CITY WHISPERS: Run out of ideas, Chancellor? Treasury turns to Twitter

Updated: 21:50 BST, 30 September 2023

The Tory party gathering kicks off today with all eyes on Jeremy Hunt for any signs of what might be appearing in the Autumn Statement next month. Instead of scouring a conference speech, journalists might find it easier to check the Treasury’s account on X – formerly known as Twitter.

Last week, the department’s social media team encouraged followers to ‘suggest policy ideas’ for the Autumn Statement, leading to a flood of cynical responses. Among the cries of ‘resign’ and ‘call a general election’, there were some noteworthy suggestions. For instance, one commenter proposed that landlords should pay council tax instead of tenants, while another called for the unfreezing of the 40 per cent income tax threshold. Is the Chancellor taking note? Only time will tell.

X marks the spot: The Treasury’s social media team encouraged followers to ‘suggest policy ideas’ for the Autumn Statement

Blackberry, once a dominant force in the mobile market, has seen its heyday come to an end. However, the company continues to operate as a provider of cybersecurity services. Last month, the stock prices plummeted after BlackBerry announced that second quarter sales would fall short of expectations. As a reminder of its glory days, a film depicting a probe into a multi-million dollar stock award scandal will be released this Friday. A nostalgic journey, for sure.

Reports of Rishi Sunak planning to abolish inheritance tax have garnered both praise and backlash from various political circles – though controversy is nothing new these days. However, one group that may be feeling uneasy about this idea is the bosses of companies listed on London’s junior Alternative Investment Market, also known as Aim. Many analysts have pointed out that most Aim shares are exempt from inheritance tax, which has resulted in a surge of investor interest. It is believed that up to a third of the stocks in this £90 billion market are held for tax purposes. If the tax were to be scrapped, experts warn of a significant risk of a major sell-off in Aim shares. This may not sit well with Tory donors in the City.

Morrisons, the supermarket chain, had previously been the subject of speculations about a potential chief executive job opening, even when there was no official announcement. We have previously reported on several candidates who were considered to succeed David Potts. There were even rumors that chairman Sir Terry Leahy might take on the role. Potts had asserted that he would stay for the long haul, but it turns out he is indeed leaving, and Rami Baitieh, former CEO of French grocer Carrefour, will be taking his place. This begs the question: was Baitieh the top choice? Morrisons declined to comment.

Contributor: Patrick Tooher

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