Rejoice? Unemployment hits its lowest since 1975 – but the experts aren’t so happy March 15, 2017 Unemployment in hit its lowest level since 1975 in the three months to January while the rate of working-age adults employed stayed at record highs. However, weaker wage growth at a time inflation is rising has given economists – and sterling – pause for thought. The government was cock-a-hoop. Damian Hinds, minister for employment said [...]
Hikma Pharmaceuticals shares soar and lift FTSE 100 despite fall in profits March 15, 2017 Hikma Pharmaceuticals was the top gainer on the FTSE 100 today as its profit drop was smaller than expected. The figures Hikma's group operating profit stood at $302m (£247.6m), down 21 per cent and down nine per cent in constant currency. Group revenue hit $1.9bn, up 35 per cent and up 39 per cent in constant currency. The group proposed a final dividend [...]
Chancellor Philip Hammond has U-turned on National Insurance hike plans – read his letter in full March 15, 2017 Chancellor Philip Hammond has U-turned on National Insurance contribution (NIC) hike plans revealed in last week's Budget. The announcement of increases to class 4 NICs was met with outcry, and the Tories were slammed for going back on a manifesto pledge to freeze taxes for five years. Hammond wrote: I am writing to clarify the government's [...]
After wreaking havoc in New York, Storm Stella is now heading to the UK March 15, 2017 Storm Stella, which devastated parts of the US yesterday and led to thousands of cancelled flights on both sides of the Atlantic is heading to the UK, bringing 60 mph gales and downpours on Friday. As well as cancelled flights, schools and businesses across the Eastern Seaboard were closed after 2ft of snow fell in [...]
UBS chair Axel Weber: We’re eyeing the exit ahead of Brexit because we need a new EU base once the UK leaves March 15, 2017 The chairman of UBS hinted today the Swiss bank may not wait until the end of Brexit negotiations to move jobs out of London. Back in January, Axel Weber said about 1,000 of the bank's jobs in London were directly linked to passporting, the complex set of rights which UK financial firms currently use to do business [...]
Philip Hammond has axed his Budget plan to hike National Insurance contributions March 15, 2017 Exactly a week after it was first announced, chancellor Philip Hammond has said he will scrap a Budget plan to increase National Insurance contributions for the self-employed. Hammond only announced the plan last Wednesday, but has been forced into a U-turn by widespread criticism of the decision. Tory MPs have complained of the added burden on small businesses, while others have pointed to a [...]
Remember this tiny Chelsea house on sale for £600,000? It just sold for £100,000 above asking price March 15, 2017 Rumours of Chelsea's demise are greatly exaggerated, it seems – after a miniature house in the London neighbourhood sold for a whopping £713,823. That's more than £100,000 above asking price. The tiny home, which we wrote about back in February, was on sale at £600,000. Sounds like a bargain for a home in the heart of Chelsea overlooking [...]
Battersea Power Station boss issues rallying call to property industry over stamp duty March 15, 2017 The head of the Battersea Power Station Development Company, Rob Tincknell, has issued a rallying call to property industry bosses, saying they must join forces to fight rises in stamp duty. Speaking to property developers and investors gathered at Mipim, a global property conference in Cannes, Tincknell said that he was forming a group to battle stamp duty [...]
Transferwise partners with Starling Bank ahead of digital challenger’s imminent launch March 15, 2017 Transferwise, the unicorn-valued fintech startup, is partnering with another new disruptive finance startup on the scene – Starling Bank. The money transfer service will be integrated into the app of the challenger bank set up by former Allied Irish Bank operating chief Anne Boden which is set to launch in the coming weeks. Read more: This "Paypal of renting" [...]
Donald Tusk accuses UK of making threats over “no deal” Brexit March 15, 2017 European Council president Donald Tusk has hit out over "increasing threats" from the UK over the willingness to quit the EU without agreeing new trade terms. Prime Minister Theresa May has repeatedly stated that "no deal is better than a bad deal" in order to stress her willingness to walk away from Brexit talks. But speaking in [...]