Debenhams in talks with Aviva to offload executive pensions January 12, 2020 Struggling retailer Debenhams is in talks with Aviva about the insurer buying out its executive pension scheme, which holds more than £200m assets. Debenhams is closing in on the deal as it shutters dozens of its department stores around the country, Sky News reported. It would guarantee that members of the executive pension scheme enjoy [...]
Bank of England rate-setter hints at cut January 12, 2020 A Bank of England policymaker has hinted he could vote for an interest rate cut at the end of this month, making him the third BoE figure to float the idea this week. Gertjan Vlieghe told the Financial Times that if data does not show the UK economy ticking up from its current subdued state, [...]
BBC to move two-thirds of jobs outside London as it doubles down on regions January 12, 2020 The BBC plans to have two-thirds of its employees based outside London by 2027 as the embattled broadcaster hits back at accusations of metropolitan bias. Director general Tony Hall said the corporation had a responsibility to “serve everyone” and “reflect every part of the UK”. Read more: Samira Ahmed claims victory in BBC equal pay [...]
US officials to hold last-ditch talks with UK over Huawei ban January 12, 2020 US officials are gearing up for a final attempt to persuade the government to block Huawei from building the UK’s 5G network. Representatives from the US National Economic Council and National Security Agency are set to hold meetings in London tomorrow ahead of a final verdict on whether the embattled Chinese tech firm will face [...]
Beales on the brink of collapse in difficult weekend for high street January 12, 2020 Department store chain Beales was on the brink of collapse today in what has been a torrid period for the high street. The Bournemouth-based company is set to go into administration if it is unable to complete a sale, according to reports. In December, Beales appointed KPMG to launch a strategic review including assessing a potential sale. [...]
Outgoing John Lewis boss Paula Nickolds in line for £750,000 payoff January 12, 2020 The outgoing managing director of John Lewis Partnership is in line for a £750,000 payoff. Paula Nickolds announced her departure last week following the company’s profit warning, just three months after being appointed as the partnership’s head of brand. The Sunday Times reported that Nickolds was offered a payoff at the time of the restructuring, [...]
Bank of England’s Sam Woods warns of crackdown on the City January 12, 2020 Deputy Bank of England governor Sam Woods has warned the City that it could face a crackdown by regulators as they try to ensure the financial system remains safe a decade on since the financial crisis. Woods – who is chair of the BoE’s Prudential Regulation Authority (PRA) which oversees lenders and insurers – told [...]
Michael Gove set for promotion in new Boris Johnson cabinet January 12, 2020 Michael Gove is reportedly set for an expanded role in the new Boris Johnson cabinet, while a number of high-profile figures may be destined for the chop. The Duchy of Lancaster’s role in Johnson’s first cabinet was as master planner for a potential no-deal Brexit. Read more: Boris Johnson prepares mini-cabinet reshuffle as new Tory [...]
Channel 4 under fire over BP Paralympics sponsorship January 12, 2020 Channel 4 has come under fire from climate activists after it announced that BP will sponsor its coverage of the 2020 Paralympic Games in Tokyo. Environmental evangelists have taken aim at the broadcaster for accepting money from the oil giant, which is one of the world’s largest contributors to fossil fuel emissions. Read more: Boris [...]
Three-quarters of London businesses think HS2 is too expensive January 12, 2020 Almost three-quarters, 74 per cent, of London businesses think the controversial HS2 rail line has become too expensive, according to new polling. The Savanta ComRes/London Chamber of Commerce and Industry (LCCI) poll also found that 64 per cent of the capital’s business leaders thought “the project has or will cause too much disruption”. Read more: [...]