Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
FTSE 10 and Wall Street slip despite encouraging economic data March 25, 2021 Mining stocks continued to drag down the FTSE 100 this afternoon while Wall Street opened lower despite an encouraging set of unemployment figures. London’s blue-chip index is down more than one per cent this afternoon with Antofogosta and Glencore all shedding more than four per cent. Bank of England Chief Economist Andy Haldane said he [...]
UK must install 700 electric vehicle charge points a day to hit 2030 target March 25, 2021 The UK must install 700 electric vehicle (EV) charging points every day for the rest of the decade to support the transition away from the internal combustion engine. From 2030, the government will ban the sale of all new petrol and diesel cars in order to help the country hit its ambitious 2050 climate goals. [...]
Hiring for lawyers at highest since pre-pandemic March 25, 2021 Recruitment for lawyers is at its highest level since before the start of the Covid-19 pandemic, new labour market data for England and Wales has found. Professional legal recruitment took a big hit during the UK’s first national lockdown, resulting in hiring levels in Q2 2020 falling by 74.3 per cent quarter-on-quarter. Year-on-year vacancies across [...]
Exclusive: City fund managers on pandemic volatility, inflation and value vs growth March 24, 2021 It has been a surreal year for fund managers in the City, with unprecedented volatility descending on practically every investment vehicle, asset manager or investor operating out of the Square Mile. The unpredictability of the ongoing pandemic is one of the reasons why the age-old investment-driven debate about ‘cheap’ value stocks versus ‘expensive’ growth equities [...]
City Moves: Who is switching jobs in the Square Mile this week? March 24, 2021 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. BDBF lands former Slater & Gordon’s head Employment law firm BDBF has hired former national head of employment at Slater & Gordon’s as its new equity partner. Most recently a partner at employment [...]
UK house price growth slowed in January as buyers paused due to new lockdown March 24, 2021 UK house price growth slowed in January compared to the previous month as buyers paused due to the introduction of new lockdown measures and uncertainty over the length of the stamp duty holiday, according to the latest official data. Average house prices increased by 7.5 per cent over the year to January, down from eight [...]
UK housebuilder Bellway ups selling price expectations and reinstates dividend March 24, 2021 Bellway this morning reinstated its dividend and upped its selling price expectations for this year as the UK housebuilder reported strong demand for new homes. The FTSE 250 developer said the full-year average selling price is now forecast to be more than £295,000, up from a previous estimate of £293,054. It announced it will reinstate [...]
London house prices: First-time buyers now need average deposit of £132,685 March 24, 2021 The average deposit size being put down by people taking their first step on the property ladder in London has increased by more than £20,000 since last year, according to new research published today. Halifax found that, in the 12 months to February 2020, the average deposit put down by first-time buyers in the capital [...]
House of Lords committee calls for UK-EU financial services agreement March 24, 2021 A House of Lords committee has called for the UK to negotiate better EU access for the financial services industry post-Brexit. The Lords’ EU Services Sub-Committee said today that there will be “real problems” for financial services professionals “whose qualifications are not recognised in the EU under current arrangements”. The City lost its pre-Brexit access [...]
Exclusive: Galliard secures £76m loan to fund luxury flats above Tottenham Court Road Crossrail station March 23, 2021 The developers of a luxury residential block above Tottenham Court Road’s Crossrail station have secured £76m in financing from lenders to complete the project. Leumi UK, the London-based subsidiary of the Israeli bank, and Natwest have closed a multi-million-pound deal with Galliard Homes to fund the development of 92 flats in the West End, City [...]