Thursday newspaper round-up: GDP forecasts, GFG Alliance, Aggreko, Ryanair, Irish tax rates

by | Apr 22, 2021

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Britain is set for its sharpest economic growth since 1988 this year as the easing of Covid-19 restrictions encourages consumers to start spending, according to a monthly survey of independent economists by the Treasury. City analysts have upgraded their GDP projections for 2021 amid signs that households are itching to get out and spend the “accidental” savings they have built up during lockdown. – The Times
Ireland’s finance minister has signalled the country will resist attempts to rebalance the global tax system if they affect Dublin’s ability to undercut its rivals. Under new tax proposals led by the US, Ireland could lose 20% of its tax revenues, according to Paschal Donohoe. – Guardian

Sanjeev Gupta’s business empire is being sued over a flagship £100m deal that made him one of Britain’s biggest steel magnates. A commercial court claim has been filed against Mr Gupta’s GFG Alliance of companies by fellow steel firm Tata. The case relates to alleged missed ­payments linked to the sale of Tata’s Rotherham-based speciality steel division to Mr Gupta in 2017, sources said. – Telegraph

A multibillion-pound takeover of a FTSE 250 temporary power supplier was thrown into doubt last night after the company’s biggest shareholder indicated that it intended to oppose it. Liontrust Asset Management, which holds a 12 per cent stake in Aggreko, has decided to vote against the £2.3 billion deal, according to Sky News. If confirmed, the decision could cast doubt on the company’s 880p-a-share acquisition by a consortium comprising TDR Capital, the private equity firm, and I Squared Capital, an infrastructure investor. – The Times

A slower than anticipated global vaccine rollout and wider failure to get Covid under control will cost airlines $10bn (£7.2bn) more than previously predicted, according to the organisation that represents global airlines. The warning from the International Air Transport Association came as Ryanair chief executive Michael O’Leary warned on Wednesday there would be “seismic” cut in capacity across the industry due to the pandemic, including up to 25% fewer flights in Europe. O’Leary said travel from the UK to the EU would become more expensive and cumbersome as a result of Brexit, while leisure travel would not return to normal until 2023. – Guardian

Towns and cities in northern England are recovering faster than many parts of London and the south east, with some hotspots advertising more jobs than they did before the pandemic. Barnsley, Mansfield and Stoke each have around 20pc more positions advertised now than in February 2020, according to jobs site Indeed and analysts at the Centre for Cities. – Telegraph

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