Ibstock: Housebuilding is recovering, but rebuilding supply chains will take time October 17, 2024 Building supplies company Ibstock has said that it has seen early indications of a positive trend in the UK’s housing market, but a full recovery in end markets won’t happen soon. It said that it saw new-build residential activity improving, but that it “expect[s] this to take time to feed through into sustainably stronger demand [...]
An unexpected side effect of non-dom rule changes? Divorce October 17, 2024 Much has been said on the financial implications of non-doms leaving the country due to punitive taxes, but less attentions has been paid to the personal and family consequences of such moves, says Cara Nutall Prime Minister Keir Starmer has stated that “painful” decisions are unavoidable to repair the UK’s economic damage and has asked [...]
UK house prices surge as cooling inflation gives rise to lower borrowing costs October 16, 2024 House prices in the UK rose by 2.8 per cent against the backdrop of the lowest inflation for three years and prospect of interest rates coming down further. The UK average according to the Office for National Statistics sat at £293,000 in the year to August 2024, though London prices are typically higher. This marked [...]
Tory leadership: I’ll return us to ‘party of sound money’, Robert Jenrick pledges October 16, 2024 Tory leadership contender Robert Jenrick has pledged to return the Conservatives to “being the party of sound money”, if elected. The former migration minister outlined his economic plans in a speech this morning in which he admitted the Conservatives “abandoned fiscal responsibility in the mini-Budget.” Jenrick told an audience of journalists and MPs at a [...]
US start-up to invest £300m in micro-nuclear plants in South Wales October 15, 2024 A US start-up has announced plans to invest £300m in developing a series of cutting edge micro-nuclear power plants in South Wales. Last Energy intends to bring into service four micro-modular nuclear units on a vacant site in Bridgend Country, which housed the coal-fired Llynfi Power Station until 1977. It estimates the project will create [...]
Loss widens at Papa Johns in UK ahead of major closure plans October 14, 2024 The UK arm of pizza chain Papa Johns lost almost £20m in the year before it decided to close more than 40 underperforming restaurants. The Milton Keynes-headquartered division has reported a pre-tax loss of £19.9m for 2023, having also lost £4.1m in 2022. Newly-filed accounts with Companies House also show its turnover nudged up from [...]
Butlin’s: Price changes fail to stop holiday resort chain entering the red October 14, 2024 Holiday resort chain Butlin’s entered the red in the year after it was sold for £300m despite changing its pricing strategy, it has been revealed. The company has posted a pre-tax loss of £24.4m for 2023, according to newly-filed accounts with Companies House. The loss comes after the business, which runs sites in Bognor Regis, [...]
How to unlock green growth (clue: it’s not all about net zero) October 13, 2024 Think nuclear and speed up planning if you want to achieve green growth, suggests Brendan Chilton,
Rolex: Sales at luxury watch maker rise time after time October 10, 2024 Sales at the UK arm of Rolex rose by almost £80m during 2023, for the 17th consecutive year. The London-headquartered division has reported a turnover of £685.2m for the 12 months, up from the £608.1m it achieved in 2022. Newly-filed accounts with Companies House also show that its pre-tax profit increased from £59.4m to £65.8m [...]
Renters set for more tough times as house sales strengthen October 10, 2024 The latest RICS Residential Survey has provided a lot of optimism for house buyers and sellers, but less for tenants, who are set to contend with an even tougher market. The survey, which asks estate agents for their opinion on the housing market, found a “sustained improvement in market activity”, with measures of demand, sales and [...]