A liberal Brexit means continued EU-UK cooperation – but this time as equals January 6, 2017 Brexit means something remarkably straightforward: at some point before the middle of 2019, the UK will no longer be under the jurisdiction of any EU court or legislature. The fact of our impending departure does not, however, mean cutting ourselves off from Europe. If Brexit is easy to define, the details of what our post-EU relationship [...]
Labour is collapsing because it’s losing the battle of ideas: Free marketeers take note January 6, 2017 The Fabian Society’s latest report, which paints a doom-and-gloom picture of Labour’s chances at the next election, seems to have hit a nerve among the left’s most prominent commentators. Surely this is because there’s some truth to it: the Fabians’ estimation that Labour will struggle to win even 200 seats backs up the other evidence [...]
There are good reasons to be optimistic about the City’s prospects post-Brexit January 6, 2017 The risk and uncertainty of Brexit has cast a shadow over parts of the City, with some worried that two of London’s great crowns – global litigation centre and global financial capital – will be threatened. But how much will London’s standing on the world stage change in these respects as a result of Brexit? [...]
With PMIs suggesting strong growth in the UK economy at the end of 2016, will it remain robust in 2017? January 6, 2017 Ruth Lea, economic adviser at Arbuthnot Banking Group, says Yes. The latest Markit survey results found that business activity picked up appreciably in December in all three sectors – manufacturing, construction and services, suggesting that growth remained buoyant in the final quarter. Moreover, I expect growth to remain fairly robust in 2017, at around 1.5 [...]
Business secretary Greg Clark to hone in on industrial strategy in raft of meetings with companies next week January 5, 2017 Business secretary Greg Clark is expected to hold meetings with a raft of companies next week to discuss industrial strategy ahead of a green paper due out later this month. City A.M. understands Clark will be in meetings throughout the week with business figures from a range of industries to discuss the UK's nascent industrial [...]
Silverstone owners threaten to drop British Grand Prix January 5, 2017 Silverstone's management is threatening to drop the British Grand Prix because of spiralling costs of running it. John Grant, chairman of the British Racing Drivers' Club (BRDC), owners of the racing track, has written to members warning of the "potentially ruinous risk" of hosting the loss-making event. In a letter, seen by ITV, Grant said he wanted to "preserve [...]
Prime Minister Theresa May to visit President-elect Donald Trump in the US next month January 5, 2017 Prime Minister Theresa May will visit President-elect Donald Trump in the US next month. The PM will visit Washington DC after Trump's inauguration, which is on 20 January, a senior Number 10 source told Sky News. Trump invited May to visit him "as soon as possible" in a phone call the day after the US [...]
Challenger bank Oaknorth expands its team with three key hires January 5, 2017 It's only a few days into 2017, but Oaknorth has already further expanded its team, making three key hires. City A.M. has learnt that the challenger bank has appointed Georgy Naydenov and Stuart Blair as debt finance directors, and David Webley joins as a credit director. Industry veteran Webley has previously spent 25 years at Barclays and was most recently [...]
Royal Mail pensions closure: Unions warn on strikes if they disagree with plans January 5, 2017 Royal Mail today revealed plans to scrap its mammoth pension scheme that serves 90,000 postal workers. The former state-owned firm said the current final salary surplus would run out in 2018 and unless changes were implemented, the bill for servicing the scheme could run to over £1bn a year – a level it said “would [...]
Insolvencies are on the rise for the travel industry as the weak pound and terrorism fears hit businesses January 5, 2017 The travel industry is braced for thousands of insolvencies as the sector comes under increasing pressure from terrorism fears and rising costs. According to data from insolvency firm Begbies Traynor, 2,679 businesses in the travel industry currently have "red flags" over them which indicates that they are experiencing significant levels of distress. This is a [...]