May’s stamp duty tax on foreign buyers forces down FTSE developers’ share prices October 1, 2018 More than half a billion pounds was wiped off the value of some of the UK’s largest housebuilders today, as the City digested news of Theresa May’s planned property tax on foreign buyers. Shares in Berkeley Group, Barratt Developments and Taylor Wimpey all slid in the wake of the Prime Minister’s weekend announcement to slap [...]
How London can fend off the European hotspots vying for its fintech crown October 1, 2018 Flash back to the immediate aftermath of the Brexit vote. “London has committed suicide as a leading fintech centre,” tweeted Traxpay, a German payments platform. Catchy advertising urged startups to “keep calm and move to Berlin”. Read more: Meet the startups in the Treasury-backed Tech Nation fintech accelerator Over two years later, and it’s French [...]
DEBATE: Is Elon Musk’s erratic behaviour just the price we need to pay for brilliant entrepreneurs? October 1, 2018 Is Elon Musk’s erratic behaviour just the price we need to pay for brilliant entrepreneurs? Kathy Gromotka, associate at Downing Ventures, says YES. We back entrepreneurs because we buy into their desire and ability to behave in a way that creates value, whether they’re a star in the spotlight or operating in stealth mode. Elon [...]
Philip Hammond: Tory party ‘has business at its core’ October 1, 2018 Philip Hammond this morning sought to reaffirm the Tories as the “party of business” ahead of his Conservative Party Conference speech later today. He also tried to bolster business confidence about the prospects of the UK negotiating a Brexit deal with the EU, amid rising concerns over the possibility of the UK leaving the bloc [...]
US and Canada ease trade fears with last-minute deal to revamp Nafta October 1, 2018 Canada struck a dramatic eleventh-hour trade deal with the US and Mexico last night, putting an end to a year of tense economic negotiations in North America. In an effort to revamp the current North American Free Trade Agreement (Nafta), the three countries reached a trilateral agreement only hours before a midnight deadline, quelling threats [...]
CBI demands ‘change of tone’ on business from Tories ahead of Philip Hammond’s conference speech October 1, 2018 The boss of the Confederation of British Industry this morning said she hoped for a "change of tone" at the Conservative Party conference ahead of chancellor Philip Hammond's speech later today. Hammond is expected to say business remains at the centre of Tory policy when he addresses delegates on the second day of the conference. [...]
Hammond: Chancellor to step back from apprenticeship levy in conference speech October 1, 2018 The government will back down on its controversial apprenticeship levy today with a raft of reforms and a review into the scheme. Philip Hammond will announce the reforms to introduce greater flexibility for businesses and expand apprenticeship courses in science and other STEM subjects, in his speech at the Conservative Party Conference in Birmingham today. Read [...]
Labour’s plans to hand staff company shares could deter foreign investment in UK, warns law firm October 1, 2018 Labour's plan to force companies to give 10 per cent of shares to workers could deter foreign businesses from investing in the UK and spark legal challenges from across the globe, a top law firm has warned. Clifford Chance warned the proposal would “change the landscape” for foreign businesses planning to invest in the UK – [...]
Martin Sorrell says he regrets nothing months after leaving WPP amid allegations of misconduct October 1, 2018 Sir Martin Sorrell has said he has no regrets over his behaviour while in charge of WPP. The former chief executive left the firm in April after claims of personal misconduct, saying his departure was in “the best interest of the business.” In an interview with the BBC, Sorrell denied treating subordinates poorly, using company [...]
Pressure mounts on the CMA to break up accountancy’s Big Four October 1, 2018 The UK’s competition body has been told to “bare its teeth” and investigate breaking up the Big Four accountancy firms, as it prepares to announce a decision on whether it will investigate the sector. Three senior politicians from across the main parties have called on the Competition and Markets Authority (CMA) to find ways to [...]