Heathrow hits record 60m passengers but profits fall on security costs October 26, 2018 Heathrow Airport served a record 60.5m passengers in the first nine months of 2018 but suffered a drop in profit on increased security costs. Pre-tax profit fell 7.4 per cent in the nine months to 30 September to £212m from £229m. Revenue climbed 2.3 per cent to £2.211bn, however operational charges increased with investments to [...]
DEBATE: With less than six months to go until Brexit, does this Budget actually matter? October 26, 2018 With less than six months to go until Brexit, does this Budget actually matter? Rhiannon Kinghall Were is head of tax policy at Macfarlanes. Getting this year’s Budget right matters, both politically and economically. It is taking place in a highly charged political environment – even if it appears literate on paper, this is not [...]
Magners maker C&C to produce more drinks in the UK after Brexit October 25, 2018 The maker of Bulmers and Magners cider is in late-stage talks to start producing European drinks at its UK plant after Brexit. Chief executive Stephen Glancey told Reuters that Brexit has presented opportunities for the Irish business. “You've got other manufacturers coming to us and saying ‘can you manufacture for us in the UK’? … [...]
Members block the UK’s bid to fast-track its post-Brexit entry into the World Trade Organisation October 25, 2018 The UK’s bid to fast-track its post-Brexit entry to the World Trade Organisation (WTO) failed today, after other countries expressed misgivings over Britain’s approach to tariffs. The news means the UK will face a longer path towards using the WTO, by entering a lengthy period of negotiations. That means the process of joining the WTO [...]
Deutsche Boerse steps up clearing battle with London October 25, 2018 Deutsche Boerse has stepped up its challenge to the Square Mile by expanding its clearing house partnership, as rival cities bid to replace London as Europe’s financial capital after Brexit. The London Stock Exchange Group’s LCH is currently Europe’s hub for clearing euro-denominated derivatives – used by firms to balance risk – and has become [...]
Small firms must prepare for no-deal Brexit, City governing body warns October 25, 2018 Small firms must speed up plans for a no-deal Brexit, the Square Mile’s governing body has warned, as negotiations with the EU faltered with five months to go until Britain’s leave date. There is no guarantee that a withdrawal agreement will be reached, the City of London Corporation (CLC) said today, and small and medium [...]
What entrepreneurs want Philip Hammond to announce in the Autumn Budget October 25, 2018 At the Conservative party conference earlier this month, chancellor Philip Hammond announced £20m of investment in business networks “to enable small businesses to learn from each other and from world-leading firms”. He also recognised the need for mentoring and management training for small and medium-sized enterprises, pledging another £11m to help 10,000 businesses by 2025, [...]
The FCA cannot afford to focus on Brexit alone October 25, 2018 It has been a mixed few months for the City's watchdog. On the one hand, the Financial Conduct Authority (FCA) has delivered long-awaited reforms to the asset management industry, while its chief Andrew Bailey has made several strong interventions in the Brexit debate, such as pointing out the absurdity of EU negotiators attempting to rule [...]
Calls for a second referendum are unwise, undemocratic, and playing with dynamite October 25, 2018 “I want to be absolutely clear, this government will never accept a second referendum.” This statement from the Prime Minister in September should have been the end of the matter. Alas, it wasn’t. The so-called “people’s vote” scenario runs something like this. Enough Conservative MPs vote with Labour against any final EU agreement, defeating it [...]
DEBATE: Has the EU overstepped the mark by rejecting Italy’s budget? October 25, 2018 Has the EU overstepped the mark by rejecting Italy’s budget? Matthew Elliott, senior political adviser to Shore Capital, says YES. From the moment Britain’s Brexit referendum was announced in 2013, the EU started to moderate its most overt interventionist instincts, minimising Eurozone problems through quantitative easing, and restricting its tendency to meddle in the affairs [...]