EU referendum: London will be stronger if the UK remains as a semi-detached member of the club April 7, 2016 Any freedom gained by Brexit will come at the expense of opportunity and London will bear the brunt if Britain votes to leave. London will be stronger if the UK remains as a semi-detached but full member of the club, as negotiated by Prime Minister David Cameron in his reform deal. London has flourished by being [...]
Six reasons why London’s property market won’t collapse this year April 7, 2016 A recent report by UBS argued that London’s property market in London is exposed to the world's highest bubble risk and many would agree. But the reality is there are several good reasons why prices won't fall anytime soon. Here are just six. 1. Population growth London’s population grows faster than the UK national average and the supply of [...]
Co-operative chief executive Richard Pennycook’s basic salary and bonus cut confirmed: And here’s how much it’s dropping by April 7, 2016 The Co-op has confirmed chief executive Richard Pennycook has requested – and been given – a "very large reduction in his own remuneration package". At the same time, the group has revealed a pay rise for store staff. As reported last night, Pennycook's basic salary will drop from £1.25m to £750,000 with effect from 1 July and his [...]
The Co-Operative Group is back on track as it unveils profit growth and flat group revenues April 7, 2016 The Co-Operative Group has said it is "firmly on track" as it unveils like-for-like growth in its food, convenience and funerals businesses and a rise in underlying profit. The figures The struggling business heralded "stable" group revenues at £9.3bn (though this was down from £9.4bn last year), with food like-for-likes up 1.6 per cent, and volumes up five [...]
Marks & Spencer’s share price soars as it reveals better-than-expected fourth quarter figures in Steve Rowe’s first results (but clothing is still down) April 7, 2016 Marks & Spencer's share price soared more than three per cent this morning after posting a better-than-expected set of fourth quarter results – albeit yet another set of declines in general merchandise. The figures Group sales at the high street giant were up 1.9 per cent in the 13 weeks to 26 March, but as with [...]
London house prices: Why Foxtons’ chief executive Nic Budden’s salary is jumping 19 per cent April 6, 2016 It's clearly paying to be in the London property market right now. Foxtons' chief executive Nic Budden's basic salary is to jump 19 per cent for the current financial year, up to £550,000 from £461,000 last year. It's an interesting move for the London-focused estate agent, coming as demand for homes in the capital falls, although there has [...]
UK house prices: First-time buyers force growth surge as buy-to-let investment tails off April 6, 2016 Buy-to-let purchases might be tailing off – but the number of first-time buyers in the UK property market has surged, pushing prices up as demand intensifies. Figures out from estate agents Haart this morning showed that while average house prices climbed 4.1 per cent in the year to February 2016, the average first-time buyer house price jumped 9.8 per [...]
Up to 870 jobs at risk in Sainsbury’s restructure April 6, 2016 Sainsbury's is planning to shed as many as 870 jobs as part of a major restructure of its stores. The restructure, which comes hot on the heels of its £1.4bn takeover of Argos got the backing from parent Home Retail Group, involves replacing store trainers with new learning and development managers. Around 870 jobs could be lost [...]
Topps Tiles sales grow as consumers give new strategy thumbs up April 6, 2016 There's one area of life that uncertainty around Brexit isn't slowing down: DIY. Topps Tiles' second quarter figures out this morning show a rise in sales as the business continues to make progress under its new strategy. The figures Second quarter revenues rose 4.9 per cent in the three months to 2 April. Total revenues for the [...]
Fintech helps London to keep global finance title – but concerns about Brexit, housing and airport capacity must be addressed April 6, 2016 London has retained its title as the financial centre of the world, according to a global study published today –but second-placed New York is keeping up the pressure. The City wrested the Global Financial Centres Index title back from the big apple in September last year after receiving a boost from the Conservative party’s General Election victory. This time round, the capital’s booming financial technology [...]
