CMA proposals to hit bank profits in latest squeeze on sector August 19, 2016 Banks should prepare for another squeeze on profits thanks to the latest recommendations to boost competition in the sector. Ratings agency Fitch said today proposals from the Competition and Markets Authority (CMA) to encourage customers to switch bank accounts would put even more pressure on bottom lines at the UK's top high street lenders. The central [...]
The UK trade deficit widened in September, but dipped in the first full quarter since the Brexit vote, as sterling falls showed little effect November 9, 2016 The UK’s deficit on trade in goods and services widened in September, Office of National Statistics data has shown. The gap grew by £1.5bn from August to £5.2bn, with exports decreasing by £200m and imports rising by £1.2bn. The deficit on trade in goods was £12.7bn in September 2016, widening by £1.6bn from August 2016. This widening reflected [...]
Donald Trump’s business meddling: Crony capitalism to a Tea January 17, 2017 To understand why many large businesses and pro-market US policy wonks are anxious about a Donald Trump presidency, one has to understand the lessons of the Tea Party. No, not the recent grassroots phenomenon caricatured in the UK media. I’m talking about the Boston Tea Party of 1773 – in which American colonists, belonging to [...]
China, Mexico, Japan: Who’s afraid of Trump’s protectionism? January 31, 2017 Anyone hoping that Donald Trump’s campaign promises were just talk can’t have been encouraged by this weekend’s events. Stock markets fell and the dollar was volatile yesterday on the news that the President had signed an executive order banning the entry of people from seven countries. Assumptions that he would row back from his more protectionist [...]
UK should be building 300,000 homes a year to tackle housing crisis, according to House of Lords Economic Affairs Committee report July 15, 2016 Britain needs at least 300,000 new homes a year to fix its housing crisis, according to a House of Lords report published this morning. The report has called for a building boom, but courted controversy by arguing that the private sector “has neither the ability nor motivation” to satisfy demand. The cross-party Economic Affairs Committee [...]
Greater devolution could boost English tourism and encourage more staycations, the Local Government Association has argued September 27, 2016 Greater devolution could help English tourism thrive as it would give local bodies the means to turn their areas into travel hotspots, the Local Government Association (LGA) has said today. Striking more devolution deals to improve regional transport, infrastructure and business support — all key to boosting tourism — could give local groups such as combined [...]
Mitie boss Ruby McGregor-Smith will be replaced by former Cable and Wireless boss Phil Bentley when she steps down in December October 10, 2016 Outsourcing group Mitie has announced that chief executive Ruby McGregor-Smith will step down before the end of the year. She will be replaced by Phil Bentley when she leaves the firm on 12 December. Bentley is joining the company in November and will work with McGregor-Smith to "ensure an effective transition including with clients, employees, [...]
Theresa May’s statism is the wrong way to build a more prosperous post-Brexit Britain October 12, 2016 Labour has lurched to the hard left and Ukip does not currently seem equipped to capture the significant number of voters on lower incomes who are worried about immigration and the impact of globalisation. So it is understandable that the Prime Minister is seeking to seize the coveted centre ground. For that purpose, Mrs May’s [...]
You’ll be hearing from my lawyer: Blue chip companies placing more and more money to one side to fight costly litigation, with FTSE 100 legal provisions up by a fifth September 26, 2016 Firms in the FTSE 100 put aside £31.3bn between them last year in a bid to cover potential legal bills stemming from increasingly costly litigation, a study out today has found. Legal provisions, which refer to money set aside to cover expenses such as legal costs, fines and compensation, among those in the blue chip index have [...]
Kier shares up over four per cent as it is included on an NHS construction shortlist August 23, 2016 Construction group Kier this morning announced it had scooped up to £5bn of potential new work, sending shares up five per cent in morning trading. The biggest potential deal was the revelation the group had won a place on the Department of Health's Procure22 framework – a contract which could be worth £4bn alone. The two other key revenue sources were a [...]