Poundland-owner Pepco’s boss says sale ‘almost inevitable’ February 5, 2020 The chief executive of Poundland-owner Pepco Group said it is “almost inevitable” the company will be sold, as the retailer updated the market on its strong Christmas trading last year. Pepco Group boss Andy Bond said it is likely that its owner Steinhoff will sell the firm, adding he is “genuinely open minded” on the [...]
Can the UK economy rebound after Brexit? February 5, 2020 Can the UK economy turn a corner? The economy has been on the verge of recession recently. Whether it improves as Brexit uncertainty lifts largely depends on the UK government’s approach to negotiations with the EU and the progress it makes. If it can avoid headlines about looming tariffs, then business confidence and investment can [...]
UK services sector rebound beats expectations after election February 5, 2020 The UK services sector surged in January, according to new survey data, beating initial estimates to deliver its strongest growth in over a year after the December General Election brought some clarity to the economy. The IHS Markit/Cips index of services activity hit 53.9 in January, its best reading since September 2018. It was well [...]
Housebuilder Barratt’s half-year profit boosted by strong sales February 5, 2020 Barratt Developments has reported a rise in pre-tax profit for the first-half as the UK’s biggest housebuilder sold more homes at lower prices. Barratt, which sold its highest number of homes in 12 years in the six months to 31 December, said this morning that profit before tax rose 3.7 per cent to £423m. “We [...]
Housebuilder Redrow’s profit falls 15 per cent February 5, 2020 Housebuilder Redrow hailed what it called a “robust” performance in the six months to December, despite posting a 15 per cent fall in profit amid “an uncertain political and economic background”. The figures Redrow revealed profit before tax sank 15 per cent year on year to £157m in the first half of its 2020 financial [...]
Champion of free trade? Prime Minister Boris Johnson must match rhetoric with action February 5, 2020 For believers in free trade, Boris Johnson’s speech in the Painted Hall on Monday was, in many ways, highly encouraging. The Prime Minister emphasised the role that free trade has played in lifting some of the poorest people on the planet out of poverty, name-checked Adam Smith and his invisible hand of the market, and [...]
Square Mile sees few signs of Brexodus February 4, 2020 The number of job relocations from the Square Mile to the EU has remained far short of the thousands predicted when Britain voted to leave in 2016. Catherine McGuinness, leader of the City of London, told Reuters that the numbers of bankers and insurance and asset management staff moving to EU subsidiaries was between 2,000 [...]
Investors plan to plough billions into UK real estate February 4, 2020 Real estate investors are planning to invest billions of pounds into UK property this year, after the General Election offered some clarity on Britain’s departure from the EU. Investment in the UK’s property market had slowed following the vote to leave the EU more than three years ago. However, the recent Conservative election victory has [...]
Michael Gove doesn’t know how much charging points will cost UK February 4, 2020 Michael Gove has failed to say how much it will cost the government to build charging points to support the widespread use of electric cars by 2035. The Prime Minister today pushed forward the date by which all petrol, diesel and hybrid vehicles will be replaced by electric cars to 2035 at the latest. That [...]
EU markets watchdog offers Brexit olive branch over access to UK trading platforms February 4, 2020 The European Union’s markets watchdog is considering imposing stricter conditions on off-exchange share trading, and has also proposed making it easier for EU investors to use UK trading platforms after the Brexit transition period ends. In a consultation paper published today, The European Securities and Markets Authority (ESMA) said that EU securities rules had failed [...]