Reeves says UK in ‘doom loop’ and being ‘held back’ as Hunt hikes taxes November 17, 2022 Rachel Reeves has described the UK as being in an economic “doom loop” as she hits out at the government’s newly announced tax hikes. Labour’s shadow chancellor said the “mess we are in is the result of 12 weeks of Conservative chaos, but also 12 years of Conservaitve economic failure”. Chancellor Jeremy Hunt announced public [...]
Government commits £6bn for energy efficiency drive to ease record bills November 17, 2022 The Government has committed further funding for a nationwide drive to boost the energy efficiency of people's homes.
GPE injects £1.1bn into ‘starved’ London office market despite sinking values November 17, 2022 GPE, formerly known as Great Portland Estates, is continuing to inject £1.1bn into feeding a “starved” central London office market despite blows from rising interest rates. The London-listed firm, which yesterday secured a record leasing of the City’s 2 Aldermanbury Square to Clifford Chance, is one of the largest office leasers in the capital. However, [...]
Hospitality leaders warn of ‘severe contraction’ as Budget does little to alleviate closure concerns November 17, 2022 High street industry leaders have issued bleak warnings for this winter following the Chancellor’s Budget, forecasting a wave of closures and stark price hikes for punters. The OBR predicted that real household disposable income per person would plunge more than seven per cent over next two years, marking the biggest drop on record. While businesses [...]
UK law firms hit harder by global economic headwinds than US rivals November 17, 2022 Law firms worldwide have seen demand for their services slow over the first half of 2022, according to new research. US law firms are however seeing stronger growth than their British and Australian rivals, the research from Thomson Reuters shows. The situation has seen demand for US law firms’ services continue to grow over [...]
As it happened and live reaction: Jeremy Hunt’s Autumn Budget 2022: UK is now in recession November 17, 2022 Welcome to City A.M.’s live updates as the Chancellor of the Exchequer, Jeremy Hunt, delivers the government’s Autumn Budget for 2022. Here the news team will bring you all the key points, policy changes, opinion, analysis, responses from experts, industry reaction and more. Get in touch and let us know your views via news@cityam.com or [...]
Mitie feels the pinch of covid-contract drop-off November 17, 2022 Outsourcing firm Mitie said a drop-off in high-margin Covid contracts had dented profits in the first half of the year despite new contract wins and price inflation helping lift revenues.
Investec rolls out £350m share buyback as revenues jump November 17, 2022 Investec said it would roll out a share buyback programme today
Royal Mail calls for less letter days as it claws way out of strike action November 17, 2022 Royal Mail has asked the government to cut its letter delivery service from six to five days as the beleaguered firm attempts to claw itself out of financial crisis. The former state-owned company, also known as International Distributions Services (IDS), called on ministers to reduce the letter numbers to ensure the “long-term sustainability” of the [...]
All eyes on UK Autumn Budget as Sunak’s government goes Hunt-ing for cash November 17, 2022 Markets’ main focus today will be on Westminster and Chancellor of the Exchequer Jeremy Hunt as he delivers the long-anticipated Autumn Statement. Over the past few weeks, Brits heard an array of estimates of the size of the fiscal black hole at the heart of the public finances, ranging from £40bn to £55bn. “However, this [...]