Interserve concludes “extensive search” for chief exec Adrian Ringrose’s replacement March 7, 2017 Support services group Interserve has concluded its search for a new leader, pinching a division chief exec from rival Sodexo. Debbie White will join the group to work alongside current Interserve chief executive Adrian Ringrose, who announced plans to step down last November. She will formally take sole control of the firm on 1 September. Read more: Interserve shares are [...]
Budget 2017 UK predictions: What you can expect from the chancellor’s Spring Budget March 7, 2017 It's that time of year again: the chancellor is getting set to dust off his little red box and deliver the Spring Budget. It's the last one we'll see at this time of year, as Philip Hammond decided to move the major announcements to an Autumn Statement schedule. It's likely to be a more staid [...]
Paddy Power Betfair reports revenue and profit rise for 2016 ahead of next week’s Cheltenham festival March 7, 2017 As bookmakers prepare for next week's Cheltenham festival, Paddy Power has unveiled an 18 per cent jump in revenue in 2016 although statutory figures, which include Betfair's numbers from 2 Fabruary last year, paint a different picture. The figures Revenue grew 18 per cent to £1.55bn from £1.32bn in 2015 on a pro-forma basis, while statutory revenue [...]
Direct Line unveils “successful year” despite taking a £217m hit from discount rate cut March 7, 2017 Direct Line's profits took a £217m hit as a result of the government's decision to slash the discount rate last week. Reporting its annual returns – which boss Paul Geddes referred to as a "successful year" – the impact on profits was not as high as the £230m the firm said was the worst case [...]
Tesco’s Dave Lewis: The Booker takeover means we can buy more and waste less March 7, 2017 Tesco boss Dave Lewis has said reducing food waste is a factor behind the supermarket’s £3.7bn takeover of wholesaler Booker. The tie-up will enable the combined group to buy a larger proportion of crops each producers. This allows it to both reduce its spend and ensure the residual food doesn't go to waste, Lewis said. Read more: Why Tesco could be [...]
The US and UK are failing to confront the long-term drivers of explosive debt growth March 7, 2017 The chancellor Philip Hammond will take to the despatch box tomorrow to deliver his Budget. The media will pore over the plethora of announcements made – fiddly tax changes here, growth forecast revisions there. But this short-term focus misses the real policy story of the post-crisis period. The political class is failing to address our [...]
Entrepreneur housebuilders have been crushed: We must bring them back to life March 7, 2017 It's nothing new to say that too few homes are being built in the UK. Fourteen housing ministers in the last 20 years have acknowledged it time after time, just as they have recognised that housing – or the lack thereof – is the UK’s greatest modern economic challenge. Yet the frequency with which these individuals have [...]
It’s productivity, stupid: The chancellor must be bolder on the greatest threat to living standards March 7, 2017 Whenever a new Budget is in the offing, fiscal policy tends to take centre stage. But while an open and lively debate over the goals of fiscal policy in the coming year is to be welcomed, we should not forget about the economic problems that, lurking in the background, continue to afflict the country. In particular, [...]
Is the purchase of Vauxhall-Opel by Peugeot owner PSA Group good news for Britain? March 7, 2017 Christian Stadler, professor of strategic management at Warwick Business School, says Yes. As it stands, it looks very much like the PSA deal is good news for everybody involved. GM will get rid of subsidiaries that have lost money for 17 years. PSA will become number two in Europe and gain scale that is crucial [...]
Letter: Reform business rates entrepreneurs tell chancellor ahead of Spring Budget March 7, 2017 Entrepreneurs, startup founders and tech leaders have penned an open letter to chancellor Philip Hammond ahead of the Spring Budget calling for business rates reform. Dear chancellor, In recent years London has established itself as Europe’s top destination for technology startups. Our capital has gone above and beyond to welcome and nurture some of the [...]