STIR: Repo Reference Rates
Dec-22 13:14
REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 5.31%, no change, $1720B
* Broad General Collateral Rate (BGCR): 5.30%, no change, $632B
* Tri-Party General Collateral Rate (TGCR): 5.30%, no change, $622B
Source: NY Fed
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UK: Chancellor Outlines Supply-Side Reforms
Nov-22 13:07
Chancellor Jeremy Hunt delivering the Autumn Statement. Hunt on boosting business investment with supply side reforms:
- On planning reforms: "We will invest £110m over this year and next to deliver high quality nutrient mitigation schemes, unlocking 40,000 homes. We will invest £32m to bust the planning backlog [...]. We will allocate £450m to the Local Authority Housing Fund to deliver 2400 new homes."
- Hunt: "...planning and grid reforms are estimated to accelerate around £90bn of additional business investment over the next 10 years."
- On R&D: "To further support research and development, I am creating a new simplified R&D tax relief, combining the existing R&D Expenditure Credit and SME schemes. I will also reduce the rate at which loss-making companies are taxed within the merged scheme from 25% to 19% and lower the threshold for the additional support for R&D intensive loss-making SMEs that I announced in Spring, to 30%,"
- On advanced manufacturing and green energy: "I confirm that we will make available £4.5bn of support over the 5 years to 2030 to attract investment into strategic manufacturing sectors...includes support of £2bn for zero emission investments in the automotive sector...£975m for aerospace, ... and £520m for life sciences."
- On Investment Zones and Freeports: "I have today decided to extend the financial incentives for Investment Zones and tax reliefs for Freeports from 5 years to 10 years."
UK: Pension forms designed to try to encourage infra investment
Nov-22 13:06
Part of the ideas of these pension reforms is that larger pension schemes can invest more in infrastructure and will be less prone to failure than smaller funds. And the admin costs should be lower than running lots of individual small schemes.
UK: Pension reforms outlined
Nov-22 13:03
- Pension reforms: by 2030 all workplace DC schemes in pools of GBP30bln or more.
- By 2040 all local government schemes in pools of GBP200bln or more.
- "I will support the establishment of investment vehicles for pension funds to use including through the LIFTS competition, a new Growth Fund run by the British Business Bank and opening the PPF as an investment vehicle for smaller DB pension schemes. I will also consult on giving savers a legal right to require a new employer to pay pension contributions into their existing pension pot if they choose, meaning people can move to having one pension pot for life. These reforms could help unlock an extra £75bn of financing for high growth companies by 2030 and provide an extra £1000 a year in retirement for an average earner saving from 18."
