Mark Carney says Chequers-style Brexit could ‘bounce’ UK economy by £16bn September 15, 2018 Bank of England (BoE) governor Mark Carney has said the UK economy could enjoy a £16bn "bounce" if Britain negotiates a trade deal along the lines of Theresa May's Chequers proposal. Details have emerged from a leaked cabinet meeting in which the Bank of England boss revealed he thought May's plan, which seeks a free trade area [...]
Electoral Commission allowed Vote Leave to break EU referendum spending rules September 14, 2018 The High Court ruled today that the Electoral Commission had misinterpreted EU referendum spending rules to the extent that it allowed Vote Leave to break the law. The commission had fined Vote Leave and Brexiter Darren Grimes after the group donated £620,000 to the campaigner. Both Grimes and Vote Leave claim they were acting on [...]
Wetherspoon boss Tim Martin urges parliament to reject Chequers for free trade deal as annual profits soar September 14, 2018 JD Wetherspoon chief executive Tim Martin has urged parliament to vote against Theresa May's Chequers deal as his company posted a boost in annual profit thanks to this summer's heatwave. The colourful pub-chain chief executive and Brexit advocate said a free trade deal with the EU would be a "huge gain" for businesses and consumers [...]
To win the Brexit prize, ditch Chequers and go back to the drawing board September 14, 2018 In all the confusion and turbulence that has accompanied the negotiations with the EU in recent months, we seem to have forgotten the Prime Minister’s Lancaster House speech, and in particular its important reference to what Theresa May called the Brexit “prize”. That prize must include the ability to improve our own domestic economy: by [...]
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. [...]