The immigration white paper is a case study in self-sabotage December 21, 2018 If the many-worlds interpretation of quantum mechanics is true, there are alternate worlds in which Ed Miliband beat David Cameron in 2015 and the Brexit referendum didn’t happen. In these worlds, the core of Wednesday’s immigration white paper would be a laudable liberalisation of non-EU migration to the UK. Instead, it’s a massive blow to our [...]
The UK’s ‘Brexit-proof’ tech startups land Christmas number one for European funding December 20, 2018 British tech firms brought in more funding from venture capital firms than any other country in Europe in 2018, as well as achieving the highest amount of exits. Startups in the UK attracted £6.3bn in venture backing this year, according to new figures released today by Tech Nation and Dealroom. In the same period, the [...]
Outsourcer Kier Group’s lenders face underwriting headache after rights issue flounders December 20, 2018 Kier Group’s shares were down 6.49 per cent today after it admitted investors only bought 38 per cent of the new shares it had issued as part of a fundraising effort. The beleaguered outsourcer's banks will now be forced to fork out millions to buy shares in Kier, after some of its biggest investors opted [...]
Bank of England keeps interest rates unchanged and warns Brexit uncertainty has ‘intensified considerably’ December 20, 2018 The Bank of England’s monetary policy committee said Brexit uncertainty had “intensified considerably” and warned of growing risks to the economy as it held interest rates for a third consecutive meeting. The rate-setting committee, which raised rates to 0.75 per cent in August, unanimously voted to hold interest rates, it said today. “Since the MPC’s [...]
Oil prices hit new 14-month low after global selloff December 20, 2018 Oil prices fell to another 14-month low earlier today as markets worried a slowdown in the US economy could hit demand. The Brent crude standard dropped over four per cent to breach the $55 per barrel mark, landing as low as $54.82. Speculators were spooked after international markets fell on the US Federal Reserve’s decision [...]
FTSE 100 falls to lowest level since August 2016 as US Fed sparks global selloff December 20, 2018 The FTSE 100 has fallen to its lowest level since August 2016 this morning as a market selloff sparked by the Fed’s decision to raise interest rates spread to the UK. US Federal Reserve chairman Jerome Powell hiked rates to a range of 2.25-2.5 per cent – the highest level in a decade, despite vocal [...]
Kier leads the FTSE’s morning fallers after investors shun call for cash December 20, 2018 Shares in outsourcing group Kier fell by almost 15 per cent as markets opened this morning, after the firm revealed that investors only bought 38 per cent of the new shares it had issued as part of a fundraising effort. Kier announced last month that it would turn to the market in a heavily-discounted share [...]
DEBATE: With student debt now blowing a hole in the government’s budget, should tuition fees be cut? December 20, 2018 With student debt now blowing a hole in the government’s budget, should tuition fees be cut? Iain Mansfield, a former senior civil servant, says YES. This week’s decision to reclassify student loans has exposed the myth that tuition fees were the only way of making mass higher education affordable – they were never affordable, just off [...]
Forget Brexit, the government must get cracking on Britain’s industrial strategy December 20, 2018 Given the breakneck speed at which news on UK politics has been moving in December, it’s understandable that the first anniversary of the launch of the government’s industrial strategy went largely unnoticed. But in the face of uncertainty over Britain’s international future, it is all the more important that the government makes progress on delivering [...]
Dear Santa, all we want for Christmas is more freedom – sincerely, the economy December 20, 2018 What does the economy want for Christmas? The answer is what it always wants, but rarely gets: more economic freedom. Economic freedom is actually two presents, not one. To make this Christmas one to remember, the economy wants to unwrap both public and private sector freedom. Public sector freedom comes in the form of a [...]