Eurozone promises UK will not pay for failed banks in the bloc December 18, 2013 BANK failures in the Eurozone will only be paid for by banking union governments and not by the UK, leaders promised in talks late last night. The resolution mechanism being established for the Eurozone and other participating states should mean that bank collapses are paid for by lenders’ shareholders and creditors. But if there are any [...]
UK car production nears six-year high December 18, 2013 CAR PRODUCTION in the UK was 3.6 per cent lower in November than a year ago, yet the Society of Motor Manufacturers and Traders said yesterday that this was due to one-off factors and that it expects output to hit 1.5m cars this year – for the first time in six years.
British retailers rebound ahead of festive rush December 18, 2013 THE RETAIL sector regained momentum at the beginning of December after a disappointing performance in the two previous months, according to new data, giving hope of a last-minute sales push ahead of Christmas. Grocers, department stores and clothing shops, which had seen sales fall in the year to November, saw sales rebound strongly in the [...]
Analysts cut forecasts amid fears discounts will hurt profits December 18, 2013 MARKS & SPENCER and a raft of other major high street names were hit by downgrades from analysts yesterday amid fears that discounting and low wage growth will take its toll on spending this Christmas. HSBC and Oriel both slashed their forecasts for M&S yesterday, warning that weak consumer confidence and further promotional activity was [...]
Europe opens Hinkley Point subsidy probe December 18, 2013 THE EUROPEAN Commission yesterday said it has launched a probe into whether the UK’s plan to subsidise the Hinkley Point nuclear plant in Somerset is in line with EU state aid rules. EDF Energy, which is leading a consortium building the £16bn plant, said it would engage fully with the EC’s review.
Plastic bank notes get a thumbs up December 18, 2013 BRITISH banknotes will get a tough new makeover from 2016 when plastic replaces the traditional paper, enabling them to survive accidental spins in the washing machine, the Bank of England said yesterday. The UK will be the largest economy so far to adopt the more durable polymer material for general banknotes, after 87 per cent [...]
Balls’s plan to save cash, and himself December 18, 2013 SHADOW chancellor Ed Balls will today launch a review into areas of government spending that could be cut back to reduce the deficit, if Labour wins the election in 2015. In an interview in the Financial Times, Balls positioned himself as pro-business but didn’t give any detail on how Labour would achieve a budget surplus, [...]
Japanese firm buys Canopius in £594m deal December 18, 2013 JAPANESE insurance group NKSJ yesterday confirmed its £594m deal to buy Lloyd’s of London underwriter Canopius, becoming the latest firm to make inroads into the City’s historic insurance market. NKSJ will buy Canopius, its biggest ever acquisition, through its Sompo Japan subsidiary. The purchase means a windfall for Bregal Capital, whose funds own just over [...]
DWP pensions cap plan in doubt December 18, 2013 The government’s plans to cap pension management fees by next April have been dealt a blow, after The Regulatory Policy Committee deemed the impact assesment “not fit for purpose.” The cap, which would apply to those who are auto-enrolled into a scheme, was expected to be set at 0.75 per cent. The RPC said the [...]
Zero hours contract consultation December 18, 2013 The government has launched a 12-week public consultation into zero hours contracts, in a bid to make them more transparent. Business secretary Vince Cable recognised the need for contracts that allow employers flexibility and added: “People should have the choice in how they work. But this shouldn’t be at the expense of fairness and transparency.” [...]
