What do the financial markets hold in store for 2020? January 7, 2020 After the festive break, everyone in the City is slowly settling back into work. The opening week of 2020 has been hectic already, with oil and gold prices rising and stocks falling in reaction to tension in the Middle East. But what else are the financial experts and asset managers keeping an eye on for [...]
Sajid Javid’s post-Brexit Budget set for 11 March 2020 January 7, 2020 Sajid Javid will deliver the government’s first post-Brexit Budget on 11 March, in what it likely to see a shift in spending away from London and the South East. Tomorrow morning Javid will give Cabinet colleagues an economic update ahead of his first Treasury questions since Boris Johnson won an 80-seat majority last month. He [...]
Financial sector contributed record level of UK tax in 2019 January 7, 2020 Britain’s financial services sector contributed a record £75.5bn in tax in 2019, according to a new report on behalf of the City of London Corporation, amounting to 10.5 per cent of all government tax receipts. The report, carried out by accounting giant PwC and released today, highlighted the value of financial services to the UK [...]
Vice UK blames Brexit uncertainty as media group posts wider loss January 6, 2020 Vice UK has taken aim at Brexit uncertainty after the youth-focused media group revealed ballooning losses and a decline in revenue. The millennial mainstay reported a pre-tax loss of £2.9m for the 12 months to 31 December 2018, up from £2.2m the previous year, while turnover dropped by a third to £17.3m. Read more: Buzzfeed [...]
New Labour leader to be announced on 4 April, party confirms January 6, 2020 The new Labour leader will be announced on 4 April, as the party seeks a replacement for Jeremy Corbyn following his disastrous election result last month. The ballot will run from 21 February until midday on 2 April, with the results announced the following Saturday as part of a special conference. The party is allowing [...]
Retail park sold in £50m deal for online warehousing space January 6, 2020 A retail park owned by M&G’s shuttered property fund has been bought for more than £50m to be converted into warehouses. The deal indicates the growing dominance of online retail which requires large amounts of warehouse space to service customers. The 128,000 sq ft Ravenside retail park in Edmonton north London was reportedly acquired by [...]
SMMT: UK car sales plunge to six-year low despite electric growth January 6, 2020 British car sales slumped to a six-year low in 2019, as widespread economic uncertainty put the brakes on an industry whose only glimmer of hope came in the form of record electric vehicle sales. New car registrations fell two per cent to 2.31m last year, according to the Society of Motor Manufacturers and Traders (SMMT), [...]
Eurozone investor morale hits highest point in over a year January 6, 2020 Eurozone investors started the new year in good spirits, a survey showed this morning, as morale grew for the third month in a row thanks in large part to positive developments in the US-China trade war. Research group Sentix’s morale index rose to 7.6 points in January from 0.7 in December, taking it to its [...]
UK services PMI: Sector flatlines but confidence surges January 6, 2020 The UK services sector picked up in December but still failed to expand, survey data has shown, marking the fourth month in a row without growth for the vital component of the economy. Services companies became much more positive last month, however, following Prime Minister Boris Johnson’s thumping election victory which provided firms with the [...]
Labour leadership hots up as Rayner launches deputy bid, as Jess Phillips forced into Brexit u-turn January 6, 2020 The Labour leadership contest has intensified today, as the party’s national executive committee meets to thrash out the framework for the coming weeks. Angela Rayner has launched her bid for deputy leader, replacing Tom Watson who stood down during the election campaign, saying the party must “win or die”. The shadow education secretary, who at [...]