UK ‘can’t afford’ another decade of lost growth, CBI warn November 21, 2022 The UK “can’t afford a repeat” of its severe economic underperformance since the 2008 financial crisis, the chief of the country’s top business group will warn chancellor Jeremy Hunt today. Responding to last week’s autumn statement, Tony Danker, director general of the Confederation of British Industry (CBI), will slam the chancellor for failing to roll [...]
Hunt on course to miss fiscal targets despite £55bn of tightening, Deutsche Bank bet November 20, 2022 Chancellor Jeremy Hunt is on course to miss his fiscal goals due to a weaker growth outlook than forecast by the UK’s budget watchdog, an investment bank has said. According to Sanjay Raja, senior economist at Deutsche Bank, the Office for Budget Responsibility’s (OBR) GDP growth forecasts are too optimistic. Last week, the OBR said [...]
The Tory knives are out as Jacob Rees-Mogg calls Hunt’s Budget cuts ‘undeliverable’ November 18, 2022 The Chancellor’s spending cuts may prove “undeliverable” as Jeremy Hunt faces criticism from a range of senior Tories for raising taxes as he seeks to rebuild the UK’s battered public finances. Former business secretary Jacob Rees-Mogg accused the Chancellor of taking the “easy option” in Thursday’s autumn statement rather than bearing down harder on public [...]
Twitter HQ in chaos as mass exodus of staff picks up after Musk sets ‘hardcore’ deadline November 18, 2022 After Twitter’s new owner Elon Musk gave workers a choice to pledge to “hardcore” work or resign with severance pay, the social platform is bleeding engineers. Some took to Twitter to announce they were signing off after Musk’s deadline to make the pledge. A number of employees took to a private forum outside of the [...]
As it happened and live reaction: Jeremy Hunt’s Autumn Budget 2022: UK is now in recession November 17, 2022 Welcome to City A.M.’s live updates as the Chancellor of the Exchequer, Jeremy Hunt, delivers the government’s Autumn Budget for 2022. Here the news team will bring you all the key points, policy changes, opinion, analysis, responses from experts, industry reaction and more. Get in touch and let us know your views via news@cityam.com or [...]
24 hour city: Bromley, Vauxhall and Woolwich named as London’s nighttime enterprise zones November 17, 2022 City Hall has announced Bromley, Vauxhall and Woolwich as recipients of a new cash pot to boost high streets at night time, helping businesses stay open for longer into the night. The Mayor of London’s office said a £0.5m fund would boost the economies of these parts of London after 6pm – with a package [...]
A little birdwatching: Are tech firms like Musk’s Twitter ready for regulation? November 16, 2022 ELON MUSK’s dramatic takeover of Twitter – complete with firing the entire management team and half the staff – has been the talk of, ahem, Twitter for the past week, as well as much of the rest of the world. It has also divided opinion amongst the most strongly politically engaged. Many on the right [...]
Musk defends $56bn Tesla pay package saying he was focusing on the company’s execution November 16, 2022 Elon Musk took the stand to defend his $56bn (£47.7m) Tesla pay package from 2018, saying the EV maker was his sole focus at the time. “I was entirely focused on the execution of the company,” he told a US tribunal on Wednesday. Musk was taken to court by a company shareholder who accused the [...]
London’s last dance? Night czar Amy Lamé talks clubs facing lights out November 16, 2022 Night czar Amy Lamé talks to CityAM about London’s nightlife facing lights out, the capital as a 24 hour city and feeling like a pandemic scapegoat. “Gosh, how long have you got?” Lamé says with a laugh, when asked what the biggest challenge facing London’s night time economy is currently, in a bustling Soho coffee [...]
Warren Buffett reveals over $4bn stake in world’s largest chipmaker TSMC November 15, 2022 American business magnate Warren Buffett’s Berkshire Hathaway has revealed a $4.1bn (£3.4bn) stake in the world’s largest chipmaker, in a rare big bet on tech. Shares in Taiwan Semiconductor Manufacturing Company (TSMC) rose 7.8 per cent to $480 (£405) a share by the time Taipei’s market closed, on the back of Buffett weight in investment [...]