German factory output bounces back but sector still weak October 8, 2019 German factory output rose unexpectedly in August, suggesting that the expected recession in Europe’s biggest economy in the third quarter may not be as deep as some fear. Read more: Eurozone recession risk ‘very real’ as slowdown infects services sector Industrial output increased 0.3 per cent, up from an upwardly revised fall of 0.4 per [...]
The Conservative party’s love affair with the City is back on October 8, 2019 Have the Tories fallen back in love with business? In place of lectures from Theresa May about executive pay, this year’s Conservative party conference featured the new Prime Minister exulting on stage about the wonders of “dynamic free-market capitalism”. And on the conference fringe, finger-wagging panels about corporate governance reform were conspicuous by their absence. [...]
Government almost matching Labour’s spending pledges, says IFS October 8, 2019 The government is set to break its own spending rules next year, the Institute for Fiscal Studies (IFS) think tank has warned, with its plans now closer in cost to Labour’s 2017 manifesto pledges than its own from that year. Read more: Sajid Javid confirms budget will take place later this year The IFS today [...]
Ex-Tory MP Heidi Allen joins Liberal Democrats October 7, 2019 Former Conservative MP Heidi Allen has joined the Liberal Democrats, the party announced this evening. The MP for South Cambridgeshire left the Conservative Party in February 2019 over its stance on Brexit. She plans to contest her seat as a Liberal Democrat when an election is announced. Read more: Ex-Change UK MPs set up new [...]
Weaker European market expected to be at centre of potential HSBC job cuts October 7, 2019 HSBC’s under-pressure European business is expected to bear the brunt of potential job cuts being made by the bank. The lender is understood to be looking at cutting between 5,000 and 10,000 jobs as part of a cost-cutting drive under interim boss Noel Quinn. Read more: The next BofE governor must be prepared for a [...]
M&G Prudential backs London with £875m investment in City skyscraper October 7, 2019 M&G Prudential has backed London with a multimillion pound investment in a new Square Mile skyscraper development. The firm has invested £875m to buy and develop the 40 Leadenhall site – nicknamed Gotham City – which is expected to be constructed in the next four years. Read more: Batman-inspired skyscraper set for approval M&G Prudential [...]
UK insolvency rates tipped to grow by 10 per cent in 2019 October 7, 2019 Global insolvency rates are rising for the first time since the aftermath of the 2008 financial crash with the UK expected to be the worst hit, according to a multinational insurance company. An insolvency outlook report by Atradius forecasts business failure rates will increase by 10 per cent this year in Britain and by 2.7 [...]
Boris Johnson urges EU to ‘thrash out’ Brexit deal as weekend deadline looms October 7, 2019 Boris Johnson has urged the EU to “thrash this thing out” with both sides admitting there is just a handful of days left to break the Brexit impasse and secure a deal. Last week the UK government published its proposal – initially described as a “final offer” – which has met with criticism from Brussels, [...]
Court dismisses attempt to force PM to seek Brexit extension October 7, 2019 The Edinburgh Court of Session has said it will not act to force Boris Johnson to comply with the law that says he must seek an extension to Brexit if no deal is agreed by 19 October. The court said the PM’s unequivocal assurances that he will comply with the Benn Act means action at [...]
Worst September since records began as industry body warns of spending slowdown amid ‘spectre of no-deal Brexit’ October 7, 2019 Retailers have endured their worst September since records began, according to an industry body that has blamed “the spectre of a no-deal Brexit” for lower spending. Total sales fell by 1.3 per cent in September, compared with a rise of 0.7 per cent in the previous year. Read more: How business rates can help to [...]