Radiator firm Stelrad’s revenue up almost 40 per cent, with operating profit more than doubling March 14, 2022 A UK-based producer for steel panel radiators has announced a near 40 per cent increase in revenue for 2021. Stelrad made £272m in the last 12 months with its operating profit more than doubling to £33.2 million in 2021 up from £15.6 million the previous year. The firm, which entered into the London Stock Exchange [...]
£24bn Brexit rebound: UK goods imports from EU overtake non-EU trade while Russian influx soars March 12, 2022 Goods imports from the EU rebounded fat the start of 2022, despite uncertainty over changes in HMRC methodology, to overtake Non-EU countries, after non-EU imports of goods to the UK surpassed those from the EU for the first time in 2021 since the ONS started recording the data in 1997. Over £24bn worth of goods [...]
Amazon makes major U-turn by shutting all book stores and physical shops in UK March 6, 2022 E-commerce giant Amazon has said it is planning to shut all of its book stores as well as its other brick-and-mortar shops and pop-up stores in the UK and US. The shock announcement to close down all 68 book stores, as well as shops that offer toys and home goods in Britain and the US, [...]
Brexit Multiverse of Madness: ‘Jacob Rees-Mogg is hoping for the reality-bending powers of Marvel’s Dr Strange’ February 23, 2022 The new Brexit Opportunities Minister, Jacob Rees-Mogg, has said that Brexit is ‘already a success’ and ‘the evidence that Brexit has caused trade drops is few and far between’. City A.M. spoke to one of the UK’s biggest international delivery firms and their response was “He said that? Well, not in our universe.” In fact, [...]
‘Rule of Origin’ Brexit rule starts to bite: UK customs duties jump 64 per cent in a year to record £4.5bn February 23, 2022 Customs duties paid by UK businesses have jumped 64 per cent to a record £4.5bn in the year to 31 January 2022, up from £2.9bn in the previous 12 months, according to new research shared with City A.M. this afternoon. The rise comes as post-Brexit increases in customs duties begin to bite for UK businesses [...]
Despite £20bn drop in exports, Jacob Rees-Mogg sees no evidence Brexit has hit trade: ‘Evidence is few and far between’ February 17, 2022 Jacob Rees-Mogg, the brand new minister for Brexit opportunities, has said that “Brexit was already a success” and businesses have not been hurt by the UK’s departure from the EU. On the contrary, because when asked whether Brexit had reduced UK trade, Rees-Mogg replied: “I think Brexit has been extremely beneficial for the country.” “I [...]
Brexit shaves off record £20bn from UK exports in one year alone with imports from EU also dropping February 16, 2022 UK exports to EU countries shrunk by a record £20bn in just 20 months, according to new figures. Sales to the EU dropped more significantly in 2021 than exports to any other country in the world, the ONS data shows, as UK to EU exports nosedived 12 per cent between January and December of last [...]
Storegga chief on Kwasi Kwarteng’s recent trade mission to Saudi Arabia: ‘A fabulous opportunity for the UK’ February 16, 2022 London-based Nick Cooper, who is the chief executive officer of Storegga, developing decarbonisation projects around the world, recently returned from a UK Government trade mission to the Kingdom of Saudi Arabia. The delegation was led by by Rt Hon Kwasi Kwarteng MP, Secretary of State at the Department of Business, Energy and Industrial Strategy. The [...]
Hormone-treated beef from Canada to flood UK food chain under CPTPP deal, British farmers warn February 14, 2022 Canada is pushing for hormone-treated beef to be made available across the UK once Britain joins the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). According to the National Farmers Union, the deal would “severely undermine British farmers” and lower the quality of meet sold across the UK. CPTPP – a trade deal among a [...]
Brexit: £25.4bn non-EU imports overtake EU imports for first time with China trade at all-time high February 13, 2022 Annual UK goods imports from outside the EU have surpassed the value of those from within it for the first time since ONS records began in 1997, according to new data shared with City A.M. this weekend. Imports from the UK’s nearest trading bloc totalled £22.2bn compared to £25.4bn from all other countries in 2021 [...]