Concerns raised by free market advocates in Westminster after new Prime Minister Theresa May unveils a department of industrial strategy July 14, 2016 Prime Minister Theresa May set out her stall yesterday by merging two Whitehall departments into a giant new office that promises to deliver an “industrial strategy” for Britain. The Department of Business, Energy and Industrial Strategy will replace the departments of Business, Innovation and Skills (known as BIS) and Energy and Climate Change (known as DECC). The [...]
End of an era? Post Office considers closing door on final salary pension scheme July 14, 2016 Another final salary pension has taken a step closer to biting the dust today, as it emerged the Post Office was considering shutting the door on its scheme and carting its members over to a defined contribution (DC) offering. The organisation has recommended the pension trustees close the scheme to future accrual at the end of March [...]
BlackRock falls short of expectations due to low pound and wary investors July 14, 2016 The world’s largest asset manager BlackRock has missed expectations in its second quarter. Revenue is down three per cent to $2.8bn (£2bn), net income declined four per cent to $789m, while assets under management also fell four per cent on last year to $4.89 trillion. BlackRock’s adjusted earnings per share for the quarter were $4.78, falling short of an analyst consensus of $4.81. The New York [...]
May and the three Brexiteers lead Britain July 14, 2016 If there were any doubts that the new Prime Minister really meant it when she said “Brexit means Brexit” they were put to bed last night as she appointed three senior Leave campaigners to oversee the process of the UK's departure from the EU, the forging of new global trade deals and the creation of [...]
Negotiations mustn’t be put off. We owe it to the British people to get things underway now July 14, 2016 Standing outside the Commons, new Prime Minister Theresa May proclaimed that we are going to make a success of Brexit. One of her first tasks is to reassure the country that a plan for a post-Brexit Britain will be presented as soon as reasonably possible. While there is a tiny minority who remain unwilling to accept [...]
What to expect from chancellor Philip Hammond July 13, 2016 As George Osborne leaves the government, all eyes are now on Philip Hammond, the former foreign secretary who has now been appointed as Prime Minister Theresa May's chancellor. The chancellor's CV Hammond leaves his post as foreign secretary, which he has held for two years. Before entering the Foreign Office, Hammond was responsible for transport, and [...]
Theresa May’s cabinet reshuffle: Who’s in? Who’s out? Everything you need to know July 13, 2016 Theresa May has announced the big positions in her cabinet today after taking helm as Britain's first female Prime Minister since Margaret Thatcher. She also created new positions to lead Britain's upcoming negotiations with the European Union. Who's in? Who's out? Here's everything you need to know: David Davis appointed head of Brexit Key Brexit campaigner David Davis [...]
Will Theresa May’s “hostile environment” become our “hostile nation”? July 13, 2016 At the moment, an hour is a long time in politics, but all being well Theresa May will be our next Prime Minister by this evening. As pundits speculate on what will define her premiership, most assume it will be the priority to invoke Article 50 and initiate the Brexit process. But it would be [...]
Is foreign secretary Philip Hammond set to be named the UK’s new chancellor? July 13, 2016 Foreign secretary Philip Hammond is emerging as a frontrunner to become the new chancellor in Theresa May's first cabinet. May is expected to name her top team in the coming days, and Hammond has been widely named as the likely inheritor of one of the government's most senior roles. According to ITV political editor Robert Peston, Hammond [...]
Three immediate challenges to the new government are apparent July 13, 2016 Recently I sat next to the head of corporate lending at one of the big banks. The usual question of “how’s business” was inevitably asked, with the answer “just had six quarters of lending growth but the last two weeks… awful! Especially with infrastructure, we had so much in the pipeline but confidence is low”. [...]