Consumer confidence edges up after hitting record low July 27, 2020 Consumers in the UK are emerging from the last three months in a slightly more positive mood, a closely-watched industry gauge showed today, with plans to start spending again. Consumer confidence at the end of the second quarter climbed just one percentage point to minus 17 per cent, up from a record low in the [...]
Lack of UK female bosses leads to £47bn profit gap July 27, 2020 Companies in the FTSE 350 with more diverse executive leadership teams perform considerably better and have higher profit margins, a new report said today. Analysis by gender diversity business the Pipeline showed more diverse companies — which have executive committees with female memberships of more than 33 per cent — have a net profit margin [...]
More than a fifth of small businesses expecting ‘much worse’ performance in 2020 July 27, 2020 More than a fifth of the UK’s small businesses expect their performance to be “much worse” over the next three months, after an unprecedented wave of job losses dampened their prospects. Hiring activity, profits and exports across small firms hit an all-time low in the second quarter, with 23 per cent of businesses having cut [...]
Government to draw up legislation to protect consumers during insolvencies July 27, 2020 The government will bring forward legislation to protect consumers when retailers go insolvent, with the UK’s Law Commission slated to draw up the new laws. Under existing legislation, any goods that have been pre-bought by consumers, but not yet collected, are counted as assets if a company becomes insolvent. They can then be held by [...]
Natwest looks at slashing costs by £3bn over the next five years July 26, 2020 Natwest will next week consider proposals to cut costs by £3bn over the next five years as it prepares for a wave of bad debts thanks to the coronavirus crisis. Top managers from the bank, which was renamed from RBS just this week, will look at plans that would see annual operating expenses cut from [...]
Labour at risk of bankruptcy from antisemitism legal cases July 26, 2020 Labour is preparing for a new round of legal cases concerning antisemitism complaints, which could plunge the party into serious financial difficulties. Lawyers from 3D Solicitors will next week set out the legal claims, from nine current and former Labour members, relating to potential data protection and privacy breaches. Labour’s shadow cabinet has reportedly been [...]
Boris Johnson and Rishi Sunak to make Treasury ‘new radicals’ in spending shake up July 26, 2020 Boris Johnson and Rishi Sunak are set to transform the Treasury’s approach to public spending by prioritising high-risk, high-growth projects. Chief secretary to the Treasury Steve Barclay will give a speech next week that outlines plans to operate the Treasury like a Silicon Valley firm by choosing projects that “move quickly, start small and fail [...]
Dominic Raab defends decision to scrap Spain travel corridor July 26, 2020 Dominic Raab has defended the government’s decision to scrap its travel corridor with Spain at short notice, saying that “we took the decision as swiftly as we could”. The Department for Transport announced yesterday that all travellers coming back from Spain to the UK from today would have to quarantine for 14 days. Spain recorded [...]
Mark Hix returns with a recipe for delicious home made pea soup July 25, 2020 Those of you who read this column regularly know that I love nothing more than growing my own veg, cooking it, and then banging on about the results in the pages of City A.M. Pretty soon I’ll be lusting over peas. Ideally I put them in a soup, but to be honest they’re so delicious [...]
Bespoke Aston Martin Vanquish 25 is a retro supercar dream July 25, 2020 Die Another Day certainly isn’t the best Bond film – and frankly, Pierce Brosnan isn’t the best Bond. But the Aston Martin Vanquish might be the coolest car modified by Q Branch. Having shaped the Vanquish two decades ago, Ian Callum has now modified one, too. The famous car designer’s new company – simply called [...]
