Pimlico Plumbers flush with cash despite pandemic pressure December 17, 2020 Pimlico Plumbers has defied the potential impact of coronavirus on its books and increased its pre-tax profits in its latest financial year. The central London-based company achieved turnover of £43.27m for the 12 months to 31 May 2020. This is compared to £44.84m reached during its previous financial year. Pimlico Plumbers said the drop in [...]
Breaking: Macron tests positive for coronavirus December 17, 2020 French President Emmanuel Macron has tested positive for coronavirus, throwing a potential spanner in hopes of clinching a last-minute Brexit deal. The Elysee palace this morning announced Macron had tested positive after showing early symptoms. The French premier will now self-isolate for seven days, though he will continue to carry out his duties remotely. Spanish [...]
Pound hits 31-month high on Brexit hopes and dollar weakness December 17, 2020 The pound has shot up to its highest level since early 2018, with investors hoping the UK will soon sign a post-Brexit trade deal and the dollar falling sharply. Sterling was last up 0.6 per cent at $1.358, a 31-month high. It was 0.3 per cent higher against the euro at €1.111. The British government [...]
London’s IPO market proves resilient despite choppy conditions December 17, 2020 Despite rocky conditions caused by Covid-19 and Brexit-related uncertainties, the London Stock Exchange (LSE) retained its title as Europe’s most active market this year. LSE proceeds have accounted for almost a third of total European proceeds in 2020. So far there have been 26 London IPOs this year, which is in line with 2019’s 27. [...]
Watches of Switzerland repays furlough cash as it clocks surge in sales during pandemic December 17, 2020 Watches of Switzerland has raised its full-year guidance and announced it will repay furlough cash, after clocking a major boost in profits and sales during the pandemic. Operating profit at the luxury watchmaker beat expectations over the six months to 25 October, hiking 52 per cent year on year to £45.6m. Adjusted earnings before tax [...]
Sunak: Covid schemes could stave off damage from Brexit turbulence December 17, 2020 The Chancellor Rishi Sunak has said that Coronavirus support schemes could provide insurance against the economic impact of Brexit. “For businesses that need liquidity to get through a temporary time, we’ve got very generous… loan programmes for anyone who is having trouble with costs and employment,” he told The Spectator in a wide-ranging interview. It [...]
UK and US enter talks over mini-deal on tariffs December 17, 2020 The UK has entered talks with outgoing US President Donald Trump’s administration over a potential mini-deal to reduce trade tariffs. US trade chief Robert Lighthizer said he was hopeful for a deal that could see punitive tariffs on Scottish whisky lowered, according to the BBC. He also suggested the UK would need to go further [...]
EY chair: ‘Nobody wants to go back to full time in the office’ December 17, 2020 Almost nobody will want to go back to working five days a week in the office post-pandemic, according to EY UK chair Hywel Ball, after employees have enjoyed the convenience of home working for most of 2020. Speaking to City A.M. Ball said offices were likely to look very different post-pandemic, and that staff would [...]
What was the point of ‘recapturing sovereignty’ only for the government to act like autocrats? December 17, 2020 There was much hand wringing in March as MPs lined up to pronounce that they were being compelled to support actions that “no government would want to take”, and that there seemed “no other option” but to rush out severe restrictions in the face of the pandemic. They may have been right. But the thing [...]
UK agrees post-Brexit customs agreement with US December 16, 2020 The UK has signed a customs agreement with the US, ensuring trade between the countries is not disrupted after the Brexit transition ends at the end of the month. The bilateral Customs Assistance Agreement will allow customs authorities to continue to cooperate, including sharing data, to tackle customs fraud. The agreement was signed by the [...]