Business lending to drop at fastest rate in decades as recession fears intensify February 6, 2023 Bank to business lending is forecast to contract sharply in 2023 while mortgage lending will grow at its slowest pace since 2011 as fears of recession intensify, economists have predicted. According to the latest forecast from EY Item Club, an economic forecasting group, bank to business lending is expected to contract 3.8 per cent this [...]
Energy crisis: Can someone shine a light on the Bulb takeover deal? February 6, 2023 Octopus' takeover deal for Bulb is set to cost the taxpayer much less than originally feared, but the deal remains shrouded in secrecy.
Avanti not ‘out of the woods yet’ as contract renewal decision looms February 6, 2023 Avanti West Coast is not “out of the woods yet”, a top MP has warned, as the government decides whether to renew the operator’s contract. Rail minister Huw Merriman has said he will make a decision on Avanti’s contract soon, with the extension set to expire in April. Merriman said it will be based “on [...]
Big Four look to hire London’s laid-off bankers to bolster their M&A teams February 6, 2023 The Big Four accounting firms – Deloitte, EY, KPMG and PwC – are seeking to hire laid-off bankers to bolster the ranks of their M&A advisory arms in the City. Top execs told City A.M. the world’s biggest professional services firms are seeking to capitalise on the downturn in big M&A deals by poaching talent [...]
Dragons’ Den reject Trunki to be sold for over £12m February 5, 2023 Trunki, the well-known children’s suitcase brand, has been sold in a deal thought to be worth over £12 million. Founder Rob Law, who was once told his company was “worthless” on the BBC’s Dragon’s Den, has now sold over 5 million Trunki suitcases and built a successful portfolio of travel gear, with the group’s revenue [...]
UK shouldn’t start a ‘regulatory race to the bottom’ to lure Arm into London float, top City group warns February 5, 2023 A top City lobby group has hit out at the UK’s financial watchdog over claims it is planning to bend its own rules to persuade microchip designer Arm to float on the London Stock Exchange. The Institute of Directors (IoD) warned the Financial Conduct Authority’s (FCA’s) offer to waive market rules “undermines the integrity of both [...]
Mike Ashley’s Frasers Group to buy two shopping centres in £100m deal February 5, 2023 Mike Ashley is gearing up to purchase two shopping centres in an £100 million deal, in a sign that the retail sector might be starting to stabilise. Frasers Group, majority owned by Ashley, is in the final stages of negotiations to acquire The Mall in Luton and the Overgate centre in Dundee, The Sunday Times [...]
Executive pay rises should not outstrip staff salary bumps, Aviva warns February 5, 2023 Aviva Investors has warned company directors that it would be “inappropriate” to award themselves bumper pay rises and urged them to recognise that record high inflation puts far greater pressure on the budgets of their frontline staff. In a letter to the 1,600 firms in which it has stakes, including many in London, the fund [...]
UK spent £60bn on gas to stave off winter energy crunch February 5, 2023 The UK spent £60bn importing gas in just four months to stave off a winter energy crunch, according to analysis from Highview Power.
West needs to prepare for energy crunch next winter, analysts warn February 5, 2023 Experts have urged the West against complacency next winter, warning that the energy crisis could last for years to come.