Consumer spending growth falls as festive shopping fails to boost high street December 4, 2018 Consumer spending growth fell year-on-year in November to its lowest level since March as falling confidence continues to impact struggling retailers. Growth in consumer spending was just 3.3 per cent, dragged down by poor sales in the retail sector, according to new figures from Barclaycard. The figure is the lowest since March this year, when [...]
Transport secretary Chris Grayling could have done more to avert May timetable chaos, say MPs December 4, 2018 Transport secretary Chris Grayling should have been "more proactive" in averting the crisis that unfolded from the timetable upgrade in May, MPs have said. The Transport Select Committee said it was "not reasonable" of Grayling to "absolve himself of all responsibility" in the May timetable change, which resulted in widespread cancellations, delays and overcrowding. The committee [...]
House of Lords slams HMRC over ‘unfair’ tax avoidance crackdown December 4, 2018 Powers given to HMRC to crack down on tax avoidance risk undermining the rule of law and access to justice, a House of Lords report has concluded. The House of Lords Economic Affairs Committee has called for a review of the UK tax authority’s powers, which have gradually grown over recent years. Lord Forsyth, the [...]
Theresa May to urge MPs to get on with Brexit amid fiery row over legal advice December 3, 2018 Theresa May will urge MPs to get on with Brexit on Tuesday amid accusations the government is in contempt of Parliament for refusing to publish the full legal advice on her deal. A row broke out in the Commons on Monday on the eve of the debate on the Prime Minister’s EU withdrawal plan, culminating with the government’s [...]
The Shard relaunches Western Europe’s highest light show December 3, 2018 The Shard’s Christmas lights are back with a bang this evening, transforming the top 20 storeys of the skyscraper into a festive light show. This year’s Shard Lights display sees London’s tallest building host a colourful 30-minute show running every half an hour from 4pm to 1am. The light show is based on the theme [...]
The City is the goose that lays the golden eggs December 3, 2018 The Financial Conduct Authority has taken its boldest step yet into the debate about banks' Brexit contingency plans. In a letter to lenders the City watchdog warned that it will not accept “steps being taken which could expose clients or markets to unacceptable risks.” Specifically, the FCA warns that they will intervene if they suspect [...]
London Stock Exchange eyes Experian boss as new chairman December 3, 2018 The chairman of credit reporting company Experian is tipped to become the next head of the London Stock Exchange (LSE). Don Robert, who is a member of Court at the Bank of England, is the frontrunner to succeed the LSE’s outgoing chairman Donald Brydon, according to Sky News. Discussions between Robert and the LSE’s board [...]
Mike Ashley calls for online sales tax to revive high street December 3, 2018 Sports Direct billionaire Mike Ashley has urged the government to tax online retailers as he put up a spirited defence of his own retail operation in front of MPs today. In a fiery appearance in front of a parliamentary committee the retail tycoon said “web boys” that make over 20 per cent of their retail [...]
Sanjeev Gupta signs $320m deal in push to increase US steel production December 3, 2018 Industrialist Sanjeev Gupta has agreed to buy US steel wire producer Keystone Consolidated Industries in a deal valued at $320m (£251m). The deal will take Gupta’s GFG Alliance steelmaking capacity to around 1.8m tonnes a year, as it adds to its US steelworks in Georgetown. The acquisition was financed by a loan from two American banks [...]
Shares in furniture retailer Dunhelm soar after broker upgrade December 3, 2018 Shares in home furnishings retailer Dunelm rocketed over 14 per cent after analysts at Peel Hunt upgraded their recommendation to buy. Peel Hunt said there are “clear catalysts for recovery” for the company next year, citing better brand awareness and improving online performance. The broker said Dunelm’s performance last financial year had been negatively affected [...]