a pall over Isa season and may scotch the last-minute rush. The last few months of the tax year are known as Isa (individual savings account) season thanks to the sheer volume of people who wait until the last minute to use up their tax-free allowance. Anyone over the age of 16 can deposit up to £20,000 into a cash, stocks-and-shares or investment Isa every tax year. Once the money is in an Isa it can grow free from any risk of having income tax or capital gains tax deducted. But, unlike other tax allowances, un...