WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? June 22, 2010 KATE SOLWAY, 30 FUNDS CONTROLLER AT PRIVATE EQUITY FIRM COGNETAS Kate is single and lives in rented accommodation. She also owns two investment properties – one a London flat with a mortgage which she rents out, and the other a holiday home under construction in west Africa’s Cape Verde, on which she does not have [...]
Rail link and bookie set to be privatised June 22, 2010 THE High Speed 1 rail link, air traffic control, the student loan book and Tote, the national bookmaker, are among assets to be sold off by the coalition government. Chancellor George Osborne yesterday said it was high time to return the businesses to private ownership, a move that will generate billions of pounds to begin [...]
What to look out for in the Budget June 21, 2010 THE ECONOMY/PUBLIC FINANCES • The newly-created interim Office for Budgetary Responsibility (OBR) released forecasts last week for growth and public borrowing. But these were based on the policy decisions of Alistair Darling’s Budget and are likely to change in response to moves made by the new chancellor. • Previously, the OBR said GDP?growth is expected [...]
Managers buy out Searcys June 21, 2010 SEARCYS, the operator of the restaurant at the top of the iconic Gherkin tower, has been bought out by its management team in a deal valuing the business at around £8m. The deal will see the upmarket restaurant group return to private ownership three years after it was bought by Alternative Hotel Group (AHG), the [...]
High Speed 1 rail link is put up for auction June 21, 2010 BRITAIN yesterday put the rights to operate the country’s high-speed railway connec tion from London to the Channel Tunnel up for sale. The sale of the 68-mile High Speed 1 line will be fronted by transport minister Philip Hammond and is aimed at helping to boost public funds. He said the successful bidder would become [...]
Get more bang for your buck in green, spacious Hackney June 17, 2010 THERE aren’t many areas of London where less than a million pounds can get you an original Victorian house with four bedrooms, close access to three parks, independent shops and a commute under 20 minutes. In London Fields, however, the asking price for such a lifestyle is often no more than £800,000. Despite its trendy [...]
Network Rail boss resigns June 17, 2010 IAIN COUCHER, the Network Rail chief executive, sent shockwaves through the rail industry yesterday after announcing his resignation. City A.M. understands that new transport secretary Philip Hammond and the Department for Transport (DfT) was unhappy with Network Rail’s performance. A report by Sir Roy McNulty, who is chairing a review of the previous government, found [...]
Boris sets out plan to increase river travel June 17, 2010 CITY Hall yesterday ramped up its efforts to encourage more commuters to travel to and from work on Thames riverboat services, announcing a string of measures designed to make river travel as convenient as Tube and bus services. Mayor of London Boris Johnson has spearheaded a technological push to make the Thames more accessible, in [...]
WS Atkins profits fall as public sector work put at risk and staff numbers cut June 17, 2010 CONSTRUCTION and engineering firm WS Atkins saw its profits fall by six per cent last year, as a slowdown in revenues and mounting pension debts outweighed its recent cost cutting drive. The company, which helps design big building projects such as London’s 2012 Olympic site, said pre-tax profit fell to £96.5m in the last financial [...]
Hammond: We’ll build Crossrail June 15, 2010 TRANSPORT secretary Philip Hammond yesterday said the government would deliver the Crossrail project in its entirety. There had been concerns the coalition would scrap some stations as it grapples with a massive budget deficit. But speaking in an exclusive interview with City A.M., Hammond said he had no plans to reduce the scope of the [...]