TSB to pay former boss £800,000 this year despite IT meltdown bonus ban February 1, 2019 TSB’s former boss could be paid £800,000 this year after resigning in the wake of the bank’s IT meltdown, while other bankers miss out on last year’s bonuses. Paul Pester, who stepped down in September, will receive the previously agreed notice payments in monthly installments, the bank’s annual accounts showed today. Read more: TSB swings to [...]
No Boris, springing aimless policy promises on the public is not the way to make change January 21, 2019 The tax burden in the UK is at a 50-year high, accounting for over 34.5 per cent of GDP. Nevertheless, MPs from across the political spectrum like to propose new and higher taxes – the implementation of which increase the burden on families, who are already struggling from Britain’s cost of living crisis and lackluster [...]
Stansted Airport chooses Mace as main contractor for new £150m arrivals terminal January 8, 2019 London Stansted Airport has awarded construction company Mace a £150m contract to complete its new arrivals terminal. Work on the new terminal, which is projected to cost between £120m and £150m, is due to start in the spring and is scheduled to be completed by 2020. The new terminal is the flagship project in the airport's [...]
City A.M. shadow MPC unanimously votes to hold rates amid ‘Brexit fog’ October 31, 2018 Economists have urged the Bank of England to keep interest rates on hold at least until the “Brexit fog” has cleared. The bank's monetary policy committee (MPC) will meet on Thursday and is expected to leave rates unchanged at 0.75 per cent despite stronger-than-expected GDP growth and pay growth at its highest in almost a [...]
This Budget was a masterclass in dishonesty and manipulation October 31, 2018 So what was it? A cautious Budget? An astute Budget? A get-me-through-the-day Budget? Did you feel the earth move – or the need to change your financial affairs, for better or worse? Was there more than a zzzzz from the markets? It certainly was not the tax reform Budget that our economy desperately needs to put [...]
No-deal Brexit funding ramped up to £2bn in Budget 2018 October 29, 2018 Funding to prepare the UK government for a no-deal scenario as it exits the European Union next year has been given an additional £500m, taking the total allocated to aid departments with the planning to over £4m. Chancellor Philip Hammond had already allocated £2.2bn to departments for Brexit preparations in last year's Autumn Statement, with a [...]
Hammond heralds ‘end of austerity’ as debt and deficit forecasts improve October 29, 2018 Chancellor Philip Hammond heralded the “end of austerity” in his Budget speech today as the Office for Budget Responsibility (OBR) improved its outlook and said debt and the deficit would continue to fall. The OBR has improved its GDP growth forecast to 1.6 per cent for 2019 – increased from the 1.3 per cent forecasted at [...]
Jes Staley seeks to brush off Bramson challenge but Barclays still faces the headwinds October 24, 2018 Barclays CEO Jes Staley struck a bullish tone yesterday, insisting his investment banking division was on the up. Third quarter profits jumped to £1.5bn, up from £1.1bn a year ago. If this puts a spring in Staley's step, there are plenty of items in his in-tray to pull him back down to earth – not [...]
FTSE housebuilder Bellway cements position with rising profits but caution lingers October 16, 2018 Housebuilder Bellway sent mixed messages to the City this morning, as a rise in profit coincided with a cautious warning over Brexit. Pre-tax profits climbed 14 per cent to £641m over the last 12 months, as robust annual sales pushed the firm above the 10,000 homes mark for the first time. Revenues also jumped 15.6 [...]
Passenger numbers soar nearly 40 per cent at Stobart-owned London Southend Airport September 20, 2018 Passengers numbers at Stobart-owned London Southend Airport soared nearly 40 per cent in the first half of this year. Stobart, which purchased the airport in 2008, said the growth would continue next year, when budget airline Ryanair begins flying at the airport in the spring, adding on another 1m passengers. Easyjet will also bolster the number [...]