One-in-four UK exporters looking to cut out EU customers post-Brexit February 24, 2021 Almost one-in-four British exporters are planning on reducing their activity in the EU or eliminating it out entirely post-Brexit, according to a new survey. A survey from the British Chambers of Commerce/moneycorp showed that 44 per cent of exporters would grow their business in the EU, but that 23 per cent want to “either reduce their activity [...]
UK agrees to EU extension of Brexit trade deal ratification February 23, 2021 The UK has agreed to a request by the EU to extend the date of its parliament’s ratification of the Brexit trade deal until 30 April. The trade deal was provisionally approved by the 27 EU ambassadors in December to ensure it came into place on 1 January when the UK left the single market [...]
A trade deal with Australia would give the UK the green light to join the CPTPP February 23, 2021 There was a time in British politics last year when the term ‘Australia-style’ was deeply fashionable. As Prime Minister Boris Johnson sought to navigate the UK’s departure from the European Union and secure a Brexit deal, the prospect of trading with the EU on WTO terms – akin to that of Australia’s trading relationship with [...]
UK-Japan trade deal settled post-Brexit nerves, says Honda February 23, 2021 The UK’s trade deal with Japan helped lead to a smoother Brexit transition for Honda this year and ensured greater confidence, according to one of the carmakers’ European bosses. Ian Howell, senior vice president at Honda Motor Europe, told MPs today that the trade deal “settled a lot of nerves” among Japanese companies. Honda’s manufacturing [...]
Saudi prince to sell £195m stake in London skyscraper February 23, 2021 A Saudi prince is close to selling his stake in a City skyscraper to an American investor for around £195m. Prince Abdul Aziz bin Fahd owns 25 per cent of Salesforce Tower in Bishopsgate. The tower has attracted interest from New York-based investment firm Madison International Realty. The 46-storey tower took four years to complete [...]
Post-Brexit regulatory changes for the City could free up £95bn, says study February 23, 2021 The UK could free up £95bn for City insurance firms to reinvestment into the economy if the Treasury waters down the EU’s Solvency II regulations post-Brexit, according to a new study. The Association of British Insurers report, researched by accounting firm KPMG, recommends easing the cap on how much capital insurance firms must hold at [...]
Sterling rises to a three-year high February 22, 2021 Sterling rose to a three-year high against the dollar today as investors bet on the UK’s vaccination success bringing about a speedy economic recovery. Sterling achieved $1.4073 against the dollar this afternoon. It reached its highest levels since April 2018 when it broke the $1.40 barrier on Friday and has risen 2.9 per cent against [...]
Businesses should be wary of class action lawsuits as groundbreaking Shell decision has global reach February 22, 2021 Class action lawsuits are becoming increasingly popular in the UK, and a combination of the coronavirus, Brexit and previous claimant-favourable outcomes will mean UK companies see more action against them in the coming years. Britain is part of something of a third wave of class action lawsuit popularity. The practice of collective claims started in [...]
Why are UK mid caps in such an M&A sweetspot right now? February 22, 2021 It would be difficult to miss the fact that UK mid cap companies are attracting a renewed level of bid interest at present. So much so that, every morning, when I log in to my virtual workplace, I am mentally preparing myself to see a new headline about the next one to be bid for. [...]
Cake giant Finsbury Food has little cause for celebration as revenue drops sharply February 22, 2021 One of the UK’s biggest cake makers has seen group revenue fall by more than four per cent to £152.9m in the six months leading up to Christmas, the group announced this morning. Finsbury Food Group’s profit before tax also dropped 16.1 per cent to £7.4m as the company felt the effects of coronavirus lockdowns. [...]