Government announces £7bn more savings on welfare budget October 20, 2010 THE chancellor announced a fresh crackdown on benefit fraud yesterday as well as a further £7bn of cuts to the welfare budget on top of the £11bn savings announced in June. George Osborne said the current “complex” system of means-tested working age benefits and tax credits will gradually be replaced by a universal credit that [...]
Uniq’s unique escape trick October 20, 2010 Convenience food maker Uniq has devised a unique way of resolving its crippling pension deficit – by effectively selling itself to its pension trustees. The firm, which supplies sandwiches to Marks & Spencer, is waiting on regulatory clearance to finalise a deficit for equity swap that will sign over 90 per cent of the firm [...]
Shibby loses out as Sugar’s Apprentices meet at dawn October 20, 2010 Just how do the Apprentices manage to be so peppy at 6am? Could it be down to the little motivational chats they give themselves as they stare into the mirror? “Looking good”, “bring it on”, “raring to go” they intoned. Suitably pumped up, they met their master in the genteel surroundings of Fortnum & Mason, [...]
Mortgage lending is down 7 per cent October 20, 2010 GROSS mortgage lending fell to just £12bn last month, which was the lowest September total for a decade, figures from the Council of Mortgage Lenders (CML) revealed yesterday. This was 7 per cent lower on September 2009 when lending was £12.9bn and 1 per cent lower on the previous month. The September 2010 figure was [...]
Rolet to speak out on regulation October 20, 2010 London Stock Exchange chief executive Xavier Rolet will appear next week before the Treasury select committee, to give evidence on its inquiry into financial regulation in the UK. Rolet has been vocal in his opposition to new proposals to split the regulation of the primary and secondary capital raising markets, under which the former will [...]
Body armour firm goes under October 20, 2010 Shieldtech, which supplies body armour to soldiers in Afghanistan and 25 police forces around the UK has gone into administration. More than 60 staff at the firm and its subsidiary Aegis Engineering have been made redundant after RSM Tenon Recovery was brought in as administrators. Gareth Roberts, one of the joint administrators, said all of [...]
Home Retail hit as Argos sales dented October 20, 2010 HOME Retail Group yesterday said that cash-strapped customers were abandoning its cut price retailer Argos as sales dopped. The company, which also owns Homebase, revealed that its overall profit had dropped 12 per cent to £103m in the six months to 28 August. A plunge in demand for furniture, video games and televisions contributed to [...]
UK government set to fight EU maternity leave proposals October 20, 2010 BUSINESS leaders and the government yesterday vowed to fight controversial draft EU proposals to extend maternity leave to a mandatory 20 weeks at full pay. Ministers said the UK would “work hard to oppose the plans”, which have been approved by MEPs but not yet by EU governments. Germany and France are also opposed to [...]
Home Retail Group October 20, 2010 Home Retail Group attempted to put a shine on some fairly grim – if expected – figures yesterday by claiming its Argos iPhone app had been a storming success. However, the truth is that sales at its cut price chain dropped by six per cent. This is made all the more worrying by the fact [...]
Pre-nups get legal status October 20, 2010 THE AGE of the pre-nup has finally arrived in the UK. The Supreme Court yesterday upheld a landmark ruling that gives credence to prenuptial agreements in England and Wales. The case examined whether the pre-marriage pact between German heiress Katrin Radmacher and Frenchman Nicolas Granatino should be considered as part of their divorce settlement. The [...]