Tory leadership hopeful Rory Stewart: I have enough MPs’ support to get to first round June 7, 2019 Tory leadership hopeful Rory Stewart has said he has secured enough support from MPs to progress to the next stage of the contest. The international development secretary told City A.M. he had secured the support of the eight MPs needed to progress to the first stage of the contest. “The challenge now is getting the [...]
Theresa May steps down today: What happens next? June 7, 2019 Theresa May will officially step down as leader of the Conservative party today as the race to be her successor intensifies. May, who announced her resignation two weeks ago in an emotional speech outside 10 Downing Street, will remain Prime Minister until a new leader is announced next month. What happens next? Eleven Tory MPs [...]
Ferrexpo shares increase on earnings expections rise June 7, 2019 Shares in oil and gas giant Ferrexpo jumped eight per cent this morning after the miner announced that earnings are expected to rise. Ferrexpo said group earnings before interest, tax, depreciation and amortization would “increase materially” compared with the first half of 2018. Read more: Oil dips to four month low as US inventories soar [...]
Google: Huawei ban is a national security risk June 7, 2019 Google has warned the Trump administration it risks compromising US national security if it pushes ahead with planned restrictions on Huawei. Senior executives at Google are pushing US officials to exempt it from a ban on exports to the Chinese company, according to the Financial Times. The Trump administration announced the ban after trade talks [...]
Peterborough by-election: Labour beats Brexit party to defend seat June 7, 2019 Labour has retained a strongly-contested seat after withstanding a fierce challenge from the Brexit party in the Peterborough by-election. Read more: Rival blasts Raab’s no-deal Brexit as ‘illegal’ Labour’s union activist candidate, Lisa Forbes, won 31 per cent of the vote to beat the Brexit part’s Mike Greene, who came a narrow second with 29 [...]
UK house prices grow at fastest rate for two years despite uncertainty June 7, 2019 UK house prices grew at their fastest rate for two years in May with an increase of 5.2 per cent year on year, according to new data released today. The value of the average UK home rose by 0.5 per cent from April to £237,837 last month, the Halifax House Price Index revealed, increasing by [...]
Ex-City minister slams FCA after Woodford suspension June 7, 2019 Former City minister Lord Myners slammed the financial regulator for failing to act on signs that Neil Woodford’s flagship fund was in trouble. Myners said the Financial Conduct Authority “should have been awake” to issues at the Woodford Equity Income Fund. The former star trader’s fund was suspended this week following a surge in investor [...]
Ofgem urged to extend prepayment price cap due to smart meter delays June 7, 2019 The competition watchdog has urged Ofgem to extend protection for prepayment consumers beyond the end of 2020 due to the delayed roll-out of smart meters. The Competition and Markets Authority (CMA) implemented a temporary prepayment price cap in 2017 in a bid to reduce customers’ bills by around £300m a year. Read more: Ofgem won’t [...]
Sam Gyimah pledges tax cuts in bid to win Tory leadership race June 7, 2019 Conservative leadership hopeful Sam Gyimah has vowed to slash taxes in a bid to outflank his rivals as the true Thatcherite candidate in the race to succeed Theresa May. Read more: Tory leadership race candidates told to stay until ‘bitter end’ The former universities minister told City A.M. he wanted to reform five taxes in [...]
FCA to overhaul banks’ ‘dysfunctional’ overdraft fees June 7, 2019 The financial regulator will set out to stop banks from charging higher fees for unarranged overdrafts, it confirmed today. Read more: Consumers could save ‘£100m a year’ from overdraft shake-up The Financial Conduct Authority (FCA) laid out planned reforms to the “dysfunctional” overdraft market in a bid to make such arrangements simpler, fairer and easier [...]