PPI, profit drop, and a mixed 2020: Five takeaways from Lloyds’ results February 20, 2020 Lloyds reported a 26 per cent drop in annual profit on Thursday, with Britain’s largest domestic lender hit by a rise in bad debts and billions of pounds of customer compensation payout. Chief executive Antonio Horta-Osorio said the results demonstrated a “solid financial performance in a challenging external market”, but analysts have described them as [...]
Seven reasons why London will thrive regardless of Brexit February 17, 2020 In the three-and-a-half years since the UK voted to leave the European Union (EU) much has been written about how London’s status as a global leader in financial services could be weakened. However, with a diverse economy, highly skilled workforce, wide tourist demand, world-class universities and cultural appeal, London will not only survive Brexit, but [...]
Broadband customers set to save up to £150 under new Ofcom rules February 14, 2020 New Ofcom rules set to come into effect from tomorrow could save millions of customers up to £150 each, or a collective £1bn a year, on the cost of landline, broadband, TV and mobile packages. The broadcasting and telecoms regulator is set to enforce rules that require companies to offer customers the best deals available [...]
Hola, Ola: Meet the latest app to fight for Uber’s London crown February 10, 2020 Transport for London’s (TfL) decision not to renew Uber’s operating licence late last year split commuters down the middle, but the controversial ride-hailing app’s rivals have seized the opportunity to stake their claim to the capital. Uber’s effective ban came over concerns it had not done enough to protect Londoners after TfL identified a “pattern [...]
Admiral foresees higher profit on motor claims February 7, 2020 UK insurer Admiral has predicted it will post higher-than-expected profit in its 2019 full-year results, after a change to personal injury insurance rules led to higher reserve releases and commission revenue. Admiral said in a trading update it expects to post a group profit before tax for 2019 in the range of £510m to £540m, [...]
Atlantic Crossing: What should be on the UK’s trade deal wishlist? February 2, 2020 Now that Brexit has become reality, the United Kingdom can use its newfound independence by negotiating an ambitious free trade agreement with the United States. Such an agreement can deepen commercial ties between two longtime allies, not only in goods trade but also in financial services and the movement of people. Outside the European Union, [...]
Uber ramps up British charm offensive with sweeping Nissan deal January 24, 2020 Nissan and Uber have signed a deal that will provide the ride-hailing giant’s drivers with a fleet of new electric cars, as Uber attempts to lay on the charm with on British authorities. The Japanese car maker will provide 2,000 new Nissan Leaf cars, made at the firm’s factory in Sunderland, to Uber at a [...]
Decline in German automotive production weighs on its economy January 13, 2020 Structural change and a sharp decline in automotive production in Germany is weighing on the economy, according to a report published today. The Munich-based ifo Institute estimated that the automotive industry workforce has shrunk by 1.3 per cent since the beginning of 2019, a much sharper decline than in the rest of the manufacturing industry [...]
How will losing its London licence affect Uber? January 8, 2020 Uber does not appear to have the controls necessary to run a wide-scale transport service and assure passengers and authorities of adequate safety standards. Despite London being one of the company’s top five markets in the world by revenue, the company has shown a marked reluctance to fully co-operate with transport authorities. Time and again, [...]
How can banks factor in climate change without damaging the economy? December 5, 2019 In a few weeks, we will get the results of the UK bank stress tests, which is a measure of our biggest banks’ ability to withstand the toughest of economic shocks. In 2021, these tests will include a scenario on climate change. The regulator wants to know that our biggest financial institutions really can weather [...]