Northern powerhouse project: Researchers predict widening of North-South economic divide October 5, 2015 Chancellor George Osborne’s plan to create a “northern powerhouse” has been dealt a blow as a new report estimates that the gap between London and the rest of the UK is set to widen. London’s economy is forecast to grow 27 per cent over the next decade, according to a report from law firm Irwin [...]
West End poised for £2.5bn boost from Crossrail October 5, 2015 THE ARRIVAL of Crossrail is set to bring a £2.45bn boost to the West End by 2020 as thousands more visitors pour into central London, new research shows. The New West End Company (NWEC), which represents 600 businesses, said annual turnover for its retailers is predicted to hit £11.25bn just two years after completion of [...]
HMV sets sights on international growth as turnaround pays off October 5, 2015 Music retailer HMV is gearing up for expansion overseas following a dramatic turnaround just two years after being rescued out of administration. The company is said to be in talks to take its website into 10 other countries, primarily in Europe. Paul McGowan, HMV’s chairman and the founder of restructuring firm Hilco, which bought the [...]
High street chain River Island in fashion as sales and profits soar October 5, 2015 River Island saw profits jump by almost 70 per cent last year, boosted by the rise in mobile shopping and recent collaborations with popular celebrities such as Rihanna. The fashion chain, which is privately owned by the Lewis family, reported pre-tax profits of £149.1m in 2014 compared with £88m the previous year. Sales increased by [...]
Pensions reform: Lump sums don’t mean Lamborghinis as Britain’s savers are still being prudent October 5, 2015 Pensioners were expected to be buying up Lamborghinis in droves this summer, after landmark pension freedoms came into effect in April. The new system allows people over 55 to take some – or even all – of their pension as a lump sum. It wipes away old restrictions which only let retirees have a [...]
British entrepreneurs and new business owners raring to grow in 2016 October 5, 2015 British entrepreneurs have shaken off a turbulent year and are steaming ahead with growth plans, as a new study shows 90 per cent are optimistic for the future. A survey by EY out today, reveals 90 per cent of UK entrepreneurs think their business’ profits will increase over the next 12 months, and 53 per [...]
UK banks boost the number of female directors October 5, 2015 Women make up almost one-third of board members at Britain’s biggest banks, according to a new report out today from the financial services recruitment firm Astbury Marsden. The recruiters say that the share of female board members has risen by more than 50 per cent in just three years, from 19 per cent to 31 [...]
Five pence levy on plastic bags starts today aiming to reduce usage by 80pc October 5, 2015 It is time to dig out those “For Life” bags – from today you will be charged 5p for plastic bags in shops. Any shop or chain with more than 250 employees using thin “single use” plastic bags will have to charge, including home deliveries. The government hopes the measure will lead to an 80 [...]
Shawbrook poaches big hitter Steve Patemen from Santander October 5, 2015 Challenger bank Shawbrook has snatched a top exec from Santander UK, saying over the weekend that Steve Pateman would take over as chief executive at the start of 2016. Pateman was an executive director and head of UK banking at Santander UK, running the firm’s corporate, commercial, business and retail banking operations along with wealth [...]
VC fund targets £83m space sector shake-up October 5, 2015 A VENTURE capital fund that aims to nurture start-ups disrupting the UK space industry will kick off a roadshow this week to close an £83m fundraising. Seraphim Capital’s Space Venture Fund wants to speed up the commercialisation of space by investing in small to medium-sized businesses developing cheaper and more accessible technologies. It will also [...]
