Theresa May suffers historic defeat as Parliament takes back control of Brexit December 4, 2018 Theresa May suffered a humiliating series of blows on Tuesday as the government was found in contempt of Parliament for the first time in history and MPs backed a rebel amendment to her key Brexit legislation. During a day of high political drama the pound fell at one point to its lowest level against the dollar [...]
Nigel Farage quits Ukip over anti-Muslim policies and link with Tommy Robinson December 4, 2018 Nigel Farage has dramatically quit Ukip in protest at the party’s anti-Muslim policies under leader Gerard Batten. The former Ukip leader slammed the appointment of far-right activist Tommy Robinson as an adviser and the party’s “fixation” with Islam. Writing in the Daily Telegraph, Farage said he was leaving Ukip “with a heavy heart” due to [...]
Brexit mess makes Britain ‘hot heads’ of Europe, says City’s policy boss December 4, 2018 Britain’s mishandling of Brexit has made it the new “hot heads” of Europe and damaged its financial services industry, according the the City of London’s policy boss. Catherine McGuinness said the uncertainty surrounding Brexit has damaged the country’s reputation and will take time to rebuild. “We do travel the world quite extensively and I do [...]
UK foreign investment hits record high as investors shun Brexit fears December 4, 2018 Investment into the UK from foreign companies rose to the highest level ever recorded last year as investors shrug off Brexit worries. The value of the UK’s foreign direct investment (FDI) stocks in 2017 was £1,336.5bn, a rise of £149.2bn since 2016, according to figures published by the Office for National Statistics (ONS). The total, [...]
No-deal Brexit would be ‘disastrous’ for Toyota and could cost £10m a day, MPs hear December 4, 2018 Toyota has warned MPs that a no-deal Brexit would be “disastrous” to its car making operation in UK, and could cost the company around £10m a day. Tony Walker, deputy managing director of the company in Europe, said it was “unimaginable” that it would be able to change customs procedures to fit World Trade Organisation [...]
Outsourcers’ woes continue as construction giant Kier Group braces for potential drop from FTSE 250 December 4, 2018 The beleaguered UK outsourcing industry could suffer another blow in coming days with construction giant Kier Group looking set to drop from the FTSE 250 index. Kier’s stock was down another eight per cent this morning as the spectre of Wednesday’s round of FTSE index relegations and promotions loomed. City A.M. understands Kier is one of several [...]
Majority of companies still waiting to pull the trigger on Brexit preparations, according to survey December 4, 2018 A majority of companies have made no changes to their business plans ahead of Brexit, according to research. The Bank of England’s (BoE) regional agents asked 369 companies in October and November whether they had made changes to their supply chains, set up new legal entities or relocated office ahead of either a no-deal scenario [...]
Former Bank of England governor Mervyn King savages May’s Brexit deal December 4, 2018 The former governor of the Bank of England Lord Mervyn King has slammed Theresa May’s Brexit deal and implicitly criticised his successor Mark Carney. King called the withdrawal agreement "incompetence of a high order". “It simply beggars belief that a government could be hell-bent on a deal that hands over £39 billion, while giving the EU both [...]
Mark Carney: Bank scenario was not an ‘exam crisis’ December 4, 2018 Bank of England governor Mark Carney rebuffed his critics in front of an audience of MPs this morning after insisting that his recent doomsday scenario was not an “exam crisis”. The Threadneedle street boss said that criticism of the Bank’s decision to make a report on a worst-case scenario – which warned that the pound could fall [...]
How the UK can work with Japan to make the world a safer and more stable place December 4, 2018 The language of diplomacy can sometimes be very general. Diplomats and politicians invoke the idea of “partnerships” and “strong bilateral relations” without making clear to their citizens why they matter or what the benefits might be. Talk about trading opportunities gives a sense of something practical emerging from these sorts of relationship, but trade and investment is just [...]