UK’s £225bn professional services industry risks ‘catastrophic’ hit from Brexit October 14, 2020 Britain’s £225bn professional services industry has been ignored by the government and is under “catastrophic” threat of losing business to the EU post-Brexit, a parliamentary committee has warned. A House of Lords’ EU services subcommittee report published yesterday said the UK’s accountants, lawyers, recruiters, architects and advertisers are under risk of losing contracts and jobs [...]
Barratt reports strong forward sales as housing market recovers October 14, 2020 Barratt Developments (BDEV) has reported an increase in forward sales as the housing market bounced back from the first wave of coronavirus restrictions. The housebuilder said total forward sales as of 11 October increased 16.7 per cent to 15,135 homes at a value of £3.7bn. It also reported a 20.8 per cent increase in its [...]
Think tanks warn Sunak not to hurt UK’s ‘tax competitiveness’ October 14, 2020 Free-market think tanks have warned the government not to raise taxes on companies and dividends to try to mend the hole in the public finances, arguing that it would be an act of “self-sabotage”. The UK budget deficit is set to hit £350bn this year, the Institute for Fiscal Studies (IFS) think tank said yesterday. [...]
Today: Boris Johnson to meet EU chief in crunch trade deal meeting October 14, 2020 Boris Johnson and EU chief Ursula von der Leyen will hold last minute Brexit talks today as the two sides try to salvage a last minute trade deal. The two have agreed to meet ahead of an EU summit on 15 October, with Johnson saying last week that he needs to see a deal is [...]
FTSE 100 and US stocks slip amid second-wave worries October 13, 2020 The FTSE 100 was set to end the day lower and US stocks fell as concerns about rising coronavirus cases and new restrictions weighed on global sentiment. London’s blue chip index opened lower and was down 0.8 per cent by 4pm at 5,951 points. The mid-cap FTSE 250 had shed 1.5 per cent. Read more: [...]
Four ferry firms sign £80m post-Brexit freight deal October 13, 2020 Four ferry firms have signed contracts with the Department for Transport (DfT) worth a combined £77.6m to provide freight services after Brexit. Brittany Ferries, DFDS, P&O and Stena Line will between them provide extra capacity for the equivalent of 3,000 heavy goods vehicles a week. The new contracts will ensure that vital medical supplies and other [...]
UK tech visa applications hit record high despite Covid-19 October 13, 2020 The number of applications for the UK’s Tech Nation visa rose to its highest level on record last month as the thriving sector shrugged off the impact of coronavirus. Applications for the visa, which grants employees and founders in the tech sector the right to work in the UK for up to five years, hit [...]
UK taxes could rise by more than £40bn, says IFS October 13, 2020 The UK is set for years of higher debt and taxes as it recovers from the dual hit of the pandemic and Brexit, according to a leading think tank. The Institute for Fiscal Studies (IFS) published its annual Green Budget in association with investment bank Citi today, and warned that taxes will have to rise [...]
City to shift €150bn of UK assets into France ahead of Brexit October 13, 2020 Firms have begun shifting around €150bn (€135bn) of UK assets from the City into France ahead of the Brexit transition period deadline, according to the governor of the Bank of France. Francois Villeroy de Galhau told the Europlace International Financial Forum that the Bank of France has authorised asset shifts by 32 companies — mostly [...]
Christmas isn’t cancelled — Santa is accepting buy now, pay later October 13, 2020 One thing’s for sure: we’re going to be tempted to spend more than ever this Christmas, because 2020 has not been a joyful year. Let’s face it, if 2020 were a wine, it would be reduced to being a bin-end, and a pretty poor one at that. But as furlough unwinds, and with a no-deal [...]