Unilever’s board has now lost the Lynx effect with UK investors, a new era for spin city and a hand from above October 5, 2018 How ironic that one of the world’s great consumer marketing machines – responsible for brands like Lynx, Persil and Magnum – should be making such a hash of a sales pitch to its own investors. Unilever’s insistence that it remains “confident” of winning this month’s vote to scrap its British headquarters sounds more strained by the [...]
HMRC chief slammed by MPs for not telling 100,000 firms how to prepare for ‘no deal’ Brexit October 4, 2018 The UK's chief taxman has been slated by MPs for failing to tell 100,000 small businesses how to prepare for a 'no deal' Brexit. Jon Thompson, chief executive of HMRC, was given a dressing down in a letter from parliament's Public Accounts Committee, which was made public today. Committee chair Meg Hillier said she was [...]
EU regulator calls for access to UK deal insurers in event of hard Brexit October 4, 2018 The chair of the European Securities and Markets Authority (ESMA) has called for measures which would allow EU firms to access clearing houses based in the UK in the event of a no-deal Brexit. Clearing houses (CCPs), which have becoming an increasingly integral part of dealmaking, are insurers which balance risk between the sellers and [...]
Further outflows for UK funds as Brexit uncertainty continues October 4, 2018 UK-focused funds continued to experience outflows in August as investor confidence remained dented by Brexit uncertainty, taking the post-referendum total to £10.2bn so far. Net retail sales outflows were £217m in August compared to inflows of £4.6bn the previous year, according to the latest figures from the Investment Association. Read more: Investment Association boosts board gender diversity with shake [...]
Plan to keep all of UK in EU customs union after Brexit welcomed by Dublin in Irish backstop row October 4, 2018 A radical plan to keep the whole of the UK in a customs union with the EU after Brexit has been welcomed by Dublin, it has been reported. The proposal, seen as a way of stopping a hard border being created on the island of Ireland, would be the 'backstop' arrangement if no other deal [...]
London office take-up climbs as Crossrail arrival and new hotspots fuel demand October 4, 2018 Demand for office space in Central London jumped in the third quarter of 2018, with take-up in the capital’s commercial property sector showing no sign of a slowdown in the run-up to Britain leaving the EU. Office take-up in the three months to the end of September hit 3.7m square foot, marking a six per [...]
Financial Conduct Authority increases Brexit planning urgency, says chief executive Andrew Bailey October 4, 2018 The Financial Conduct Authority (FCA) has increased the urgency with which it is preparing for the UK to exit the European Union, chief executive Andrew Bailey said today. Former Bank of England deputy Bailey said the city watchdog is working with European regulatory partners to plan for a range of scenarios as the March 2019 deadline [...]
Donald Tusk offers UK a Canada-style trade deal in blow for Theresa May’s Brexit plan October 4, 2018 Donald Tusk has delighted the 'chuck Chequers' group of Tories by offering the UK a Canada-style free trade deal. Speaking just days after Boris Johnson urged Theresa May to shelve her Brexit plan, the European Council president backed striking a looser arrangement with the UK. The comments were welcomed by leading Brexiteers, with one claiming [...]
RBS: No-deal Brexit could send UK economy reeling October 4, 2018 Royal Bank of Scotland (RBS) boss Ross McEwan has warned that a no-deal Brexit could push the UK into another recession. Economic growth could fall flat or even turn negative if the UK leaves the EU without a deal, he told the BBC. Read more: 'End Brexit psychodrama' – Chamber of Commerce chief pleads with [...]
‘A step in the right direction’: SMMT lends support to Theresa’s May Chequers plan October 4, 2018 Car industry chief Mike Hawes has said Theresa May's much maligned proposal for Brexit is a "step in the right direction" for the troubled industry. Hawes, the chief executive of the Society for Motor Manufacturers and Traders (SMMT), told the BBC that while the prime minister's Brexit strategy wasn't a "panacea" for the industry, remaining [...]