What should chancellor Philip Hammond prioritise in his Autumn Statement? October 24, 2016 Adam Marshall, director general of the British Chambers of Commerce, says infrastructure. Whether small or large, infrastructure schemes boost local business confidence, regenerate areas, create business opportunities for a vast array of UK firms, and “crowd in” related private sector investment. Given decades of underinvestment, chronic delays, deficient digital networks and lagging productivity, an infrastructure-focused stimulus [...]
JP Morgan Cazenove to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for €500m October 23, 2016 JP Morgan Cazenove has been appointed to oversee the sale of London Stock Exchange’s Paris-based clearing business LCH SA for up to €500m, a deal crucial to the success of the company’s merger with Deutsche Boerse. City PM understands that the bank will be seeking to drum-up competition for LCH SA, with pan-European exchange Euronext thought to [...]
Businesses unsure of Theresa May’s threat to cut corporation tax to 10 per cent October 23, 2016 Businesses have given a lukewarm reception to the idea that Theresa May could slash corporation tax if she does not secure a good exit deal with the EU. Both the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) said cutting corporation tax would not be top of their wish-list if the government is [...]
Belgium told to sort out Wallonia rift over EU-Canada trade deal by Monday October 23, 2016 The European Union has given Belgium until Monday evening to sort out its dispute over whether to approve the EU-Canada trade deal or risk another disappointing setback for EU trade policy. The new deadline comes after talks between the Belgian government and representatives from the region of Wallonia broke down on Friday, raising fears the entire Comprehensive Economic [...]
Official GDP figures to show UK economy defying Brexit recession warnings October 23, 2016 The UK economy is set show by just how much it outperformed pre-referendum forecasts later this week, when official growth figures for the crucial third quarter are published. Economists expect the Office for National Statistics (ONS) to find the UK grew by a robust 0.3 per cent between the end of June and the end of September. [...]
Top industry representative warns banks could start leaving London before Christmas October 23, 2016 London's biggest banks could start leaving the capital within the next few months, according to one of the Square Mile's most important figures. Anthony Browne, head of the British Bankers' Association (BBA), which represents the interests of UK-based lenders and investment banks, told The Guardian banks have already started contingency planning and the process of moving [...]
Weak pound means pricier petrol and more VAT for the Treasury October 22, 2016 Treasury coffers have been bolstered by the weakened pound driving up prices at the pump according to a report released today. Fuel prices have risen by an average of 3.5p a litre over the last month. This means that the government is raking approximately £25m each month in increased VAT revenues, the AA Fuel Price report revealed. Read more: [...]
The Euro Parliament president is stepping in this morning to try and save the EU-Canada trade deal October 22, 2016 The head of the European Parliament has not given up hope on saving the Canada-EU trade deal and is holding last ditch talks with two of the key parties this morning. Martin Schulz, said he would meet Canadian Trade Minister Chrystia Freeland at 6.30am British time and then speak with Walloon premier Paul Magnette at 9am in an effort to revive [...]
Autumn Statement 2016: Philip Hammond in trouble as government dramatically misses borrowing target October 21, 2016 The government has dramatically overshot its target for public borrowing, with a whopping £10bn black hole in the country's finances. The deficit – a measure of how much more the government spends than it receives – rose to £10.6bn in September. That was £2.5bn over expectations and 14 per cent higher than the same month last year. It [...]
Executive pay regulation will backfire if it’s not based on evidence October 20, 2016 Executive pay is the poster child for the disconnect between big business and the general public. It does need to be reformed. It needs to be fair given an executive’s performance – and performance as measured by long-run contribution to society, not short-run profit. However, 80 years of history shows that compensation reform has frequently [...]
