Barratt: Profit halves at housebuilder but firm optimistic after Redrow deal September 4, 2024 Housebuilder Barratt reported a halving in profit and drop in completions amid a challenging housing market, but has said it is optimistic about the future. Barratt said its total home completions in the year ended 30 June reached 14,004, down 18.6 per cent from 17,206 in 2023 but at the upper end of the company’s [...]
Oasis ticket prices are none of the government’s business September 4, 2024 Labour’s plans to intervene in the market for Oasis tickets betray a basic ignorance of the principles of supply and demand, says James Price So, Sally can wait – and wait and wait online for Oasis tickets. Or Taylor Swift, or whatever a Charli XCX is. That’s what happens when there is lots of demand [...]
True state of the public finances continues to divide opinion September 3, 2024 The true state of Labour’s fiscal inheritance continues to divide opinion. Over the first few weeks in office, the new government has been painting a very gloomy picture of the state of the public finances. The doom-mongering reached new heights last week after Sir Keir Starmer argued the state of the public finances were “worse [...]
City deals advisers gear up for rebound after election pushed M&A to four year low September 3, 2024 The City’s deals advisers are gearing up for a rebound in activity in the closing months of the year after election uncertainty pushed mergers and acquisitions (M&A) to a four-year low in June, according to fresh figures today. The value of total deals involving UK firms, as either targets or buyers, slumped to £11.8bn in [...]
Pound’s rally fades ahead of crucial US jobs data September 3, 2024 The pound’s stunning rally has stalled as traders look for direction amid a quiet week in the data calendar for the UK. Sterling was trading 0.2 per cent lower against the dollar at around $1.311 having lost over one per cent against the greenback in the past five days. The dollar has been trading around [...]
Ashtead: Profit down at equipment giant as revenue slows September 3, 2024 Equipment rental group Ashtead’s revenue grew just two per cent, and profit fell during the three-month period ending 31 July, as a construction slowdown across the US hit the company. The equipment hire giant, the FTSE 100’s 25th largest firm, reported revenue of $2.75bn (£2.1bn) for the period, up from $2.7bn (£2.06bn) in the prior [...]
Workers’ rights fines will harm growth and jobs, small businesses warn September 3, 2024 The government risks “reversing economic growth” and disincentivising hiring if it pursues plans to issue “punitive” fines to businesses that breach its workers’ rights plan, industry leaders have warned. Businesses face paying thousands of pounds in fines if they fall foul of the new protections that Labour are hoping to introduce, it was revealed on [...]
‘Little luxuries’ and warm weather boost card spending September 3, 2024 The summer heatwave, along with the ‘sweet treat economy’ pushed card spending to return to growth in August, although it remained below consumer inflation. Card spending grew by one per cent in August, below the CPIH inflation rate of 3.1 per cent. Almost half of consumers said they continued to spend on small, luxury purchases [...]
Easyhotel chief hails ‘era of the mega-event’ as driving force behind bookings surge September 2, 2024 The boss of budget chain Easyhotel said the company had the rising cost of ‘mega-event’ tickets to thank for its recent surge in revenue, which rose by almost half in 2023. Karim Malak, who became chief executive of the British business just over two years ago, said the company had experienced a boom in bookings [...]
UK manufacturing activity reaches highest level in 26 months September 2, 2024 Activity in the UK’s manufacturing sector grew at its fastest pace for more than two years last month, a closely-watched survey has suggested, in another positive sign for the economy.