The average FTSE100 company has enough cash to cover 20 months* of operating expenses, demonstrating the relative strength of their balance sheets amidst the coronavirus crisis, says Bowmore Asset Management, the asset manager.
Research by Bowmore shows the average FTSE100 company has 618 ‘days cash on hand’. This is a metric that measures the number of days an organisation can continue paying its operating expenses with the cash it currently has available, regardless of any future sales.
The Covid-19 outbreak, and resultant social and economic catastrophes, arose totally without warning. We find ourselves in the midst of an unprecedented shake-up of the markets. The very fact that this event is caused by a global threat to our health, not just the financial system, means this pandemic is of justifiably greater concern than the financial crisis of 2008.
In the Budget, the Chancellor announced those individuals with a net income of up to £240,000 each year will be freed from the Tapered Annual Allowance, which limited tax-free pension contributions to just £10,000 for some higher earners. Most of the lobbying for this change has been driven by the medical profession with many older consultants deciding to leave the NHS as a result of having to pay tax on their pensions. The problem applies to all higher earns in other sectors including IT and media.
HMRC statistics released today shows the amount of income earned from investments by women rose 10% last year to £34.2bn, up from £31bn the year before, says Citimark Partnership, the adviser to private clients, trustees and corporates.