No-deal Brexit funding ramped up to £2bn in Budget 2018 October 29, 2018 Funding to prepare the UK government for a no-deal scenario as it exits the European Union next year has been given an additional £500m, taking the total allocated to aid departments with the planning to over £4m. Chancellor Philip Hammond had already allocated £2.2bn to departments for Brexit preparations in last year's Autumn Statement, with a [...]
Hammond heralds ‘end of austerity’ as debt and deficit forecasts improve October 29, 2018 Chancellor Philip Hammond heralded the “end of austerity” in his Budget speech today as the Office for Budget Responsibility (OBR) improved its outlook and said debt and the deficit would continue to fall. The OBR has improved its GDP growth forecast to 1.6 per cent for 2019 – increased from the 1.3 per cent forecasted at [...]
Jes Staley seeks to brush off Bramson challenge but Barclays still faces the headwinds October 24, 2018 Barclays CEO Jes Staley struck a bullish tone yesterday, insisting his investment banking division was on the up. Third quarter profits jumped to £1.5bn, up from £1.1bn a year ago. If this puts a spring in Staley's step, there are plenty of items in his in-tray to pull him back down to earth – not [...]
FTSE housebuilder Bellway cements position with rising profits but caution lingers October 16, 2018 Housebuilder Bellway sent mixed messages to the City this morning, as a rise in profit coincided with a cautious warning over Brexit. Pre-tax profits climbed 14 per cent to £641m over the last 12 months, as robust annual sales pushed the firm above the 10,000 homes mark for the first time. Revenues also jumped 15.6 [...]
Passenger numbers soar nearly 40 per cent at Stobart-owned London Southend Airport September 20, 2018 Passengers numbers at Stobart-owned London Southend Airport soared nearly 40 per cent in the first half of this year. Stobart, which purchased the airport in 2008, said the growth would continue next year, when budget airline Ryanair begins flying at the airport in the spring, adding on another 1m passengers. Easyjet will also bolster the number [...]
Passenger numbers soar nearly 40 per cent at Stobart-owned London Southend Airport September 20, 2018 Passengers numbers at Stobart-owned London Southend Airport soared nearly 40 per cent in the first half of this year. Stobart, which purchased the airport in 2008, said the growth would continue next year, when budget airline Ryanair begins flying at the airport in the spring, adding on another 1m passengers. Easyjet will also bolster the number [...]
Why is this such a worried bull market? July 18, 2018 Normally bull markets are full of people who are optimistic. They radiate enthusiasm for economies and shares. They hunt down markets or individual stocks that look cheap compared to the rest and recommend them. They recommend simply buying the global or local market to join in a general uplift in shares they expect. Eventually you [...]
Used car fintech startup Oodle has grabbed £100m of funding from Citigroup March 27, 2018 Oodle, the used car fintech startup co-founded by an ex-banker, has just grabbed £100m of funding from Citigroup. The young business, which scooped a £60m investment from private equity giant KKR last year, has already received more than £1.18bn worth of finance applications through its website which merges car searching and financing. Citigroup’s funding is [...]
IFS: Tax rises of £30bn per year needed to keep spending level and still balance Budget March 14, 2018 The government would have to raise taxes by £30bn a year to keep government spending level while also hitting the chancellor’s targets, according to the influential Institute for Fiscal Studies (IFS). Chancellor Philip Hammond yesterday struck an optimistic tone in the first Spring Statement, a pared-back update on the economic forecasts created by the Office [...]
Spring Statement: Spring is finally in the air, but the chancellor is right to play it safe March 14, 2018 The Spring Budget may have been downgraded to a mere Statement – with all fiscal announcements reserved for the November Budget – but yesterday’s speech by the chancellor still gave some useful insights into what to expect during 2018. So too did the revised forecasts from the Office for Budget Responsibility (OBR) that accompanied the [...]