UK PMI: Manufacturing sector contracting at fastest rate since 2012 January 2, 2020 Factory output in the UK fell in December at its fastest rate in eight years, after a slowing global economy helped crimp domestic demand. The IHS Markit UK Purchasing Managers’ Index (PMI) – measuring the manufacturing and services sectors – fell from 49.1 in November to 45.6. Anything below 50 means the sector has contracted. [...]
Two surveys say business confidence plumbing depths on Brexit crisis October 30, 2019 Two surveys of UK business leaders published today show plunging confidence as the country’s political crisis drags on. Accountancy firm BDO found business leaders in the UK were the least confident of any major European country, with two thirds of respondents believing the economic climate will deteriorate over the next six months and only 10 [...]
UK house prices dip as coronavirus lockdown makes sales ‘almost impossible’ April 20, 2020 UK house prices dipped during the coronavirus lockdown as experts warned the housing market was barely functioning due to the restrictions. The latest data from Rightmove showed that the average price of property coming to market dipped 0.2 per cent to £311,950. In April last year UK house prices increased 2.1 per cent. However, Rightmove [...]
Laura Ashley shares sink as £20m lifeline thrown into doubt February 17, 2020 Laura Ashley’s stock sank 41.54 per cent today after it warned its access to a £20m funding lifeline to keep it trading was in serious doubt. The retailer’s owner, Malaysian firm MUI Group, is now locked in discussions with lender Wells Fargo to secure enough cash to keep Laura Ashley trading. The asset-backed loan, agreed [...]
Laura Ashley owners battle with lenders in race to save high street chain February 16, 2020 The owner of high street chain Laura Ashley is in talks to secure a fresh draw down from one of its lenders to keep the struggling brand trading. A dispute between Laura Ashley and lender Wells Fargo over the retailer’s access to a £20m funding line has pushed the fashion firm’s Malaysian owner MUI Group [...]
Struggling recruiter Staffline warns on profit January 31, 2020 UK recruitment firm Staffline has warned its profit will be below its forecast as it deals with the costs of an ongoing accounting review. The board said in December that it expected a full year adjusted operating profit of approximately £10m to £12m. Staffline issued three profit warnings in 2019, a difficult year for the [...]
Starling Bank predicts 2020 profitability despite deepened losses August 6, 2020 Starling Bank has said it expects to break even by the end of this year and be profitable in 2021, despite more than doubling its losses in 2019. Chief executive Anne Boden told reporters the digital bank had benefited from participating in government schemes to provide business loans during the pandemic, gaining new loans on [...]
Coronavirus: Bank of England slashes UK interest rates to 0.25 per cent March 11, 2020 The Bank of England today slashed UK interest rates to just 0.25 per cent in a bid to tackle the fallout of the coronavirus outbreak on the economy. The 50 basis point (0.5 percentage point) cut takes interest rates lower than the 0.75 per cent they were already at, in a move designed to boost [...]
Sizewell C: Nuclear plant under scrutiny over Chinese role June 3, 2020 A quiet corner of the Suffolk coastline is set to become a new frontier in the debate over the UK’s changing relationship with Chinese foreign direct investment. Last week EDF submitted a planning application for Sizewell C, a new 3.2 gigawatt nuclear plant which could provide enough power for 6m homes. The project has been [...]
UK insolvencies spike as construction firms struggle February 10, 2020 The number of UK firms falling into administration jumped last year, driven by companies in the building and construction industry. In total, 1,403 firms entered administration last year compared to 1,341 in 2018 – a rise of just under five per cent. Building and construction firms were the hardest hit by challenging trading conditions last [...]