Wind farm with potential to power 1.5m UK homes halted as industry urges government to bolster supply chains July 20, 2023 Plans to build a new UK offshore wind farm that could have powered up to 1.5m homes have been halted today amid concerns over rising costs.
The Square Mile and Me with Rowland Thomas on the energy of the City and its changes over time July 20, 2023 Each week we ask a City figure to take a trip down memory lane. Today, it’s Rowland Thomas, Close Brothers property finance managing director What was your first job? At the local greyhound kennels spreading sawdust on the training runs. I was accidentally paid double rates – £1 instead of 50p per hour – which [...]
UK could pay up to £500m in subsidies to support new Jaguar Land Rover battery plant July 20, 2023 The UK could pay as much as £500m in subsidies to Tata Group to support its £4bn investment in a new battery plant in Somerset that would supply a new range of electric Jaguar and Land Rover models. Tata Group – the Indian conglomerate who own Jaguar Land Rover (JLR) – announced yesterday that it [...]
Netflix: Subscribers up, password sharing down, as clampdown pays off July 20, 2023 Netflix has gained nearly six million subscribers this quarter as its password sharing clampdown bears immediate fruit. Announcing its second quarter results, the company said paid subscribers grew by 4.14m April through June as they rolled out so-called paid sharing in over 100 countries. The firm had become aware that a number of users of [...]
Andy Silvester on market optimism, US wages and a real-life summer thriller July 20, 2023 Bulls are not regularly seen on the streets of the Square Mile, especially recently. It has been all too easy on my recent travels to find people casting their eyes downward when asked about the City’s prospects, as if the irritatingly grey July skies are dimming optimism before the summer holidays. What’s interesting is that [...]
UK house price growth slows to 1.9 per cent in May July 19, 2023 The average price of a UK house cost £286,000 in May, according to new government data, with the figure being £6,0000 up on 12 months ago – but £7,000 below its September peak. Average UK house prices increased by 1.9 per cent in the 12 months to May 2023, down from a revised 3.2 per [...]
Bank of England dishes out £25m in bonuses despite Andrew Bailey demanding wage restraint July 19, 2023 The Bank of England has dished out tens of millions of pounds in bonuses despite Governor Andrew Bailey and other senior officials demanding workers accept real terms pay cuts. Threadneedle Street rewarded staff with a total of £25m in one-off handouts over the last year, up from £23m in the previous year, according to a [...]
Illegal London candy stores turned into rent free shops in Oxford Street clean-up July 19, 2023 Oxford Street is set for a major revamp as Westminster City Council launches a new £10m scheme to transform London’s iconic high street. The council will make shops vacated by illicit candy stores, which have blighted the leading retail destination, available to small business owners rent free and lower their business rates by 70 per [...]
Some degrees are useless, but it’s the 2:1 obsession we really need to leave behind July 19, 2023 Creeping credentialism reinforces the narrative that a degree is the most reliable route into an ever-increasing number of jobs.
Mega UK Jaguar Land Rover battery plant could be announced this week July 18, 2023 The government is on the cusp of securing a long-term deal from Tata Group to build a new range of EV Jaguar and Land Rover models.