To save our treasured NHS, we must first acknowledge that it is failing the country October 20, 2017 The NHS is failing. No, this isn’t some attempt to “American-ize” the UK’s healthcare system. The US is the only developed country in the world not to offer universal access to healthcare, making it the weakest comparison for an NHS alternative. Nor is this some rogue or unpopular opinion. It is what the statistics around [...]
A successful industrial strategy requires letting zombie firms die October 20, 2017 As the government considers its industrial strategy white paper, due later this year, it must first break free from blinkered thinking. While doubtless well intentioned, the familiar policies under discussion so far – additional public infrastructure investment, more state-funded research, and skills enhancement, with a particular focus on management training – are not sufficient to [...]
Growth returns to the UK fashion industry after 14 months of decline October 20, 2017 The British fashion market has returned to growth after 14 months of decline and heavy discounting by retailers. In the year to 24 September, the fashion market grew by 0.2 per cent, according to figures released today by Kantar Worldpanel. Figures from the Office for National Statistics, published yesterday, showed clothing and footwear sales jumped [...]
Blackstone beats expectations as assets hit record levels October 19, 2017 Earnings at the US’ biggest buyout firm today swelled by almost a quarter, beating analysts expectations. New York-listed Blackstone said its third-quarter earnings had grown by 23 per cent to $385m (£293m). Shares rose over 1.55 per cent in trading. Net income for the three months to September was $834m, up 21 per cent and [...]
Brewdog considers New York Stock Exchange float in London snub October 19, 2017 Brewdog could snub London to list in the US when the beer business floats. Co-founder James Watt said in an interview with City A.M. that the irreverent Scottish brewery could choose the New York Stock Exchange for an IPO. It follows a push by Brewdog to expand into the US, having built a brewing facility [...]
Treasury select committee launches inquiry into women in UK finance October 19, 2017 The Treasury select committee (TSC) is starting an investigation into women in finance, seeking to understand why relatively few women occupy the top jobs in the City. The Treasury has pledged to deliver gender balance in financial services as part of its Women in Finance Charter. However, the TSC wants to investigate whether progress has [...]
Alphabet just backed Lyft, a US rival to Uber, in a $1bn funding round October 19, 2017 Alphabet has led a $1bn investment in ride-hailing app Lyft, even though it’s also an investor in its rival Uber. The massive fundraising comes from the tech giant’s growth investment fund CapitalG and the fresh cash puts Lyft’s valuation at $11bn. Google Ventures was an early backer of Uber. Read more: SoftBank IS interested in [...]
Cuts to pension allowances boost venture capital trust (VCT) fundraising to highest level in more than a decade October 19, 2017 Investors over the last year ploughed the most money into venture capital trusts (VCTs) in more than a decade, according to new data from HM Revenue & Customs (HMRC). The listed private equity-style investment funds, which give their investors tax relief on any money committed and tax-free returns, have seen increased interest from wealthy individuals [...]
Fitness advice: My favourite gym stories, from epic #gymfails to overzealous grunters October 19, 2017 This Saturday marks our ninth year anniversary at our City gym No1 Fitness. I’ve now been in the fitness industry for over 12 years, and during that time I’ve seen that the gym isn’t only a place to burn calories: it’s somewhere to make life-long friends, to feel better about yourself, to clear your [...]
Iconic sailing-wear brand Musto sets sail to Helly Hanson for £50m October 19, 2017 British outdoor clothing brand Musto, worn by the likes of Zara Phillips and yachtswoman Samantha Davies, has been sold to Norwegian sportswear company Helly Hansen for around £50m. Phoenix Equity Partners, the UK private equity firm which bought Musto in 2007 for £40m, has finally relinquished the company after an unusually long ten-year hold period. [...]