Pensions consolidator Phoenix posts jump in profit August 7, 2019 Insurance firm Phoenix has posted a surge in profit for the first half of the year after buying out more British pension schemes. The FTSE 100 company reported a pre-tax profit of £217m in the six months to the end of June, compared to a £42m loss last year. Read more: Insurer Phoenix on the [...]
Cummings squares off over Grieve’s Brexit threat August 7, 2019 The Prime Minister’s most senior adviser Dominic Cummings has issued a veiled threat to the former attorney general as the two square off over Brexit. Backbencher and serial Remainer rebel Dominic Grieve had previously argued that Cummings was “simply wrong” to state that MPs would not be able to prevent a no-deal Brexit. Grieve, the [...]
UK house prices suffer surprise July fall as housing market ‘treads water’ August 7, 2019 UK house prices continued to “tread water” in July as they slipped 0.2 per cent month on month, Halifax warned today. However, annual growth rose 4.1 per cent thanks to the housing market’s poor performance in 2018, the bank’s latest house price index found. Russell Galley, managing director of Halifax, said: “The average UK house [...]
Food industry calls for competition laws to be lifted for no-deal Brexit August 7, 2019 The UK’s food industry has called on Boris Johnson to ditch parts of competition law, allowing firms to work together in the event of a no-deal Brexit. The Food and Drink Federation (FDF) has warned that leaving on 31 October without a transition in place could cause widespread supply issues, leaving British consumers either going [...]
German factory production slumps in June raising recession fears August 7, 2019 German industrial production fell by much more than expected in June, raising fears that Europe’s biggest economy contracted in the second quarter. Read more: Eurozone construction sector held back by Germany in July Factories in Germany produced 1.5 per cent less in June than they did in May, far less than the 0.4 per cent [...]
John McDonnell slammed by own MP for “thoughtless rant” on Scottish independence August 7, 2019 John McDonnell has come under attack from his own party after saying Labour would not stand in the way of a second independence referendum in Scotland. Speaking at an Edinburgh Fringe event yesterday, shadow chancellor McDonnell said the party was split on the issue, but would not stand in its way. “We would not block [...]
Legal & General boosts profit and revenue in first half of 2019 August 7, 2019 Legal & General boosted profit and revenue in the first half of 2019, as it said the UK represents an “enormous opportunity” for its growing pensions market. The figures The insurer saw profit before tax rise 12 per cent year on year to hit £1bn in the six months to June. Earnings per share grew in [...]
The last resort: With travel operators running into trouble, here’s how to protect your holiday August 7, 2019 When you’ve spent hundreds or even thousands of pounds to escape to somewhere sunny for the summer holidays, you may have to stifle a scream when you find out that your travel operator has gone bust days before you were set to fly. This scenario will sound all too familiar to many families, after news [...]
Introducing the new cast and crew of Downing Street August 7, 2019 The dust is beginning to settle: Boris Johnson is Prime Minister, and the Whitehall machine has been stripped and restaffed. A new team has been installed to run his Downing Street operation – but who are they, and what does it mean? Even the Prime Minister’s most vocal advocates would not describe him as a [...]
When the fund stops: Why times are tough for UK asset managers August 6, 2019 It’s been a difficult year for the UK investment industry, and things could get worse before they get better. Fallout from the Woodford saga and increasing fears of a no-deal Brexit are continuing to pummel asset managers as they try to stem ongoing outflows. And with regulatory pressure ramping up, they are facing questions not [...]