TfL: Network planning for “managed decline” and return to 1970s without Whitehall funding November 18, 2021 LONDON’S transport network is headed for “managed decline” that will echo the 1970s if central government refuses to fill a growing funding black hole. Late on Wednesday evening, TfL’s finance committee published the bleakest assessment yet of the future of London’s public transport network, outlining an 18 per cent reduction in bus services and a [...]
Lower than forecast ULEZ receipts hit transport network’s coffers November 18, 2021 The expansion of London’s Ultra Low Emission Zone (ULEZ) has been so successful in driving down the use of heavily-polluting cars that it has blown a £600m hole in TfL’s forecasted budgets. The ULEZ was expanded out to the north and south circular in October as part of the Mayor of London Sadiq Khan’s push [...]
The City View Daily Podcast: Inflation, David Cameron and Arbuthnot Latham November 17, 2021 Welcome to City A.M.’s daily news podcast, The City View, live from the newsroom. Editor Andy Silvester whistles through the big news in the Square Mile today – including the latest on David Cameron’s faltering business career and a day to forget for McColl’s. But the big news of the day is inflation – which [...]
FCA pushes back on union recognition demands November 17, 2021 The Financial Conduct Authority (FCA) has pushed back on union demands to give official recognition to Unite the Union as the representative of staff at the watchdog. The new Unite general secretary Sharon Graham wrote to the regulator’s CEO Nikhil Rathi ten days ago, alleging that “staff at the Financial Conduct Authority are flooding to [...]
Lynch case takes another turn after co-defendant takes aim at key City witnesses November 17, 2021 THE continued fight over Mike Lynch’s proposed extradition to the US to face fraud charges has taken another turn after his co-defendant’s legal team attempted to discredit the evidence of two City analysts who have testified against Autonomy executives in previous court cases. In legal documents filed in Northern California, Lynch’s co-defendent Stephan Chamberlain alleges [...]
No money, no problem: City minister John Glen gives up top-up salary November 16, 2021 Amidst an ongoing lobbying scandal, City minister John Glen is one Tory MP who can’t be accused of lining his pockets: he has given up the salary ‘top up’ that comes with the job. The Economic Secretary to the Treasury, Glen had had his MP’s salary added to with an extra £22,475 since taking the [...]
McLaren rubbishes “wholly inaccurate” Audi takeover report November 15, 2021 Supercar maker McLaren has quashed reports of a takeover by German manufacturer Audi. Autocar reported this morning that Audi, whose parent group is Volkswagen, were set to take control of the Surrey-based operation, including its Formula One operation. But a spokesperson for McLaren told City A.M. this afternoon that the report is “wholly inaccurate.” “McLaren’s [...]
City’s new Lord Mayor will be a much-needed Square Mile champion November 15, 2021 As we move towards guarded optimism that we really might be over the worst of the Covid-19 pandemic, that cheery outlook is increasingly not being matched by economic data. Today two surveys suggest confidence is faltering, as supply chain issues and staffing shortages begin to be felt. Another look at pub takings suggest we’re not [...]
Young’s chief looks to toast the recovery amid Autumn Internationals party atmosphere November 12, 2021 WITH a weekend of international rugby coming up, Young’s CEO Patrick Dardis is brimming with enthusiasm – and not just because his beloved Ireland are taking on the All Blacks tomorrow. “As you know, rugby is massive for us,” he says to me over the phone on a busy results day for the historic pub [...]
London’s drinking: Capital on the way back as Young’s toasts a healthy recovery November 11, 2021 Pub chain Young’s announced it would restart its dividend this morning after a healthy set of half-year results suggested the historic operator’s recovery is well on the way. Adjusted operating profit hit a healthy £27.1m in the six months to the end of September despite ‘lockdown’ and later restrictions on numbers still being in place. [...]
