Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Pound swings wildly after Boris Johnson steps up no-deal rhetoric October 16, 2020 The pound swung wildly and gave up its gains after Prime Minister Boris Johnson said the UK should prepare for a no-deal Brexit, amid mixed signals from the negotiating process. Sterling was trading as much as 0.3 per cent higher when Johnson started speaking. It then dropped, rose slightly, and fell again to last stand [...]
Nestle sets $5bn water brand sale in motion October 16, 2020 Food and drink giant Nestle is set to sell its North American water brands – which could go for around $5bn (£3.9bn) – as it moves away from lower-growth businesses. Private equity funds including Apollo are expected to show an interest, according to Reuters, which cited numerous sources. Wall Street titan Morgan Stanley is running [...]
FTSE 100 closes deep in the red amid new coronavirus lockdowns October 15, 2020 London markets plunge on increased social restrictions, with travel and leisure firms dragging FTSE 100 lower
New US jobless claims unexpectedly rise as election approaches October 15, 2020 The number of Americans making a new claim for unemployment insurance unexpectedly rose last week as the economic recovery stuttered, posing a problem for Donald Trump with just weeks until the presidential election. New US jobless claims came in at 898,000 in the week that ended on 9 October, the Department of Labor said today. [...]
Boots sales drop 30 per cent as shoppers dodge high street October 15, 2020 British chemist Boots suffered a near 30 per cent drop in sales in the fourth quarter of the year as consumers stayed away from the high street despite the coronavirus pandemic easing slightly. Sales dropped 29.2 per cent compared to the same period a year earlier. However, the figures were an improvement on the previous [...]
The City View: LMAX CEO urges City to ‘support young talent’ amid Covid October 15, 2020 In this episode Christian talks to David Mercer, CEO of LMAX Group, the fast-growing fintech firm and FX and institutional crypto exchange that clocked up $56m (£43m) in gross profit in 2019, with trading volumes of $3.5tn. Subscribe to The City View Podcast: Apple / Google / Spotify / RSS LMAX Group is listed in the Deloitte Fast 50 and The Sunday Times [...]
Government paying test and trace consultants equivalent of £1.5m salary October 14, 2020 The UK government is paying some management consultants the equivalent of more than a million pounds a year to work on the coronavirus test and trace system that its own scientists have criticised. Some senior-ranking consultants at Boston Consulting Group (BCG) are being paid around £7,000 a day, Sky News reported. That would amount to [...]
Sterling jumps amid hopes of a post-Brexit trade deal October 14, 2020 The pound jumped past the $1.30 mark after suggestions that the EU and UK could yet reach a post-Brexit trade deal cheered investors. Sterling was up 0.8 per cent by around 2.30pm UK time at $1.203. It was 0.6 per cent higher against the euro at €1.108. Prime Minister Boris Johnson and European Commission boss [...]
Think tanks warn Sunak not to hurt UK’s ‘tax competitiveness’ October 14, 2020 Free-market think tanks have warned the government not to raise taxes on companies and dividends to try to mend the hole in the public finances, arguing that it would be an act of “self-sabotage”. The UK budget deficit is set to hit £350bn this year, the Institute for Fiscal Studies (IFS) think tank said yesterday. [...]
Rishi Sunak to urge debt relief for weaker global economies October 14, 2020 Chancellor Rishi Sunak will today urge global governments to ease the debt burden on the poorest countries affected by coronavirus as he meets leaders to discuss cooperation. Sunak will discuss a global action plan for the months ahead with G20 counterparts today. He will then join an annual meeting of the International Monetary Fund (IMF) [...]
