Philip Hammond confirms he will borrow more and look at tax changes in ‘no deal’ December 5, 2018 Philip Hammond has confirmed the government would be forced to borrow billions more and consider tax changes to counter the economic impact of no deal. Appearing before the Treasury Select Committee on Wednesday, the Chancellor said the onus would be on the government to keep blood in the veins of the economy as the Bank of [...]
Crossrail boss Terry Morgan resigns after Sadiq Khan spat December 5, 2018 The chairman of Crossrail and HS2 has resigned from both roles following a dispute with mayor Sadiq Khan over delays and spiralling costs. Terry Morgan admitted last week he expected to be sacked amid rising costs and opening delays to both the Crossrail and HS2 projects. Morgan, who has led Crossrail for almost a decade, [...]
Bank of England delays cyber stress test as it focuses on Brexit December 5, 2018 The Bank of England (BoE) will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today. The BoE’s financial policy committee (FPC) said it will put off a scheme to test how banks react to cyber attacks, which was due to launch early next year. [...]
Facebook documents: Four things we learned from 250 pages of confidential emails December 5, 2018 Parliament today published a tranche of confidential Facebook documents it seized as part of an inquiry into fake news. The release of nearly 250 pages of internal documents, seized from a tech firm suing the tech giant, includes emails sent between chief executive Mark Zuckerberg and COO Sheryl Sandberg. Damian Collins, chair of the Digital, [...]
Housebuilders lead the FTSE risers as no-deal Brexit risk fades December 5, 2018 Britain's largest housebuilders saw the value of their shares jump this afternoon as the prospect of a no-deal Brexit began to recede. Property heavyweights such as Berkeley Group, Persimmon and Redrow were among the top 10 FTSE risers today as a frantic 24 hours of political tussling in Westminster fuelled the possibility of a “softer” Brexit [...]
No-deal Brexit is ‘default option’ if May’s withdrawal agreement voted down, says Leadsom December 5, 2018 A no-deal Brexit would be the “default” outcome if parliament votes against the Prime Minister’s Brexit deal next week, according to the leader of the House of Commons. “Unless government were to do something completely different to change tack, or indeed to pass this deal, then we will be leaving the EU on 29 March [...]
The EU has hit a home run with the most one-sided treaty in history December 5, 2018 In baseball, a game unfamiliar to many in the UK, when a player hits a home run it is normally considered good manners – and a sign of respect for your opponent – not to gloat, but to run the bases quickly without admiring the ball as it clears the fences, and certainly without making [...]
Fixing the rail system means putting passengers first December 5, 2018 The headlines yesterday that Govia Thameslink Rail (GTR) must spend £15m on passenger improvements to hold onto its franchise will be welcome if overdue news for the droves of commuters whose lives were made hell during the timetable chaos earlier this year. The Department for Transport labelled GTR’s performance “unacceptable”, and has not only decreed [...]
Trade body says hardcore of ‘repeat offenders’ are failing to listen to investor views December 4, 2018 The trade body for UK investment managers has written to 32 companies on the Ftse-all share to register concern after they faced significant shareholder dissent for the last two years. The Investment Association (IA) said it was concerned that these companies had appeared on the public register, which tracks significant shareholder dissent, for the same [...]
Theresa May suffers historic defeat as Parliament takes back control of Brexit December 4, 2018 Theresa May suffered a humiliating series of blows on Tuesday as the government was found in contempt of Parliament for the first time in history and MPs backed a rebel amendment to her key Brexit legislation. During a day of high political drama the pound fell at one point to its lowest level against the dollar [...]