UK braced for 70mph winds and downpours as Storm Jorge makes landfall today February 28, 2020 The UK is braced for yet another weekend of severe weather as Storm Jorge prepares to make its landfall later today. The Met Office has issued rain warnings for parts of Wales and Northern England, saying that parts of the country could see 60-80mm of rainfall in the worst affected areas. London and the south [...]
Rolls-Royce falls to £852m loss as engine trouble persists February 28, 2020 FTSE 100-listed Rolls-Royce today reported a loss of £852m after problems with its Trent 1000 engine overshadowed record engine deliveries at the firm. The figures Operating profit rose 25 per cent to £808m, ahead of £616m last year, driven largely by an improvement in the engine maker’s civil aerospace division. Revenue increased seven per cent [...]
Chancellor Rishi Sunak needs to step back and rethink IR35 February 27, 2020 When Philip Hammond announced in 2018 that IR35 would be extended to the private sector, he heralded it as a move that would “open a new chapter in our country’s economic future”. But fast-forward two years, and the new chancellor, Rishi Sunak, is still facing a huge headache over the tax legislation changes, effective from [...]
Profits plunge 42 per cent at car insurer Hastings February 27, 2020 Car insurer Hastings said today its adjusted profit plummeted 42 per cent in 2019 which it blamed on tough market conditions. Chief executive Toby van der Meer said: “The market environment was challenging in 2019, particularly due to elevated claims inflation which has impacted our loss ratio for the year and our adjusted operating profit.” [...]
Co-op Bank losses deepen amid tougher mortgage competition February 27, 2020 The Co-operative Bank has reported an increased pre-tax loss for 2019, as the high street lender struggled with tough mortgage competition and PPI compensation payouts. The figures Co-op Bank posted a loss before tax of £152.1m for 2019, an eight per cent rise on the £140.7m recorded the previous year. It said that its underlying [...]
IR35: Government confirms ‘light touch’ tax rollout February 27, 2020 People will not have to pay penalties for IR35 errors in the first year of the tax changes, as the government confirmed a “light touch” approach today. The government has published its review into the tax changes after announcing it would look into IR35 following concerns from business. HMRC said: “Customers will not have to [...]
BoE governor Mark Carney urges the City to step up on climate change February 27, 2020 Outgoing Bank of England governor Mark Carney has demanded the City answer “calls to action” on climate change and help speed up the transition to a low-carbon economy. In a speech given in the City this morning, Carney is expected to call on money managers to “ensure that every financial decision takes climate change into [...]
RSA beats expectations on record year for underwriting profit February 27, 2020 RSA posted a record year for underwriting profit as the insurance giant beat analyst expectations for 2019 after restructuring its international business. The figures The British firm posted an operating profit of £656m, up from £517m in 2018 and ahead of forecasts of £644m. A record year for underwriting profit was the main driver of [...]
Lloyd’s of London to launch electronic exchange pilot February 26, 2020 Lloyd’s of London today said it will pilot an electronic exchange to handle insurance risks this year. The 330-year old insurance market said it has taken a 40 per cent stake in an existing electronic placement system, PPL, which will form the basis of its new complex insurance risks platform. Lloyd’s said it was moving [...]
US legal giant Latham & Watkins boosts revenue to record $3.7bn February 26, 2020 US law firm Latham & Watkins today announced a revenue boost of 11 per cent to $3.76bn (£2.91bn) for the 2019 calendar year. Latham, which has been heavily investing in its City office in recent years, became the first law firm to surpass the $3bn revenue mark in 2018. Its London revenue is understood to [...]