Construction industry output ‘drops like a brick’ to a decade low September 3, 2019 Britain’s construction industry suffered its sharpest decline in new work in more than a decade last month, as economic uncertainty hampered decision making among customers. New orders slumped at their worst rate since March 2009, according to closely-followed industry barometer the IHS Markit Purchasing Managers’ Index (PMI), which read just 40 for the category where [...]
TUC head warns MPs of ‘serious risk of civil unrest’ in event of no-deal Brexit September 3, 2019 Frances O’Grady, general secretary of the Trades Union Congress (TUC), has written to MPs asking them to do everything in their power to prevent a “catastrophic” no-deal Brexit. “A no-deal Brexit would be a disaster for working families,” she wrote. “The prime minister has no mandate to force a catastrophic no-deal Brexit on the country.” [...]
Wagamama owner Restaurant Group swings to a loss on £115m writedown September 3, 2019 Restaurant Group plunged into the red as it recorded a loss for the first six months of 2019 following its controversial £559m takeover of pan-Asian chain Wagamama. The figures Revenue rocketed 58.2 per cent from £326.1m in the first half of 2018 to £515.9m in the first half of 2019. Restaurant Group fell to a [...]
Panicked investors flock to government bonds as yields hit record low September 3, 2019 Investors are piling into UK government bonds in an attempt to seek safety amid ongoing political turmoil, pushing the yield on 10-year gilts down to a record low. The yield on 10-year gilts – effectively the interest rate investors receive – fell to 0.37% this morning. Read more: ‘Uncharted waters’: Sterling hits 34-year low as [...]
Brexit battle heats up as MPs question Boris Johnson’s ‘trick’ September 3, 2019 MPs are returning to parliament this morning for what is set to be an explosive first day after summer recess. Last night Prime Minister Boris Johnson threw the gauntlet down to his backbench rebels, telling the world he would not ask for any further extension to Brexit. Read more: Sterling falls to 34-year low as [...]
Defiant Hammond: Rebels can stop ‘disingenuous’ PM September 3, 2019 A defiant Philip Hammond has said he and the rebel alliance can stop the “disingenuous” government from forcing a no-deal Brexit. The former chancellor, who was last night reselected by his local constituency, told the BBC’s Today programme he was supporting “a very modest bill” that seeks to extend Article 50 by three months to [...]
Putney MP Justine Greening to stand down at General Election September 3, 2019 Conservative MP Justine Greening has said she will not stand at the next election, telling Prime Minister Boris Johnson she is “deeply concerned” about his approach over Brexit. During her 14 years in parliament Greening, the MP for Putney, Roehampton and Southfields, has served as education secretary, transport secretary and international development secretary. She was [...]
Tesco Bank sells 23,000-customer mortgage arm to Lloyds Banking Group for £3.8bn September 3, 2019 Tesco Bank has sold its mortgage business to Lloyds Banking Group for £3.8bn, in a move which will see its 23,000 customers switched to a new provider. The retail giant ceased all lending on its mortgages in May, as it announced it was trying to hive off its ledger book. Tesco, which said the portfolio [...]
This overblown rhetoric about ‘coups’ and ‘Nazism’ is in no one’s interests September 3, 2019 “This is Britain’s Reichstag Fire Decree moment.” That was one man’s reaction to Boris Johnson’s decision last week to prorogue parliament. It’s the kind of intemperate remark you expect in the wilder reaches of social media, where Godwin’s Law – the inevitability of someone bringing up Hitler in an online debate – is alive and [...]
Can’t name the UK technology secretary? That’s because we don’t have one September 3, 2019 Do you know who our secretary of state for technology is? Or can you name the tech minister? No? That’s not surprising, because they don’t exist. While we all might agree that technology is a key ingredient to a successful and vibrant economy and to our advancement as a society, there is still no one [...]