Speed up full-fibre rollout or risk being left behind, CBI warns government February 7, 2019 The Confederation of British Industry (CBI) today called on the government to fast-track the rollout of full-fibre broadband as it warned the UK is at risk of lagging behind. The trade body has urged the government to take action this year to avoid a “digital divide” that would see businesses and people left behind as [...]
Sadiq Khan ‘falling short’ on housing after new home registrations fall by 10 per cent February 7, 2019 London mayor Sadiq Khan has been accused of "falling short" on housing targets after it emerged that new home registrations in London dropped 10 per cent last year to just over 16,000. There were 16,069 new home registrations in 2018, down from 17,932 the year before, according to the National House Building Council (NHBC), a [...]
Fire, brimstone and Brexit….it’s all getting a bit theological February 6, 2019 Given that the Brexit debate has touched on every element of our lives from food security to house prices, it was perhaps inevitable that it would end up as a theological discussion. And so it came to pass, yesterday, when EU Council President Donald Tusk told a press conference that he ponders about “a special [...]
Royal London to transfer £1bn of assets to Ireland over ‘no-deal’ Brexit concerns February 6, 2019 The UK's largest mutual insurer, the Royal London Mutual Insurance Society (RLMI), is to transfer £1bn of its assets to Ireland amid increasing concerns over a no-deal Brexit. A High Court judge yesterday granted RLMI permission to move its business from the European Economic Area (EEA) to a newly formed Irish subsidiary, Royal London Insurance DAC, because of [...]
Jean-Claude Juncker shoots down Theresa May’s backstop renegotiation plan February 6, 2019 Theresa May’s hopes of securing changes to the Brexit backstop have been dealt a serious blow by European Commission President Jean-Claude Juncker. In a press conference in Brussels on Wednesday afternoon, Juncker ruled out replacing the controversial plan with “alternative arrangements” – a move backed by UK MPs last week. He also refused to accept [...]
UK’s assets under management growth to outperform US and EU over next seven years February 6, 2019 The UK asset management industry is expected to outperform both Europe and the US over the next seven years despite Brexit, new research shows. Assets under management in the UK are forecast to grow 22 per cent by 2025, according to a survey by Bloomberg Intelligence and Simmons & Simmons. Read more: Janus Henderson Group's assets [...]
Donald Tusk: Special place in hell for clueless Brexit campaigners February 6, 2019 There is a special place in hell for Brexit campaigners who had no plan for how the UK should leave the EU, the European Council President has claimed in an astonishing intervention. Donald Tusk made the jibe in a press conference alongside Irish Prime Minister Leo Varadkar in Brussels, in which he reiterated the Brexit withdrawal [...]
What’s the point of economists? Look to America’s tech giants to find out February 6, 2019 Despite the dire predictions from the economics profession about Brexit, the UK economy is doing well. Growth continues at a steady pace. An all-time record 32.4m people are in work. Unemployment has fallen to levels not seen since the mid-1970s. In contrast, the Eurozone is on the brink of recession – and Italy is already [...]
Redrow hails record profit as founder bows out on a high February 6, 2019 Housebuilder Redrow hailed record half-year profits before tax this morning, striking a resilient tone despite fears of greater uncertainty over Britain's imminent departure from the EU and a “subdued” Christmas. The figures In Steve Morgan’s final trading statement as chairman, the FTSE 250 developer said that pre-tax profits rose five per cent to £185m in [...]
CYBG shares soar as it boosts mortgage lending but warns of ‘uncertain’ market conditions February 6, 2019 CYBG has unveiled 1.5 per cent mortgage growth for the first quarter of its financial year, but warned of uncertain market conditions ahead. The bank, which acquired Virgin Money on October last year, said mortgages had hit £60bn in the three months to 31 December, which it said was the result of a strong pipeline and good [...]