Budget 2020: Government to review Air Passenger Duty March 11, 2020 The government has announced that it will undertake a review of Air Passenger Duty (APD) as a part of its new Budget, after calls from the aviation industry to scrap the tax. It said that it would “consider the case for changing the APD treatment of domestic flights, such as reintroducing a return leg exemption, [...]
Budget 2020: Government announces £27.4bn roads revamp March 11, 2020 On the back of new chancellor Rishi Sunak’s announcement of £27.4bn in investment for the UK’s roads in today’s budget, the Department of Transport has published its strategy for revamping the UK’s motorways and “A” roads. The funding will go towards the both the enhancement and repair of existing roads as well as completing a [...]
Silvertown Tunnel contract costs increase by £200m March 11, 2020 The cost outlay for the controversial Silvertown Tunnel appears to have risen by £200m to £1.2bn. Transport for London (TfL) last night publicly released the contract it had finalised with the Riverlinx Consortium in November. The twin bore road tunnel, which is opposed by many environmental groups and local councils, will connect Greenwich with the Docklands [...]
Cathay Pacific predicts substantial loss due to ‘unprecedented’ coronavirus hit March 11, 2020 Hong Kong’s flag carrier Cathay Pacific has said that the “unprecedented challenge” of coronavirus will see it suffer a substantial loss this year after the outbreak forced it to ground over half its fleet. The airline has been one of the carriers which has been worst affected by the outbreak, which came on the back [...]
First Group begins sale of North American businesses after investor pressure March 11, 2020 Bus operator First Group has today announced that it will sell its North American businesses after a long-running campaign by prominent investors finally paid off. Coast Capital, an activist hedge fund with a 10 per cent stake in the firm, as well as British-Iranian property tycoon Robbie Tchenguiz, have been pressuring First Group to divest [...]
Heathrow Airport passenger numbers sink in February as coronavirus hits demand March 11, 2020 Passenger numbers at Heathrow Airport declined nearly five per cent year-on-year in February as a lack of demand due to the coronavirus outbreak began to take its toll on the transport hub’s footfall. The monthly fall to 5.4m passengers was largely down to a falling demand on Asian and European routes, which have been the [...]
Lookers shares dive as suspected fraud delays financial results March 11, 2020 Shares in car dealership chain Lookers plunged this morning after the firm announced suspected fraud had delayed the publication of its financial results. Lookers’ share price dropped more than 18 per cent after it revealed last night that it had “identified potentially fraudulent transactions”. Lookers, which was scheduled to publish its 2019 results this morning, [...]
Hybrids and holidays: McLaren set for race against time March 11, 2020 McLaren boss Mike Flewitt could be forgiven for being more than a little fed up with surprise announcements. It’s no easy feat to completely reconfigure the launch of your latest supercar when Europe’s flagship motor show is cancelled with barely three days before the curtain comes up, but that’s what McLaren was forced to do [...]
McLaren Group set to tap City veteran Paul Walsh as chairman March 10, 2020 The British conglomerate behind the McLaren Formula One (F1) team is said to have lined up City stalwart Paul Walsh as its new chairman. Walsh, who served as chief executive of Guinness owner Diageo for 12 years, is in advanced talks with McLaren Group over the role, Sky News reported. The appointment, which could be [...]
HS2 boss says only building line to Crewe ‘doesn’t do justice to the business case’ March 10, 2020 The boss of controversial rail project HS2 has said that only building the line to Crewe “doesn’t do justice to the business case” after doubts emerged over whether the proposed eastern route to Leeds would be built. In a speech last month Andrew Stephenson, the new minister responsible for the project, made no mention of [...]