World’s most expensive houses suffer growth slowdown as London slump persists October 29, 2018 Prices for the world’s most luxurious houses have slipped to their lowest annual levels in nearly six years, as stricter regulations and growing political uncertainty deter wealthy buyers in a number of cities. Prime property prices across the globe climbed 2.7 per cent in the last 12 months, marking the slowest rate of annual growth in [...]
Looking back on my year as lord mayor, I am fully optimistic about London’s future October 29, 2018 As I approach the end of my year as lord mayor, the pace of activity across the City is accelerating rather than slowing down This week, the governor of Tokyo will visit the Square Mile, further strengthening ties with our Japanese friends after my trip earlier this year. This visit follows the Dutch King and [...]
Today’s Budget is a chance to reinvigorate domestic policy October 29, 2018 It has been a year of momentous change for department titles. The Department for Health has added Social Care to its name, while the Department for Communities and Local Government has recently become a Ministry of Housing, Communities and Local Government. So far, those changes have not been accompanied by a new and much-needed domestic [...]
Chancellor Philip Hammond says the UK will ‘strike out in a new direction’ in the event of a no deal Brexit October 28, 2018 Chancellor Philip Hammond delivers his latest Budget tomorrow, but has warned that he will be forced to take an entirely different approach if the UK and the European Union fail to agree a Brexit deal. Hammond said earlier today he would use fiscal buffers to boost the economy under a no deal scenario and "strike [...]
Hammond: No-deal Brexit could scupper the end of austerity October 28, 2018 Philip Hammond has warned that austerity will only end if the government can negotiate a Brexit deal with the European Union. The chancellor said plans to increase public spending may be dropped if Britain leaves with no deal. He said that Office for Budget Responsibility projections, which the budget is based on, assume Britain will [...]
CEO quits Allied Irish Bank as concerns are raised about Ireland’s banker salary cap October 26, 2018 The chief executive of Irish state-owned bank Allied Irish Bank (AIB), Bernard Byrne, will step down as chief executive in 2019 amid industry concerns about a salary cap on bankers. News of Byrne's departure comes only weeks after chief financial officer Mark Bourke said that he would be leaving the company early next year. It is [...]
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 [...]