Buy-to-lose? With new restrictions on buy-to-let mortgages and the introduction of other punitive measures in 2017, is there any value left in letting for mortgaged landlords? January 11, 2017 As we enter 2017, the tide has truly turned against Britain’s buy-to-let landlords. First, George Osborne discouraged people from buying a second residential property by imposing extra stamp duty of 3 per cent. Now, the Bank of England is demanding that mortgage lenders “stress test” loans to landlords. Since 1 January, the Bank’s Prudential Regulation [...]
Why unleashing competition would deliver lower fares and greater choice to rail passengers January 9, 2017 The UK’s rail passengers are suffering, and will no doubt continue to do so over the coming months. Union action is bringing the network to a standstill, with further strikes planned for this week. The level of sickness leave among train staff has also been mysteriously increasing, and has doubled compared to pre-strike levels, according [...]
Loyalty costs: Energy consumers sticking with standard variable tariffs rack up combined bill of £3.6bn a year January 5, 2017 Loyalty costs when it comes to energy bills, according to new research from comparison site uSwitch. Customers staying loyal to their supplier’s standard tariff without looking for the cheapest deal are paying a combined £3.6bn more for their energy each year than they need to. British Gas has the most standard variable customers, around 6.6m [...]
Mastercard’s £700m Vocalink deal raises competition concerns with watchdog January 4, 2017 Mastercard's £700m deal for Vocalink has raised concerns over competition in the payments infrastructure business with the market watchdog. Owned by a collective of 18 banks, including Barclays, Santander, Lloyds, Royal Bank of Scotland and HSBC, Vocalink provides the infrastructure for many payments in Britain such as Bacs and the Faster Payments Service as well as the Link ATM network. Concerns have [...]
Co-op focuses on London and South East expansion as it sets its sights on 100 new store openings next year December 28, 2016 The Co-operative Group is planning to spend £70m to open 100 new stores across the UK in 2017, creating around 1,500 new jobs. The supermarket has said the new Co-op convenience outlets will be predominantly based in London and the South East, with other stores in Yorkshire, Scotland and Wales. Read more: Co-operative Group profit [...]
East Midlands Airport has been spared a £12.5m fine for fixing car park prices December 20, 2016 An airport has avoided a £12.5m fine for fixing car park charges, according to the Civil Aviation Authority (CAA). East Midlands International Airport (EMIA), owned by Manchester Airports Group (MAG), and Prestige Parking Limited broke competition law, but the airport was spared the fine after disclosing full details of the wrongdoing. An investigation by the [...]
CMA approves McColl’s acquisition of 298 Co-op stores December 20, 2016 Don't you love it when the Competition and Markets Authority (CMA) clears something just in time for Christmas? The CMA has given the green-light to McColl's acquisition of 298 Co-op stores. McColl's intention to take on the stores was first announced back in July, and now that the CMA has approved the deal, McColl's expects [...]
Reckitt Benckiser’s Nurofen fine has been tripled by an Australian court after a consumer watchdog appealed December 16, 2016 An Australian court has tripled the fine imposed on Reckitt Benckiser over claims it misled customers over Nurofen to AU$6m (£3.5m). Shares in company behind Durex and Dettol were down 1.3 per cent in early trading. The British drug manufacturer was initially handed a $1.7m fine earlier this year, however, Australia's competition and consumer watchdog appealed [...]
Heineken is poised to win Punch Taverns’ hand in takeover battle December 15, 2016 Punch Taverns today agreed to a £403m offer from Heineken and its investment partner Patron Capital. The Dutch brewing giant has until mid-January to make a firm offer. The current offer will lapse if a competing bid of 200p or more is made. Heineken and its partner Patron are facing competition from Alan McIntosh and [...]
Punch Taverns takeover: Heineken and pub entrepreneur Alan McIntosh in bidding war December 15, 2016 Punch Taverns is in the midst of a takeover tussle between Heineken and Alan McIntosh, an entrepreneur who was one of the pub company’s founders. Shares in Punch soared as news of the two approaches emerged, ending the day nearly 38 per cent up at 177p. Yesterday morning, City A.M. revealed that McIntosh has tabled [...]