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The City View: White Paper, black market for gambling? And April economic uncertainty

7 12 0
31.03.2022

Today Andy Silvester chats to City A.M. reporters Leah Montebello and Jack Barnett.

Jack outlines the cost-of-living crunch that, some say, hasn’t been seen since the Second World War. He goes through the economic uncertainty that awaits in April, with tax, energy, and price hikes all coming into effect.

Leah boils down the Betting and Gaming Council’s concerns regarding the government’s White Paper review into the gambling sector, which they’re worried will be too intrusive and put gamblers off from having a flutter — potentially pushing them into the black market.

Episode transcript (auto-generated)

Andy Silvester 0:08 Good afternoon and welcome to the City View podcast me Andy Silvester, the editor at City I am in a minute I’ll be joined by Jack Barnett our economics and markets correspondents talk about a coming raft of tax and price hikes which will hit the British economy and indeed all of our pockets rather hard. An MLM, Montebello, whose aren’t gambling vice and all things fun correspondent talking about the upcoming white paper into the gambling sector. First, the headlines and they’re few and far between in the cities today to be completely frank. But taking most of the headlines is the capture of Bruin dolphin by the Royal Bank of Canada 1.2 billion pound deal seeing the almost 200 year old wealth manager moving into Canadian hands, RBC says part of the push to move into the UK, the deal will make RBC and the De Bruyne attached to it. Now, the UK is third largest asset manager. That’s the corporate headlines giant not a lot going on, because most people are probably spending most of today looking at the energy price hike that’s on its way. Tomorrow, tax hikes on their way next week and VAT hikes as well, it’s pretty much a perfect storm of ways to feel the pain in our pockets.

Jack Barnett 1:17 Yeah, so I think, as everyone knew before, the first of April, that this month was going to be where everything kind of culminated both for households and for businesses. So on the household side, you’ve got the energy price cap hike coming into effect, which was announced back in February 50 to 54%. Uplift, it’s around about 700 pounds more, on top of the average annual household energy bill should be noted that in October is probably going to rise again. So, you know, obviously households got immediate pay now, but over the long term, it’s actually going to get a lot worse. And then both on the House side and the business side, you’ve obviously got this 1.25 percentage points National Insurance hike that’s coming into effect on the sixth of this month. And then on the business side, you’ve got a raft of VAT changes, which actually are going to deal quite significant globally to small businesses. So you know, you’ve got deferred, VAT bills are now going to have to be paid back which they were giving a bit of relief over, over the COVID........

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