All aboard: Here are four ways London will benefit from the Night Tube August 18, 2016 London will join a handful of cities and make history when it finally launches its long overdue night tube services tomorrow. The service has been delayed by a year, thanks to conflicts over pay and conditions with the RMT Union. Over half a million people use the Tube after 10pm on Fridays and Saturdays – [...]
“One swallow does not make a summer” – how analysts reacted to the ONS retail figures August 18, 2016 The pound has hit a two-week high against the dollar after retail sales figures received an unexpected Brexit boost. The retail industry has earned a "gold medal" for its performance in July, according to Ian Gilmartin, Barclays' head of retail, as retailers "gained a boost from brighter weather" – but analysts haven't been all positive; many have welcomed [...]
About-turn? Co-operative Bank losses shrink August 18, 2016 Things are looking up again for the once-troubled Co-operative Bank, as it unveiled incredible shrinking losses… The figures Pre-tax losses shrank to £177m in the six months to the end of June, £27.2m less than the £204.2m loss it made last year. Operating income was £228.2m, down slightly from £236.5m last year – although operating costs shrank for £222.8m, down from £262.9m last year. Capital reserves fell to 13.4 per [...]
With inflation expected to hit 3 per cent in 2017, is the Bank of England right to prioritise growth over price stability? August 16, 2016 Martin Beck, senior economic adviser to the EY Item Club, says Yes. In light of the sharp post-referendum drop in the value of the pound, prices of imported goods are set to increase. As a result, inflation will rise over the next year. As our forecast suggests, CPI inflation is expected to peak at around 3 [...]
Mayor of London Sadiq Khan boosts police funding by £3.4m to protect Night Tube travellers August 15, 2016 Around 100 extra police officers will be deployed when the Night Tube launches this weekend, as part of a £3.4m boost in security funding for the new 24-hour services. The British Transport Police (BTP) officers will patrol trains and all 51 stations on the Central and Victoria lines on Friday and Saturday night, Transport for London (TfL) [...]
One chart showing what would happen to the UK’s GDP if you stripped out London August 11, 2016 Since the Brexit vote and the ensuing realisation of a divide in national political priorities, an increasing amount of noise has been made about turning London into its own state. Admittedly, that's pretty unlikely – but figures put together for City A.M. by Statista using research from German think tank Institut der deutschen Wirtschaft suggests what might happen [...]
London’s night-time economy could be worth £43bn and an extra 115,000 jobs August 11, 2016 Unlocking London’s night-time economy will deliver a £3bn boost to the capital and help protect London from the economic shock of Brexit, a new report has argued. Research published today said the introduction of the Night Tube, along with a relaxation of licensing laws and other tweaks to help Londoners make the most of the capital [...]
City Moves for 10 August 2016 | Who’s switching jobs August 10, 2016 INSTITUTE OF DIRECTORS Ken Olisa OBE, founder of technology merchant bank Restoration Partners and Lord-Lieutenant of Greater London, has been appointed deputy chairman of the Institute of Directors. Ken will work alongside the chairman, Lady Barbara Judge and the incoming director general, Stephen Martin, in setting the IoD’s strategy. Ken's technology career spans over 30 years, [...]
Former Deloitte chief and private equity house plot challenger to big four accountancy firms August 9, 2016 A former Deloitte executive is teaming up with a private equity house to launch a challenger to the big four accountancy firms. John Connolly, who was chief executive of Deloitte UK, is said to be plotting a string of acquisitions to take on his former employer along with EY, PricewaterhouseCoopers and KPMG. He is working on [...]
This London tech startup is planning to list on AIM August 8, 2016 A tech startup based in London is planning to go public with a multi-million pound listing on the capital's junior market. LoopUp is seeking to raise £9m, it's understood, which would give the firm a market capitalisation of up to £45m, and plans to list by the end of August on the Alternative Investment Market (AIM). The startup takes [...]