As the Bank of England hikes its growth forecasts, is it time for economists to admit they were wrong about Brexit? February 3, 2017 Ruth Lea, economic adviser to the Arbuthnot Banking Group, says Yes. The Bank of England was far too pessimistic in August when it slashed 2017’s forecast growth rate to 0.8 per cent and its accompanying monetary package was premature, to say the least. Unsurprisingly, therefore, it has since upgraded this year’s growth prospects twice: to [...]
Renters rejoice: Homelet predicts a fall in housing costs for February February 3, 2017 London renters don't often have much to smile about: crazy demand to see 'cosy' apartments, sky-high agency fees (although they will soon be a thing of the past), and the endless march of rents taking an ever-larger chunk of our pay…until now. Renters in the capital may get a small respite this month, with Homelet [...]
Uber’s chief executive has quit Trump’s business advisory group February 2, 2017 Uber's chief executive Travis Kalanick has just quit Donald Trump's business advisory group, according to an email to employees. Kalanick's resignation comes after the US President issued an executive order banning entry to people from seven majority-Muslim countries. "Joining the group was not meant to be an endorsement of the president or his agenda but unfortunately [...]
Snap has officially made public its filings for an IPO, and its warning investors about the impact of Brexit February 2, 2017 Snap, owner of messaging platform Snapchat, has finally made public its filing for an initial public offering (IPO). The company made many of its financial details public for the first time tonight as it prepares for a $3bn (£2.4bn) float. With a valuation of between $20bn and $25bn Snap could be going public as soon as [...]
Amazon’s sales jumped in the last quarter, but it missed analyst targets February 2, 2017 Online retail giant Amazon.com's share price fell four per cent in after-hours trading as operating income and revenue for the fourth quarter fell lower than expected. The figures Amazon reported a 22.4 per cent increase in its fourth-quarter revenue, driven by strong sales in the holiday period and increased Prime subscriptions. Net sales were up [...]
FL Partners buys one of the UK’s largest construction recruiters as builders stay upbeat about hiring February 2, 2017 Dublin-based investment group FL Partners has acquired Potensis Recruitment, one of the largest recruiters to the UK housebuilding and construction industries. Potensis recruits temporary and permanent services across all job levels to the residential housebuilding, social housebuilding and commercial construction sectors. Its clients include many of Britain's leading listed housing groups. Peter Crowley and Neill Hughes, founders [...]
A senior Tory backbencher is threatening to defy Theresa May in next week’s Article 50 vote February 2, 2017 A senior Conservative MP has threatened to defy Prime Minister Theresa May over her Article 50 Bill and fears of handing the Prime minister “a blank cheque”. Neil Carmichael, who chairs the education select committee, said he was “looking carefully” at amendments tabled for the legislation, which grants the government the power to launch Brexit [...]
The attorney general has revealed how much he was paid for the Article 50 case February 2, 2017 Bankers may be fearing a doughnut this earnings season, but the attorney general revealed today he has recently taken a zero bonus of his own. Jeremy Wright told MPs in the House of Commons today that he and the advocate general for Scotland "received no additional fee for our work on the case". Wright also said [...]
Defaulting to WTO terms post-Brexit would be a disaster for British trade February 2, 2017 Now that MPs have given permission to trigger Article 50 and Theresa May has outlined her 12-point plan for Brexit in both a speech and a White Paper, we finally have some clarity about the government’s intentions. But we still start with a clean piece of paper: we are leaving the Single Market and the Customs [...]
A new complex is planned for the Greenwich Peninsula – but it has no affordable housing February 2, 2017 Images of the new landmark development at the Greenwich Peninsula have been unveiled, a project London mayor Sadiq Khan has tipped as a "new cultural district" for the capital. The scheme from developer Knight Dragon will provide new apartments, as well as offices, hotels, shops, bars and a theatre, over 1.4m square feet. The complex has [...]