Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Metro Bank’s Vernon Hill to step down despite saying he’d die in job July 23, 2019 Metro Bank is set to part ways with its controversial chairman and co-founder Vernon Hill just two weeks after he said he would “probably die” in the role. Read more: Metro Bank drafts in two senior directors The high-street lender will announce it is launching a search for a new chairman when it posts its [...]
BoE chief economist cautions against interest rate cut with employment strong July 23, 2019 Bank of England chief economist Andy Haldane has said he would be “very cautious” about cutting interest rates in the near future as the economy is stronger than it appears. Read more: Banks can cope with no-deal Brexit but risks remain, says BoE Speaking in Scunthorpe today he said low unemployment and relatively high consumer [...]
IMF warns over Brexit and trade wars as it cuts global growth forecast July 23, 2019 The International Monetary Fund (IMF) has cut its forecast for global economic growth over the next two years and said that a disorderly Brexit could damage global investment and trade. Read more: Race begins for IMF top job as Christine Lagarde submits resignation The Fund lowered its prediction for global growth by 0.1 percentage point [...]
Businesses say apprentice levy not increasing training spend July 23, 2019 Fewer than a third of employers that pay the apprenticeship levy say it will lead them to increase the amount they spend on training, according to a survey by the Chartered Institute of Personnel and Development (CIPD). Read more: London businesses ‘unaware’ of improvements to apprenticeship levy The CIPD, an association for the human resources [...]
Lloyds to pay £140m to settle Standard Life Aberdeen row July 22, 2019 Lloyds Bank is to pay Standard Life Aberdeen (SLA) around £140m in a settlement that could end their long-running dispute over an asset management contract. Read more: Standard Life Aberdeen wins dispute with Lloyds The Edinburgh-based investment company would keep control of £30bn of assets for three years as well as receiving the cash payment, [...]
US sanctions blamed for Huawei 5G decision delay July 22, 2019 The government has put off a decision on whether Chinese telecoms giant Huawei should be part of the construction of the UK’s next-generation 5G networks, saying US sanctions might stop the firm from being a viable long-term partner. Read more: Next PM urged to prioritise Huawei decision The delay means the next government, which will [...]
Odey hedge fund backs Barrick Gold takeover of Acacia Mining July 22, 2019 London-based hedge fund Odey Asset Management said today that it will accept Barrick Gold’s final offer to buy Acacia Mining after months of opposition to the deal. Read more: Acacia accept increased takeover bid from Barrick The news came three days after Canadian gold miner Barrick reached an agreement to buy the remaining shares in [...]
Government intervenes in Inmarsat deal on national security grounds July 22, 2019 The UK government is to investigate the sale of London-listed satellite company Inmarsat to a private-equity and pension fund group on national security grounds, it said today. Read more: Inmarsat bidders look to appease government Inmarsat, Britain’s biggest satellite company, agreed in March to be bought by an international group including buyout firms Apax and [...]
Sterling falls as risk of no-deal Brexit rises ahead of new PM July 22, 2019 Sterling has fallen today as ministers announced their resignations from government rather than serve under Boris Johnson, who could force a no-deal Brexit on 31 October. Traders see a no-deal outcome as increasingly likely, leading them to raise their bets against the pound, which had fallen by 0.2 per cent against the dollar to $1.248 [...]
Mortgages with terms over 40 years jump 20-fold July 22, 2019 The number of approved UK home mortgages with a term of more than 40 years rocketed in 2018, rising over 20-fold to 3,483 from just 162 the previous year, according to analysis by London estate agent Ludlow Thompson. Read more: Mortgage approvals dip in May but remain above average The figures are the latest sign [...]
