UK retail sales decline knocks sterling lower January 17, 2020 UK retail sales fell in the “golden quarter” of Christmas trading, the latest statistics showed today in a further sign of the challenges facing the British high street. In the three months to December 2019, the amount spent and the quantity bought in the retail industry fell 0.9 per cent and one per cent respectively, [...]
Cautious lenders left companies with lowest level of credit since 2008 January 16, 2020 The amount of credit made available to corporates last quarter fell to a level not seen since the Global Financial Crisis. The Bank of England’s (BoE) credit conditions survey released today showed that available credit for corporates fell for its sixth successive quarter in the fourth quarter of 2019. It dropped to minus 9.2 in [...]
The number of floats in London dropped to a decade-low last year January 15, 2020 Geopolitical uncertainty contributed to a subdued initial public offering (IPO) market in London last year, as listings fell 56 per cent year-on-year. In what was the capital’s quietest year for a decade, just 35 companies floated raising £5.9bn, down from 79 listings raising £9.5bn in 2018. The number of admissions to London’s junior Aim market [...]
EY UK boss Steve Varley takes global sustainability role January 13, 2020 EY today announced the appointment of its UK and Ireland boss to a new position as global vice chair for sustainability. Steve Varley, who is chairman and managing partner of EY UK and Ireland, will relinquish the latter role when he takes up his new position on 1 July. Varley will continue to chair EY [...]
Flybe in crisis talks with government to stave off collapse January 13, 2020 Struggling airline Flybe is reportedly locked in last ditch talks with the government to defer its multi-million pound air passenger duty (APD) bill as it teeters on the brink of collapse. The airline has asked Whitehall to help it find a way of delaying its APD payments while it struggles with cash flow in the [...]
Troubled airline Flybe insists flights continue as normal amid survival funding talks January 13, 2020 Flybe’s chief executive today pleaded with employees not to give away details of its financial situation, as the struggling airline remained tight-lipped on reports that it is hurtling towards collapse today. Europe’s biggest regional carrier was rocked by suggestions that it is in a fresh battle for survival on Sunday night, less than a year [...]
Flybe ‘near collapse’: What do we know so far? January 13, 2020 Flybe, the biggest regional airline in Europe, is said to be on the brink of collapse. Sky News reports the carrier is engaged in a frantic bid for emergency funding, and the government is also said to be involved in the talks – which come just four months after Thomas Cook went bust in late [...]
Total value of UK M&A deals rises by £15bn in 2019 January 9, 2020 The total value of mergers and acquisitions (M&A) deals completed by the UK financial services industry rose almost £15bn in 2019, even though the number of such deals dropped considerably. According to data from Big Four auditor EY, financial firms completed £39.8bn worth of deals last year, up from £24.9bn in 2018. Read more: Financial [...]
UK house prices jump in December January 8, 2020 UK house prices jumped in December as the General Election result “reignited” the property market, according to the latest figures. UK house prices increased four per cent year-on-year and rose 1.7 per cent compared to November – the biggest monthly increase seen in 2019. Read more: London house prices rose twice as fast as rest [...]
We can make this the decade of purpose-driven capitalism January 6, 2020 As we enter the 2020s, capitalism is suffering a crisis of confidence. Populists around the world are putting a simple spin on globalisation as against the interests of ordinary people. By contrasting the growth in developed economies with a simultaneous squeeze on living standards, they argue that the link has been severed between a profitable [...]