Why John Lewis’ price promise won’t deliver profits September 14, 2018 Retail bellwether John Lewis reported a 99 per cent drop in profits yesterday in what one analyst labelled a moment as significant as the fall of the Roman empire, as far as the struggling high street is concerned. The middle-class favourite’s profit before one-off items slumped to £1.4m in the six months to 28 July [...]
Bank of England boss Mark Carney warns house prices could fall by a third in a no-deal Brexit September 13, 2018 The governor of the Bank of England Mark Carney said house prices could crash 35 per cent over three years in the event of a no-deal Brexit in a briefing to cabinet today. Carney said if the UK crashed out of the European Union without a deal, a sharp rise in mortgage rates could torpedo [...]
Brexit papers: Government positions on cross-border trading, Irish citizens, driving licences, mobile roaming charges and blue passports revealed September 13, 2018 UK driving licences may not be valid in the European Union in the event of a no deal, the government warned today, as part of its latest batch of Brexit papers. While EU driving licence holders will not be affected when they travel through the UK, Brits may have to obtain one of two different [...]
The Grosvenor Estate weighs up move to become a serviced office space provider September 13, 2018 It might be one of London’s oldest landlords, but the Grosvenor Estate is mulling a move into one of the property market’s newest trends. In a bid to cash in on the growing popularity of serviced office spaces, the Duke of Westminster’s Mayfair business confirmed it is weighing up the idea of challenging market giants such [...]
Bank of England holds monetary policy unchanged amid “greater uncertainty”on Brexit September 13, 2018 The Bank of England today left monetary policy unchanged amid “greater uncertainty” in markets on the Brexit process and a worsening global trade outlook. The Bank's monetary policy committee (MPC) raised its main interest rate, bank rate, on 2 August, in only the second increase in the decade since the financial crisis began, but minutes [...]
No-deal Brexit risks UK recession and credit rating cuts says Moody’s September 13, 2018 A no-deal Brexit would risk a recession in the British economy and endanger the credit ratings of a host of companies, an influential rating agency said today. Moody's Investor Service said the risk of negotiations between the UK and the EU breaking down had “risen materially” in recent months, in an update to the market. [...]
Government to unveil new set of no deal Brexit papers today September 13, 2018 Brexit secretary Dominic Raab is poised to unveil a further 28 ‘technical notices’ advising the country how to prepare for a no deal scenario. The notices, due to be published this afternoon after a special "no deal" Cabinet meeting which Bank of England governor Mark Carney was seen joining, will offer detail on a number of critical [...]
Mayor power: Devolution is giving Britain a brighter future September 13, 2018 With the distraction of Brexit, one could be forgiven for believing that devolution policy has been dormant since 2016. Indeed, as Westminster negotiates feverishly for optimal European and international status come 30 March, it can seem that domestic policy has been effectively on hold since the referendum. But in that time, a quiet revolution has [...]
The EU needs dynamic new thinking, not lectures on unity September 13, 2018 Even a stopped clock is right twice a day. This should be adopted as the personal motto of European Commission president Jean-Claude Juncker, or at least as the tagline for his final State of the Union address yesterday. “There is no applause when EU law dictates that Europeans have to change the clocks twice a [...]
Calls for Brexit deal to protect UK asset management industry September 13, 2018 Analysts have called for the final Brexit deal to protect the asset management industry as it emerged that the value of investments managed in the UK for European clients increased by 30 per cent last year. A total of £3.2 trillion is managed in the UK for overseas clients, of which £1.8 trillion is assets from European [...]