Five things CAs need to know this week: 20 February 2017
A look ahead to some of the things happening in business, accountancy and politics this week.
1. MPs to debate Trump state visit
MPs will take part in a debate around two e-petitions which argue opposing views on President Trump’s planned state visit to the UK.
One petition argues that Trump’s "documented misogyny and vulgarity disqualifies him from being received by Her Majesty the Queen or the Prince of Wales.”
The second petition says that the state visit should go ahead because Trump is “the leader of a free world and [the] UK is a country that supports free speech and does not believe that people that oppose our point of view should be gagged."
Although there will be no vote on the subject, a minister will give the official government response to the outcome of the debate.
2. Lord Drummond to speak at ICAS event
On 23 February, Lord Drummond Young will be speaking at the Inner Temple in London on the topic: “The Rangers Case: HMRC v Murray Group Holdings – Substance and form – the triumph of reality over language?”
Lord Drummond Young handed down the leading judgments in Aberdeen Asset Management and in Murray Group Holdings (the Rangers case). The Rangers case is now on its way to the UK Supreme Court so this is a rare opportunity to hear a judge discussing an important case which is under appeal.
This is a joint event with the CIOT and a good opportunity to meet other ICAS tax professionals in London.
3. CBI and GDP figures released
Figures released on Monday from the CBI survey are expected to show that order books and output expectations are high not just in the UK, but across the euro zone.
However, the second estimate of UK GDP on Thursday could show an imbalance in growth. Although it is likely the economy grew by 0.6% in Q4, this could be down to high consumer spending which may not continue to remain as strong. Business investment may have been relatively weak in comparison.
Public finances suffered in 2016, so Tuesday’s figures should give insight into how they are performing so far this year. Borrowing for the financial year so far is likely to be around £50bn, meaning borrowing this year will likely exceed the OBR prediction of £55.5bn.
4. A new round of rail strikes to take place
Southern rail staff have planned a 24-hour walk out this week after talks between the company and the Rail, Maritime and Transport (RMT) union collapsed.
The walk out is planned to take place on Wednesday, and will likely cause travel disruption for some of Southern’s 300,000 passengers.
The strike is the latest in a long running dispute over who is responsible for closing the doors on Southern’s trains. The company want to move towards driver-only trains, meaning the driver would close the train doors instead of a conductor.
5. Results due from RBS, Standard life and BAE Systems
- Monday: Interims due from Gemfields, Sareum Holdings and Vedanta Resources. Finals due from BGEO and Hammerson.
- Tuesday: Interims due from BHP Billiton, Galliford Try, Green Reit and Image Scan Holdings. Finals due from HSBC Holdings, Anglo American, Lighthouse Group and John Wood Group.
- Wednesday: Interims due from Barratt Developments and Hays. Finals due from Lloyds Banking Group, Petrofac, Unite Group and UBM.
- Thursday: Interims due from Monitise and Wilmington Group. Finals due from BAE Systems, Barclays, British American Tobacco and National Express.
- Friday: Finals due from Royal Bank of Scotland (The), Standard Life, TBC Banking Group, William Hill, Coats Group, Standard Chartered and Rightmove.