Five things CAs need to know this week: 6 March 2017
A look ahead to some of the things happening in business, accountancy and politics this week.
1. Last March Budget to be delivered
Chancellor Philip Hammond will deliver the government's Spring Budget on Wednesday. This is to be the last full budget announcement in March, with a new billing of “Spring Statement” next year.
Speaking to the BBC's Andrew Marr Show, Mr Hammond said there will be no “spending sprees” announced on Wednesday, and that any surplus cash would go towards ensuring the UK had enough “gas in the tank” for the future.
While stating that the economy is “performing extremely well”, he did concede that spending reductions have been putting pressure on services such as the NHS.
2. Figures from the ONS, Halifax and NIESR to be released
The ONS will release figures on Friday which are likely to show a rise in manufacturing output in January. If this is the case it would mean that over the last three months, output has risen by around 2.4%. This growth is likely down to a rise in net exports since autumn.
However, figures released on the same day by the NIESR could show that GDP growth has slowed due to a drop in the rate of consumer spending. A Bank of England report may show the reason for the slowdown, as inflation expectations are on the rise.
The Halifax house price index is excepted to show that annual inflation is at 6%, a drop from a peak of 10% in March.
3. Brexit Bill goes through Third Reading
After being sent back to Parliament having been amended in the House of Lords, the government's Brexit Bill will go through its Third Reading this week.
The bill is expected to have its reading on Tuesday, but the Commons will not be able to accept or reject the changes until the debate on the Budget has concluded. This is likely to run on into next week.
Peers backed an amendment to the original bill which sought to guarantee the rights of EU citizens living in the UK after Article 50 is triggered.
4. EU leaders attend ‘mini-summit’
Leaders from Spain, Italy and Germany will attend a “mini-summit” this week, hosted by French President Francois Hollande in Versailles on Monday.
Angela Merkel, Mariani Rajoy, Paolo Gentiloni and Mr Hollande will likely discuss the landscape of the EU once Article 50 is triggered later this month.
The gathering is also being held to prepare for a larger meeting in Rome on 25 March. This summit will be held to mark 60 years since the signing of the Treaty of Rome.
5. Results due from Admiral, G4S, Morrisons and esure.
- Monday: Finals due from Devro, Irish Continental Group, Informa, Synthomer and Ultra Electronics Holdings.
- Tuesday: Interims due from Ashtead Group and St Ives. Finals due from Aggreko, Direct Line Insurance, Just Eat, Paddy Power Betfair and Shawbrook.
- Wednesday: Interims due from Ceres Power Holdings. Finals due from Admiral, Cairn Energy, G4S, PageGroup, Stock Spirits and Tyman.
- Thursday: Finals due from Avacta, Capital & Regional, Countrywide, Domino’s Pizza, Morrison Supermarkets and Old Mutual.
- Friday: Interim due from JRP. Final due from esure.