Trade secretary Liz Truss under fire for personal think tank meetings August 20, 2020 Trade secretary Liz Truss is facing criticism after a series of meetings with a pro-hard Brexit think tank were removed from the public record and reclassified as personal discussions. Two meetings between Truss and the Institute of Economic Affairs (IEA) were originally logged in quarterly transparency data on the government’s website and described as discussions [...]
AO World revenue surges as customers continue online shopping post-lockdown August 20, 2020 Online electrical retailer AO World said today its revenue surged in the months during and after the easing of coronavirus lockdowns as demand for its products and services was sustained even after its rivals reopened stores in July. The company said year-on-year revenue in the UK jumped 58.9 per cent to £401.3m and 91.5 per [...]
Frasers shares jump 16 per cent on growth forecast despite profit hit August 20, 2020 Shares in Mike Ashley’s Frasers Group jumped 16 per cent this morning after it said it expected growth of up to 30 per cent this year, despite profit falling one-fifth in the year to April. Frasers, which was formerly called Sports Direct, released its preliminary results today, a week after they were scheduled to come [...]
Poll: Britain’s economy won’t recover for at least two years August 20, 2020 Britain’s economy will not fully recover from its current historic downturn for at least two years, a Reuters poll of economists found, but there is only a slim chance the Bank of England will use negative interest rates to boost the upswing. Britain has suffered the highest death toll from the novel coronavirus in Europe, [...]
Time for City pragmatism to override political posturing in Brexit trade talks August 20, 2020 Just how much more time can Westminster and Brussels policymakers really afford to spend on shadow boxing? Can the UK government really ignore warnings from Brussels that the EU may not be in a position to grant the UK access to European financial markets? Conversely, can the EU risk being without access to London’s financial [...]
We need more competition in business finance — and Open Banking can help August 20, 2020 SME banking has been a persistent problem. In 2016, the government set out to challenge the oligopoly of high street banks. A sizable alternative lending sector was created, accounting for up to 30 per cent of SME lending pre-coronavirus, and challengers have managed to capture over 20 per cent of business current accounts. Many have [...]
UK faces 75mph gusts as tropical cyclone arrives from the Atlantic August 19, 2020 Wind speeds could reach 75mph across some parts of the the UK this week as Storm Ellen arrives from the Atlantic. The UK is bracing for its fifth named storm of the season just a week after a country-wide heatwave that saw temperatures soar. The storm, which was named by Ireland’s Met Office, is set [...]
Pound slips after touching highest level since start of year August 19, 2020 The pound slipped back after touching its highest level against the dollar since the start of January, as traders weighed up Brexit negotiations and rising inflation. Sterling hit $1.327 today, erasing its losses for 2020 as it reached its highest level since 1 January. It was helped by the continuing slide in the dollar, which [...]
Brexit free trade talks stalled over UK truckers’ access to EU August 19, 2020 The EU has reportedly denied the UK’s request for British truckers to maintain full access to mainland Europe as post-Brexit trade talks resume today. The UK wants its truckers to be able to make pick ups and drop offs inside and between EU member states after the Brexit transition period ends on 31 December, according [...]
Brexit: City faces wait beyond 2020 for EU financial market access August 18, 2020 The City of London may not know whether it will gain post-Brexit access to EU markets until next year, according to Brussels’ financial services chief. European Commission executive vice president Valdis Dombrovskis warned yesterday that regulatory equivalence – which would give City firms access to the EU – could still take months to be granted. [...]