As Volkswagen scraps all non-urgent investments, chief executive Matthias Muller admits: “This will not be painless” October 6, 2015 Beleaguered car manufacturer Volkswagen is to cancel or delay all its non-urgent investments, City A.M. understands. The company is trying to cut costs after the emissions scandal, during which billions have been wiped off its value. New chief executive Matthias Mueller, who replaced Martin Winterkorn at the end of September, told some 20,000 workers at the company's [...]
Halifax: UK house prices show biggest monthly fall in a year in September October 6, 2015 UK house prices fell by their most in a year in September, figures published today showed, with the average house price falling 0.9 per cent from £204,722 to £202,859 between August and September. That's a huge fall from the 2.7 per cent rise between July and August. The figures, by Halifax, showed prices in the [...]
London airport expansion: First designs of expanded Heathrow revealed October 6, 2015 Campaigners for Heathrow to be London's airport selected for expansion have revealed first designs of how it would look after work was carried out. The images show what the airport would look like with a third runway, as well as a new central terminal area, hotels and business park. A spokesman for Heathrow said: “These new images bring to [...]
Conservative party conference 2015: Businesses lash out at home secretary Theresa May over immigration October 6, 2015 Business groups are slamming home secretary Theresa May's speech to the Conservative party conference today, calling her hardened stance on immigration "irresponsible" and "nonsense". Institute of Directors (IoD) director general Simon Walker said his organisation was "astonished by the irresponsible rhetoric and pandering to anti-immigration sentiment from the home secretary". "It is yet another example of the [...]
UK businesses slam Tory tax hikes ahead of Conservative party conference 2015 October 6, 2015 Britain's biggest business groups are putting pressure on the government to row back on its latest tax proposals ahead of the Conservative party conference in Manchester this weekend. In formal submissions sent to the government today, the Confederation of British Industry (CBI), EEF, British Chambers of Commerce (BCC) and Institute of Directors (IoD) have all [...]
UK firms sceptical of new government consultation on tax rules for non-doms October 6, 2015 Accounting and legal experts have said that they are sceptical of a new government consultation out this week on changes to tax rules for non-domiciles, or “non-doms”. In the Summer Budget, chancellor George Osborne said he would be tightening tax rules for high-earning residents whose also reside outside the UK, including getting rid of [...]
Tory MP Richard Fuller backs Uber London calling for parliament to scrutinise TfL’s proposals for new laws October 6, 2015 A member of a powerful commons committee is calling on colleagues in parliament to scrutinise Transport for London (TfL) over its drastic new proposals to impose draconian regulations on Uber and other private hire car services. Richard Fuller, a Conservative MP who sits on the business select committee, told City A.M. the proposals were “precisely [...]
Standard & Poor’s warns slow growth in China may have strong knock-on effect on Europe October 6, 2015 Economists at credit rating agency Standard & Poor’s have warned that slowing growth in China would have strong knock-on effects for the Eurozone and some of Europe’s largest economies. S&P ran a simulation to assess the effects of China’s real growth slowing to 4.4. per cent next year and 3.9 per cent in 2017, instead of [...]
Asian and African high earners save six times more than their UK counterparts – Standard Chartered October 6, 2015 High earners in emerging markets are saving over six times more than their British or American counterparts, according to a new study out this week from Standard Chartered. The study found that the so-called emerging affluent in Asia and Africa plan to save as much as 30 per cent of their income in the [...]
Jeremy Corbyn’s Labour conference speech used passages rejected by Ed Miliband and Neil Kinnock October 6, 2015 Jeremy Corbyn’s first major speech as Labour leader included old passages first written in the 1980s and offered to every party leader from Neil Kinnock to Ed Miliband. Corbyn, a veteran MP who has called for a “new politics”, told conference delegates in an hour-long speech in Brighton yesterday that people with “property and [...]