Campaign groups hit out at ‘callous’ Gatwick second runway plan January 4, 2021 Local campaign groups have hit out at Gatwick Airport’s decision to turn its emergency runway into a routinely operating second runway, calling the move “callous”. Yesterday it emerged that the Sussex airport’s investors – French giant Vinci and infrastructure fund GIP – had committed to funding the expansion, which would add 90 flights a day. [...]
This Week: PMIs, Morrisons, Next, US unemployment, Fed, M&S January 4, 2021 City A.M. looks at the first business week of 2021 with Michael Hewson, chief market analyst at CMC Markets UK. Monday: UK PMIs for December Flash numbers in the middle of December were surprisingly encouraging, with manufacturing rising to 57.3. “No doubt due to some pre-Brexit stockpiling. services also managed to rebound a touch, coming [...]
With little ado, a divided United Kingdom casts off into the Brexit unknown January 3, 2021 By Guy Faulconbridge and Kate Holton LONDON (Reuters) – The United Kingdom began the New Year outside the European Union’s orbit on Friday after ending a tempestuous 48-year liaison with the European project, its most significant geopolitical shift since the loss of empire. Brexit took effect in substance on Thursday at the strike of midnight [...]
Brexit: UK to start talks on quick EU financial services agreement January 3, 2021 The UK government will next week begin urgent talks to try and reach an agreement by March on the future of the UK’s access to EU financial markets. City minister John Glen and senior Treasury civil servant Katharine Braddick will lead the talks for the UK. Boris Johnson’s Brexit trade deal does not include an EU-wide [...]
City minister: Square Mile will not turn into Singapore-on-Thames January 3, 2021 Britain will not slash regulatory standards in the City in a bid to win business after Brexit, the City minister has said. Addressing concerns about the future prosperity of the Square Mile, John Glen denied that rules in the financial hub would be relaxed to improve competition, insisting that its reputation relied on its regulatory [...]
Sunday Talk: Mark Ridley, CEO of real estate giant Savills January 2, 2021 In a wide-ranging interview, City A.M. discusses fundraising challenges, Brexit and the shift to home working with Mark Ridley, who has been the group CEO of Savills since 2019, the London-based, LSE-listed real estate services giant which had a revenue of £1.93bn in 2019 and currently employs around 40,000 people in the UK and across Europe. The [...]
‘I relive pandemic rather than endure lasting Brexit damage,’ says Pimlico Plumbers founder January 2, 2021 With 2020 done and dusted, the coronavirus pandemic caused havoc and helped to put last year down in the history books for the wrong reasons, London’s most famous plumber, Pimlico Plumbers’ founder and CEO Charlie Mullins, told City A.M. “Having said that, I would relive this current crisis rather than endure the lasting damage that we [...]
Data-hungry fintech firms urge FCA to ‘break’ banks this year January 2, 2021 A coalition of London startups is calling on the Financial Conduct Authority to end the dominance of banking institutions over the use of consumer data this year. The firms argue it would increase competition in the savings, credit, mortgages and pensions markets. The Coalition for a Digital Economy (Coadec), an advocacy group that represent a [...]
Startup Spotlight: The top 50 London tech firms to work for January 2, 2021 From insurtech to fitness and everything in between, recruitment platform Tempo has compiled a list of the best London-based startups to work for. Companies in its “Super Startups” list have been based on the company’s mission, employee reviews and career pages. To be considered for the list the startups must have been launched after 2014, [...]
Alok Sharma offers to resign as business minister to lead climate summit January 2, 2021 UK business minister Alok Sharma has offered to resign from his ministerial position in order to take on a full-time role preparing for the country’s chairmanship of United Nations COP26 climate change summit, according to The Times today. Sharma, who is also president of this year’s climate summit, reportedly told Prime Minister Boris Johnson that [...]