House of Lords defeats Boris Johnson’s controversial Brexit bill November 10, 2020 The House of Lords has rejected Boris Johnson’s controversial Brexit bill that could potentially breach the Brexit Withdrawal Agreement and break international law. Peers voted to remove two clauses from the Internal Market Bill, which deal with the status of Northern Ireland after the Brexit transition period ends on 31 December. The legislation will now [...]
BBC licence fee negotiations kick off as ministers ramp up pressure over funding November 10, 2020 The government today kicked off negotiations with the BBC over how much the TV licence will cost in the future, dialling up the pressure on the embattled public service broadcaster. The talks will determine the level of the licence fee, which is currently set at £157.50, for at least five years from 2022. Culture secretary [...]
Rishi Sunak announces post-Brexit outline for City of London November 9, 2020 Rishi Sunak has outlined the City of London’s future after Brexit, which will aim to provide stability for EU financial services firms operating in the UK while also trying to open up the sector to more international markets. Sunak said the Treasury today was unliterally publishing “a set of equivalence decisions for EU and EEA [...]
Weekly outlook, 9-13 November: Investors shift their focus back to the UK economy November 9, 2020 Investors were kept busy with the drama across the Atlantic last week, but they’ll soon want to focus back on the UK in what will be a busy week of results and economic updates. After a nail-biting election, markets will likely be considering the implication of a Biden presidency. But with GDP and unemployment figures [...]
Tech and the City: Listing rules set for revamp to lure unicorns November 8, 2020 Rules governing public listings are reportedly set for a huge overhaul in a bid to lure tech giants to the City. Chancellor Rishi Sunak is next week set to announce a review into stock market listings to encourage tech unicorns, firms valued at over $1bn, and other high-growth companies to list in London rather than [...]
Prime Minister launches investigation after furlough extension leaked November 7, 2020 Boris Johnson has launched a second leak inquiry in less than a week, after details of the chancellor’s extension of the furlough scheme appeared in newspapers before their announcement in the Commons. Rishi Sunak on Thursday extended the furlough scheme until March for businesses unable to operate during lockdown, while the BoE announced it would [...]
Wall Street slips but FTSE 100 rises as Joe Biden edges towards presidency November 6, 2020 Wall Street stocks slipped after a week of gains as Democrat challenger Joe Biden inched closer to the presidency, but the FTSE 100 rose on a mixed day’s trading. The S&P 500 dipped 0.2 per cent while the Dow Jones fell 0.3 per cent. The tech-dominated Nasdaq was 0.5 per cent lower. In the UK, [...]
UK house prices see fastest growth in four years but monthly rate slows November 6, 2020 UK house prices grew at their fastest annual rate since 2016 in October, new figures have shown, although month-on-month price growth slowed considerably. House prices jumped 7.5 per cent in October, according to the Halifax house price index, compared to 7.3 per cent in September. Yet growth slowed to just 0.3 per cent when looked [...]
Watchdog slams Number 10 for failing to prepare Brexit borders November 6, 2020 The UK faces “widespread disruption” after the government failed to prepare for post-Brexit border controls for British businesses, the public spending watchdog has warned. In an 85-page document released today, the National Audit Office (NAO) slammed the government for insufficient customs brokers, unprepared border sites and failure to develop adequate customs software. The report found [...]
Rishi Sunak’s furlough extension ‘to cost £6.2bn a month’ November 5, 2020 The chancellor’s extension of the furlough scheme until March will cost around £6.2bn per month, the Resolution Foundation think tank has said. Sunak today announced a major U-turn, saying he would extend the scheme until the end of March rather than ending it this year. The job retention scheme – commonly known as furlough – [...]