London business groups call on government to stop five per cent rail fare hikes in 2022 October 20, 2021 London business groups have called on the government to ensure rail fares do not surge next year on the back of above expected inflation, warning this would cripple the capital’s recovering economy. London First and the Centre for London said today that a 5 per cent rise in rail fares next year, which is the [...]
Hospitality facing ‘terrifying’ rates of inflation October 19, 2021 The price of a meal out could rocket this autumn as hospitality chiefs have warned of a cocktail of cost pressures on businesses. Speaking to the Business, Energy and Industrial Strategy committee on Tuesday, Food and Drink Federation boss Ian Wright urged MPs to “think seriously about inflation in hospitality.” Price inflation for hospitality’s operational [...]
Exclusive: Defaults on CBILS and BBLS Covid loans expected to run as high as £22bn October 19, 2021 Defaults on CBILS and BBLS loans could run as high as £22bn if initial estimates from the Office for Budget Responsibility (OBR) are correct, according to new calculations, shared with City A.M. today. £22bn of defaults would represent around 30 per cent of the roughly £74bn lent under the BBLS and CBILS schemes. “We may [...]
Revenue soars for fintech Wise thanks to price drop October 19, 2021 Money transfer company Wise has reported a 25 per cent jump in revenue for the second quarter, compared to the same period last year. In a trading update on Tuesday, the payment firm posted revenue of £132.8m in the second quarter. Lower prices had enticed new customers, Wise said. Just under 4m customers transacted via [...]
UK trade bodies rebel against ‘cartel-like’ shipping costs October 19, 2021 Make UK, the trade body representing UK manufacturers, has called on the Competition and Markets Authority (CMA) to open an investigation into the shipping sector’s “cartel-like practices” when it comes to the increase in prices. Writing a letter to the CMA alongside the British Chamber of Commerce (BCC), Make UK has said that the “increase [...]
Travel rules mean London is ‘very uncompetitive’ tourism prospect October 19, 2021 The government must tweak its international travel rules in order for high-end London hotels to recuperate after the pandemic, according to one trade leader. London is currently “very uncompetitive” in the international tourism market, Joss Croft, boss of trade body UKinbound, told CityA.M. While changes to allow travellers arriving in the UK to test with [...]
Exclusive: City investors know regulation is on the horizon for buy now pay later firms October 19, 2021 The Buy Now Pay Later sector (BNPL) has seen a surge of activity since the start of the pandemic as consumers turned to online shopping and welcomed the option to purchase trending items of clothing, beauty products and other goods without parting with all of their cash up-front. More and more BNPL options, including Klarna [...]
Labour renews pressure on government to slash business rates October 18, 2021 Labour will tomorrow renew its calls to slash business rates as it airs concerns that nearly 1m British jobs are currently at risk. Shadow chancellor Rachel Reeves will pile pressure on Rishi Sunak to entirely reform the taxation system in his autumn Budget, while pointing out that figures from the Office for National Statistics (ONS) [...]
Clear as mud: EU hints at extension to City’s equivalence deal for euro-clearing October 18, 2021 The EU’s head of financial services yesterday hinted at a possible extension to the post-Brexit carry-over deal which allows banks from the bloc to access clearing houses in the City. Mairead McGuinness told the Financial Times that Brussels was minded to avoid a “cliff edge” situation and avoid market instability. “We have to make sure [...]
By 2028 the cybersecurity industry could be worth $418B October 18, 2021 The year 2021 is turning out to be a big year for cybersecurity stocks. When work became remote and cloud computing became more essential, organisations found themselves facing new challenges head-on. Businesses are now more aware than ever that they must protect themselves from data theft and other cyberattacks. Subsequently, demand for high-end protection software [...]