Simon Jack

BBC Business Editor
Today Programme on BBC Radio 4
Co-Presenter Good Bad Billionaire - Best Business Podcast 2024

[Simon Jack @BBCSimonJack]

Discount chain Poundland looks set to avoid immediate collapse as its US owners told Mps this afternoon they were in favour of extending a deadline to find a rescue deal beyond midnight tonight. 

THE US based firm Gordon Brothers, which specialise in buying and restructuring distressed companies bought poundland last June fittingly for just one pound alongside lending it 95 million pounds secured against the company's assets. THEY HAD argued that the chain has continued to struggle and the best way of securing jobs may be to split up the business and sell chunks of its 600 sites to other retailers. Poundland bosses have complained that Gordon Brothers HAVE restricted their access to cash to pay bills and buy stock ahead of the key Christmas trading period as well as rejecting offers to buy the company as a whole.  That forced Poundland to issue a notice ten workings days ago of its intention to appoint administrators anytime from midnight tonight. Gordon Brothers have indicated they are willing to see that deadline extended for a further ten days but it was a matter for the company. Emerging from a private meeting with Mps,  Poundland's Chief Executive Barry Williams told the BBC Poundland would be holding an urgent board meeting tonight

<AlL I can say is we’ve had a really good hearing in there….imporessed with their knowledge of the situation…we were able to share more detail....Sean and I have to go and hold a board meeting now to make some decisions based on our next steps>

There are 3 bids on the table for Poundland but so far, Gordon Brothers have rejected them in part because none are thought to be offering to pay back a 30 million pound loan that they inherited from the previous owners. Poundland has a stay of execution tonight but its future and the jobs of 11,000 employees along with thosuands more in the supply chain is far from secure.

[Simon Jack @BBCSimonJack]

New episode alert. You may have heard of Dario but his sister confounded Anthropic with him and will become one of the richest women in history as soon as next week when Anthropic goes public. https://t.co/Yjw2TVzgAt

[BBC World Service @bbcworldservice]

How real estate developer Nick Candy climbed London’s property ladder alongside his brother.

🎧 From celebs and CEOs to sport stars and tech titans, @BBCSimonJack @misszing find out how the world's billionaires made their money https://t.co/dzCYM2aD6n

[BBC World Service @bbcworldservice]

Gautam Adani’s businesses span almost every part of life in India and includes a close relationship with the country's Prime Minister Modi.

Good Bad Billionaire examine the extent of Adani's influence. Watch the full episode on YouTube 📺: https://t.co/N2bSTdQzaE

[Simon Jack @BBCSimonJack]

@d_obzerver @bbcworldservice I can only assume this was AI generated as it doesn’t make any logical or grammatical sense. Don’t understand.

[Simon Jack @BBCSimonJack]

He also instituted a prize for African leaders who stood down rather than cling on to power. Fascinating story.

[BBC World Service @bbcworldservice]

Good Bad Billionaire: How reluctant entrepreneur Sir Mo Ibrahim helped connect Africa with telecoms tech

🎧 From celebs and CEOs to sport stars and tech titans, @BBCSimonJack @misszing find out how the world's billionaires made their money https://t.co/pAVnSujteH

[BBC World Service @bbcworldservice]

Good Bad Billionaire: How reluctant entrepreneur Sir Mo Ibrahim helped connect Africa with telecoms tech

🎧 From celebs and CEOs to sport stars and tech titans, @BBCSimonJack @misszing find out how the world's billionaires made their money https://t.co/pAVnSujteH

[Simon Jack @BBCSimonJack]

@luced42 Why didn’t Isak complain? Weird.

[Simon Jack @BBCSimonJack]

Just saw Fatherland. Film about Thomas Mann journey to post war, creeping Stalinist east Germany in 1949 with his daughter played by the always superb Sandra Huller. Only 80 mins long but creates amazing and memorable atmosphere with beautiful photography. Worth a watch IMHO.

[Simon Jack @BBCSimonJack]

@luced42 I’m watching it now!

[Simon Jack @BBCSimonJack]

@peterjbirks Agreed. The confrontation with her husband in anatomy of a fall was quite something. A great film.

[Simon Jack @BBCSimonJack]

@SophyRidgeSky Good watch this.

[Simon Jack @BBCSimonJack]

This is on top of 2% already announced but yet to come in April so 24% and 44%. Apols.

[Simon Jack @BBCSimonJack]

Tax raid on landlords and savers

The Chancellor has imposed an additional 2% tax on income derived from savings and property rental.

At the moment basic rate tax payers are allowed to earn up to £1000 tax free and thereafter pay 20% tax on savings income. That will go up to 22% from April 1st next year. Higher rate tax payers can earn £500 tax free and theerafter pay 40% on savings income - which will rise to 42%. The measure is forecast to raise £590 million a year by 2013.

The government is also imposing a 2% rise in any income from property rental. The measure is forecast to raise £455 million a year by 2031.

However, savings in ISAs will remain tax free.

The Chancellor was keen to stress that there would be no tax rise on income from other investments like share dividends - making it clear that the government would prefer savers to invest in what it considers more productive, growth boosting assets than property and savings deposits.

Additional taxes on landlords could of course be passed on to renters.

[Simon Jack @BBCSimonJack]

@MerrynSW You’ve got to have quite a lot of cash savings (40k? At 3%)sitting outside an ISA for this to hit you as a basic rate taxpayer. Could argue that’s not a productive use of savings for saver or economy?

[Simon Jack @BBCSimonJack]

@MerrynSW For countries to keep score among themselves.

[Simon Jack @BBCSimonJack]

Chancellor - "I am increasing the rates of tax on income from property and savings by a further two percentage points from April 2027, With no change to tax on income from dividends and tax on income from employment." Wants UK to invest less in property and cash deposits and more in productive assets.

[Simon Jack @BBCSimonJack]

Get your money out of property and into something more productive seems to be the message from the Chancellor who added an extra 2% tax on rental income. Alex Foster at Blick Rothenburg described the move as "the final nail in the coffin for private investors in rental properties".

[BBC World Service @bbcworldservice]

Jack Dorsey founded a social media behemoth, but made more cash from card payments.

🎧 From celebs and CEOs to sport stars and tech titans, @BBCSimonJack @misszing find out how the world's billionaires made their money https://t.co/rqDZTr1NiB