Airbnb reveals deeper loss ahead of stock market float November 17, 2020 Airbnb today revealed it has suffered deeper losses this year as a result of the Covid-19 pandemic, as it unveiled the prospectus for its eagerly-awaited stock market listing. The holiday rental company posted a loss of $697m (£527m) on revenue of $2.5bn in the nine months to the end of September, a widening of the [...]
Gap between rich and poor grows despite jump in savings ratio November 16, 2020 The wealth gap between rich and poor people in the UK is widening as a result of the ongoing coronavirus pandemic and the ensuing lockdowns, according to an Oxford-based think tank. Research from the Centre for Enterprise, Markets and Ethics has found that a third of British people now have less than £1,500 in the bank, [...]
Exclusive: Building societies slash business lending by a third November 13, 2020 Building societies have slashed their business lending by a third in the five years, City A.M. can exclusively reveal. According to new figures from accountants BDO, the amount of money lent by the UK’s biggest building societies has dropped from £11.8bn in 2015/16 to just £7.9bn last year. The fall in lending comes at a [...]
Building consensus on London’s housing priorities November 13, 2020 The housing market has the potential to play a significant role in the UK’s economic and social recovery from the pandemic – but housing in London faces a mounting number of challenges and uncertainties in doing so. That was the verdict of a roundtable held as part of a UK-wide initiative by Lloyds Banking Group [...]
DEBATE: Will the National Security and Investment Bill make it harder for the UK to remain a business hub? November 13, 2020 Max von Thun, senior associate at political advisory firm Global Counsel, says YES. Under the screening regime proposed by the new National Security and Investment Bill, a much higher number of deals will be subject to potential government intervention on national security grounds for up to five years after they have taken place. In addition [...]
London’s housing market activity expected to slow next year, survey finds November 12, 2020 London’s housing market activity is expected to slow down next year as the withdrawal of government support measures and a difficult economic backdrop dampens the post-lockdown surge in demand. The latest research showed that both demand for properties and new homes being listed for sales remained strong last month. However a survey by the Royal [...]
£200m Mayfair office redevelopment gets green light November 11, 2020 Developers have been given the go-ahead for a £200m project to transform Mayfair’s Lansdowne House into office and retail space. Westminster City Council granted planning permission to real estate firm Core to redevelop the property in Berkeley Square. Core said the project is a “huge boost” for central London and the city’s office market, despite [...]
British Business Investments invests in record number of firms November 11, 2020 The commercial arm of the government-backed British Business Bank has invested in a record number of firms but its rate of return has more than halved due to the pandemic. The British Business Investments (BBI) annual report shows an additional 15 commitments totalling £547m in the year to 31 March 2020. It brings the total [...]
The government’s National Security and Investment Bill could close the door on Global Britain November 11, 2020 As the twin spectres of Brexit and Covid-19 continue to dominate the headlines, you could be forgiven for not having the government’s planned National Security and Investment Bill on your radar. But the Bill is set to radically overhaul the UK’s approach to foreign investment at a time of significant economic uncertainty. While its exact [...]
Snakes and Ladders: Who is moving jobs in the City this week? November 11, 2020 Snakes and Ladders provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Firms are continuing to adapt to the challenges and opportunities presented by the pandemic as they vie to be in prime position to recover from the economic fallout of the crisis. Read more: Snakes [...]