Crossrail to renegotiate pay with Bechtel over ‘value for money’ concerns July 11, 2019 Crossrail is looking to renegotiate the pay and incentives of Bechtel, its delivery partner, amid concerns they are no longer offering “value for money”. Crossrail is angling to restructure the pay of Bechtel to “support the delivery of the revised schedule”, TfL board papers released earlier this week reveal. Read more: Crossrail contractors could ask [...]
London listings triple in second quarter after Brexit extension July 9, 2019 The number of companies selling shares on the London Stock Exchange (LSE) for the first time bounced back in the second quarter of the year after the extension of the Brexit deadline. Read more: Trainline on track as it posts big sales boost in first results since IPO There were 15 initial public offerings (IPOs) [...]
City Moves for 9 July – Who’s switching jobs? July 9, 2019 Today’s City Moves includes Baird, Glenhawk and Astarte Capital Partners. Baird Baird has announced that Simon Pearson and Justin Prichard (pictured) have joined its European investment banking group as managing directors, continuing the expansion of Baird’s global technology & services practice. The duo will focus on the technology, media and telecoms space, and will be [...]
UK must prepare for a ‘low growth economy’ as Brexit uncertainty plagues business investment July 8, 2019 Investment in British business is set to suffer in 2019 as prolonged uncertainty surrounding Brexit tightens its grip on the willingness to commit to major projects, a leading forecaster has said. EY’s Item Club, which uses the Treasury’s model of the UK economy, says that business investment will contract 1.6 per cent – a decline [...]
Bears are gathering to welcome bullish Boris July 7, 2019 Did the economy shrink in the second quarter of the year? While it is impossible to be sure, we will get another clue this week when the Office for National Statistics (ONS) publishes its GDP estimate for May – and so far, the signs are not good. Read more: Boris Johnson to crack down on [...]
UK productivity drops for third quarter in a row as crisis continues July 5, 2019 UK productivity fell for the third successive quarter in the first three months of the year, according to official figures released today, as Britain’s productivity crisis rumbled on. Read more: Urgent action needed to tackle stagnating productivity, economists warn Labour productivity – output per hour worked – fell by 0.2 per cent year on year [...]
UK house prices surge 5.7 per cent in June July 5, 2019 UK house prices shrank by 0.3 per cent in June compared to the previous month, according to data released today. But the growth rate rocketed 5.7 per cent on an annual basis last month, according to Halifax’s latest house price index, to take the average UK house price to £237,110. Read more: UK house price [...]
Eurozone retail sales see surprise fall in May July 4, 2019 Retail sales in the Eurozone unexpectedly fell for the second month in a row in May, in a sign that consumer spending is weakening in the struggling area. Read more: Eurozone manufacturing falls to three-month low as downturn drags on The volume of retail trade fell by 0.3 per cent in May compared to April, [...]
UK service sector ‘close to stagnation’ as economy slows July 3, 2019 The UK service sector came close to registering zero growth in June as Brexit uncertainty dented demand, according to data provider IHS Markit and the Chartered Institute of Procurement & Supply (CIPS). Read more: UK construction sector suffers worst output in 10 years The poor performance indicates the economy has slipped into contraction for the [...]
UK house prices: Growth falls to four-month low in June July 2, 2019 UK house prices remained “subdued” in June, new figures showed today as the cost of buying continued to fall in London and the south east. The price of a UK home grew 0.5 per cent year-on-year over the month, lower than May’s 0.6 per cent growth. The rate was the worst since February’s 0.4 per [...]