Britain’s eurozone liabilities revealed February 11, 2010 THE exposure of Britain to the eurozone’s weakest members was laid bare last night as French and German officials scrambled to agree a rescue package for Greece. Based on Bank for International Settlement numbers, in total the UK’s financial sector has just under £250bn in exposure to Portugal, Ireland, Italy, Greece and Spain (Piigs). The data [...]
Memo to government: cut spending March 17, 2010 CUT spending as soon as the election is over: that is the resounding message from the City A.M./PHI panel, our unique gauge of opinion among London’s City, financial and business community. The news is good for the Tories – unlike the results of our last survey, which found that our panel favoured Ken Clarke against [...]
Inequality widens as elite grow richer January 27, 2010 THE gap between the wealthiest and most deprived households in the country has widened dramatically over the past 30 years, according to a report published yesterday. People in the richest 10 per cent of the population are now more than 100 times better off than those in the poorest 10 per cent, the Anatomy of [...]
City favourite banking on a revamp March 22, 2010 IT’S hardly as if the City’s been short of “sign of the times” changes, but another came late last year when Prism, the Harvey Nichols outpost that was one of the Square Mile’s grandest and most lauded fine-dining restaurants, was reborn as a brasserie and bar. That meant a back-to-basics menu emphasising cosy ingredients including [...]
LIB DEMS SET TO RIDE CREST OF BEER WAVE April 15, 2010 A WELCOME pre-election boost for Lib Dem leader Nick Clegg, from the most unusual of quarters – the traditionally right-leaning environs of the City. It’s just 20 days before polling day and Clegg’s policies haven’t exactly met with rapt enthusiasm from the Square Mile, what with proposals to slap a “mansion tax” on homes worth [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 21, 2010 THE SUNDAYS The Sunday Telegraph ITV’S NEW CHAIRMAN: UK FACES ‘NATIONAL CRISIS’ Archie Norman, the chairman of ITV, has said that the UK is facing an economic “national crisis” worse than that faced by Margaret Thatcher at the end of the 1970s. In his first interview since becoming chairman of the broadcaster, Norman also revealed [...]
CITY SET FOR HERON’S ROOM WITH A VIEW February 18, 2010 BUSINESS hotshots out to impress in the City’s culture of superlatives, take note: plans are finally afoot to find a restaurateur to take on what will soon become the venue with some of the best views over the Square Mile. Heron Tower, the 46-storey Bishopsgate glass and stainless steel giant due for completion just over [...]
City rents jump on supply crunch February 2, 2010 RENTS in the Square Mile will rocket by 19 per cent this year as a slowdown in the rate of new developments creates a supply crisis, property consultant Knight Frank warned yesterday. Rates are predicted to jump to £52.5 per square foot as international companies expand their City headquarters and the availability of space falls. [...]
NEWSPAPER VETERAN APPROACHES GUARDIAN WITH A HEAVY HAND March 24, 2010 HEATED words in the media world yesterday after Carolyn McCall’s abrupt defection from the helm of Guardian Media Group to easyJet. Some say McCall won’t be too sorely missed by her former charges at the Guardian, given the messy state of the group’s finances and her recent controversial decision to sell the Manchester Evening News. [...]
City workers slam class war Budget March 24, 2010 THE City was left unconvinced by yesterday’s Budget, slamming Darling for failing to provide a clear outline on how the government was planning to reduce its huge deficit. Banks were being sent a contradictory message, critics said, pointing out that Darling has asked nationalised banks such as Lloyds and the Royal Bank of Scotland to [...]