What are “accidental savers” doing with their surprise savings? July 14, 2020 Lockdown restrictions have curbed spending, resulting in higher savings in the UK. Some of this has found its way into the financial markets; actively managed responsible investment funds have been the biggest beneficiaries. The words “accidental” and “saver” don’t often appear in the same sentence together. Saving usually takes some effort and requires sacrifices and [...]
Revenue soars at Ocado during lockdown July 14, 2020 Retail sales for the first half of 2020 for online grocer Ocado jumped 27 per cent to £1bn, as Brits did their supermarket shopping from home. The group reported a loss before tax of £40.6m in the six months to the end of May, citing an increase in investment to handle increased demand as a [...]
UK airports renew business rates relief calls as job losses loom July 13, 2020 The UK’s airports have renewed their calls for the government to scrap business rates as the near-complete collapse in passenger numbers due to the coronavirus pandemic continued. The Airport Operators Association (AOA) today appealed to ministers to give airports a year of business rates relief in line with those received by members of the hospitality, [...]
Derwent London to sell two Soho properties to Travelex founder July 13, 2020 Property developer Derwent London has inked a deal to sell two properties in Soho to Travelex founder Sir Lloyd Dorfman’s family property interests for £40.5m. The sale includes the long leasehold interest on 2 and 4 Soho Place, part of Derwent’s Soho Place development scheme, which is due to be finished in 2022. The deal [...]
High street footfall suffers even as retail starts to reopen July 13, 2020 The woes of the British high street continued as June footfall dropped to less than half the level of last year, even as stores started to reopen. June saw an annual decline of 56.6 per cent in June, according to data from retail intelligence firm Springboard, but it was a marked improvement on the year-on-year [...]
FTSE 100 climbs but Wall Street flat as US coronavirus cases jump July 10, 2020 The FTSE 100 rose but Wall Street was mixed as investors weighed a record daily rise in new coronavirus cases in the US against the reopening of economies. The UK’s main stock index was 0.6 per cent higher in afternoon trading at 6,083 points. The FTSE 250 index of slightly smaller jumped 1.2 per cent. [...]
R rate could be as high as 1 in London and England July 10, 2020 England’s R rate could be as high as one, according to new government data published today. The UK’s R rate is estimated at between 0.7 and 0.9 but England’s rate stands higher, between 0.8 and one, according to Sage. The government’s group of science advisers estimated that London’s R rate is somewhere between 0.7 and [...]
Great Portland Estates collects just 28 per cent of June retail rent July 10, 2020 Great Portland Estates received only 28 per cent of rent due last month from those in its retail, leisure and hospitality spaces, as the coronavirus pandemic continues to weigh on the economy. The West End landlord collected 74 per cent of the rent due from office locations in the three months to June, utilising rent [...]
Rishi Sunak Summer Statement: All the Chancellor’s spending pledges July 8, 2020 Chancellor Rishi Sunak today announced a raft of measures in his Summer Statement in a bid to help the UK economy recover from the worst effects of coronavirus. The Treasury boss revealed massive public spending to bolster the UK economy in what people are calling his mini-Budget. While he did not extend the government’s furlough [...]
Stamp duty holiday: Industry reacts to property tax cut July 8, 2020 The UK property sector has reacted to the stamp duty holiday announced this afternoon, with many believing it will help to reinvigorate the market following months at a standstill during lockdown. Chancellor Rishi Sunak said this afternoon that the stamp duty threshold will increase from £125,000 to £500,000 until March next year to boost activity [...]