Supermarket sales boost consumer spending but high street woes continue February 5, 2019 Consumer spending returned to growth in January thanks to increased purchases of essentials, but high street retailers continue to feel the strain. Spending rose 2.9 per cent year-on-year last month thanks to a strong performance from supermarkets, which saw their highest rate of growth since April 2017 at 6.8 per cent, according to data from Barclaycard. [...]
Theresa May travels to Northern Ireland to warn of ‘concerning time’ over Brexit February 4, 2019 Theresa May will head to Northern Ireland on Tuesday in a bid to win support for her Brexit renegotiation strategy as the row over the Irish border backstop intensifies. The Prime Minister has vowed to seek “alternative arrangements” to stop a hard border on the island of Ireland if a UK/EU trade deal isn’t ready when [...]
HMRC says EU goods will be waved through UK ports without checks in event of no-deal Brexit February 4, 2019 HM Revenue and Customs (HMRC) has said EU imports will not be subject to extra checks at UK ports in the event of a "no deal" Brexit. In recent months freight companies have warned that leaving the EU without a deal would lead to miles-long queues at major ports such as Dover due to the possibility [...]
Government reveals Brexit assurances to Nissan as car maker moves X-Trail production outside UK February 4, 2019 A potential £80m government support package for Nissan was contingent on the car manufacturer building its X-Trail car at its Sunderland plant, it emerged this afternoon. The government today published the letter from business secretary Greg Clark that convinced Nissan to keep production in the UK in the aftermath of the Brexit vote, revealing that [...]
Angela Merkel urges UK to explain how it will replace the Irish backstop February 4, 2019 Angela Merkel has urged the UK to set out exactly how it wants to avoid a hard border with Ireland in the absence of a trade deal as she called for “creative” conversations to solve the Brexit deadlock. Speaking on Monday morning, the German Chancellor tried to strike an upbeat tone as she insisted a [...]
Confidence in the UK economy among financial services professionals hits record low February 4, 2019 Confidence in the UK’s economic prospects among financial services professionals is at a record low, a new survey showed today. A poll of its members by trade body the Chartered Institute for Securities & Investment (CISI) showed confidence was at its lowest level since it began the survey in 2012. Of the 1,062 respondents, 55 [...]
Ryanair falls to €20m loss as O’Leary signs new five-year contract February 4, 2019 Budget airline Ryanair today said it suffered a €20m (£17.5m) loss in the third quarter of its financial year, blaming weaker ticket prices. The airline also said that longstanding chief executive Michael O’Leary had signed a five-year contract for the role of group chief executive, as the company moves to a new structure. Read more: Ryanair [...]
Starling Bank courts Irish banking licence as it launches euro accounts February 4, 2019 London digital challenger bank Starling is today kicking off preparations to apply for an Irish banking licence, as it launches support for euro currency accounts this week. Offered to its users based in the UK, the euro account will be available alongside Starling’s existing pound account in order for customers to hold, send and receive euros with [...]
More than three quarters of CFOs believe the UK will be worse off out of the EU, says Deloitte February 4, 2019 More than three-quarters of chief financial officers believe the UK will be worse off as result of leaving the EU, a new Deloitte survey has found. Approximately 80 per cent of CFOs surveyed by the big-four accountant said they expected the long-term business environment to be worse on leaving the EU. The UK is scheduled to leave [...]
There’s more to Nissan’s X-Trail move than Brexit, but there’s no denying the cost of uncertainty February 3, 2019 The UK may or may not leave the EU on 29 March, and if it does the departure may or may not be facilitated by a formal withdrawal agreement. Unfortunately that's about as precise as anyone can be at the moment. With politicians still wrangling over the kind of Brexit that may emerge, businesses from [...]