UK housing crisis: Local authorities want to boost housebuilding October 5, 2015 The local Government Association (LGA) is urging chancellor of the exchequer George Osborne to raise the government’s targets for selling public land ahead of next month’s comprehensive spending review. In a formal submission sent this week, the LGA said the government should lift its target revenues from selling off public land for housing development [...]
Northern powerhouse project: Researchers predict widening of North-South economic divide October 5, 2015 Chancellor George Osborne’s plan to create a “northern powerhouse” has been dealt a blow as a new report estimates that the gap between London and the rest of the UK is set to widen. London’s economy is forecast to grow 27 per cent over the next decade, according to a report from law firm Irwin [...]
HMV sets sights on international growth as turnaround pays off October 5, 2015 Music retailer HMV is gearing up for expansion overseas following a dramatic turnaround just two years after being rescued out of administration. The company is said to be in talks to take its website into 10 other countries, primarily in Europe. Paul McGowan, HMV’s chairman and the founder of restructuring firm Hilco, which bought the [...]
High street chain River Island in fashion as sales and profits soar October 5, 2015 River Island saw profits jump by almost 70 per cent last year, boosted by the rise in mobile shopping and recent collaborations with popular celebrities such as Rihanna. The fashion chain, which is privately owned by the Lewis family, reported pre-tax profits of £149.1m in 2014 compared with £88m the previous year. Sales increased by [...]
British entrepreneurs and new business owners raring to grow in 2016 October 5, 2015 British entrepreneurs have shaken off a turbulent year and are steaming ahead with growth plans, as a new study shows 90 per cent are optimistic for the future. A survey by EY out today, reveals 90 per cent of UK entrepreneurs think their business’ profits will increase over the next 12 months, and 53 per [...]
UK banks boost the number of female directors October 5, 2015 Women make up almost one-third of board members at Britain’s biggest banks, according to a new report out today from the financial services recruitment firm Astbury Marsden. The recruiters say that the share of female board members has risen by more than 50 per cent in just three years, from 19 per cent to 31 [...]
Shawbrook poaches big hitter Steve Patemen from Santander October 5, 2015 Challenger bank Shawbrook has snatched a top exec from Santander UK, saying over the weekend that Steve Pateman would take over as chief executive at the start of 2016. Pateman was an executive director and head of UK banking at Santander UK, running the firm’s corporate, commercial, business and retail banking operations along with wealth [...]
TheCityUK calls on government to help firms boost export activity October 5, 2015 The UK government should do more to help SMEs ramp up their exports, according to new research from TheCityUK. In a report released today, the group says “helping SMEs fulfil their export potential could boost economic output and help solve the UK’s productivity puzzle”. The group is calling for a “well-constructed one-stop-shop gov.uk website that [...]
UK interest rates to stay at record low but another hawk could appear October 5, 2015 The UK’s rate-setters are widely expected to hold fire on interest rates when they meet this Thursday, but the door is open for at least one more member of the nine-strong committee to dissent than last time around. Last month saw the Bank of England’s monetary policy committee vote eight to one to hold [...]
German chancellor Angela Merkel defends Germany’s reputation as a good place for business after the VW scandal October 4, 2015 German chancellor Angela Merkel has said that the emissions scandal engulfing German carmaker Volkswagen is "drastic" but shouldn't damage the country's reputation as a good place to do business. "I believe the reputation of the German economy and the trust in the German economy has not been shaken by this to the extent that we [...]