Defence engineering firm Meggitt spends £5m on Brexit stockpiling February 26, 2019 Defence engineering firm Meggitt has spent as much as £5m stockpiling parts and hiring extra customs officials as part of its plans to mitigate a potential no-deal Brexit. The firm’s shares slumped this morning as it announced in its full-year results it would take around two years before its operating margins significantly improve after being [...]
Scottish Power set to pump £2bn into the UK this year in face of Brexit fears February 26, 2019 Scottish Power’s chief executive today played down Brexit fears as the company committed to investing £2bn into the UK this year. The energy supplier, which last year transitioned to 100 per cent renewable energy, said it will pour £6bn into Britain between 2018 and 2022, with two fifths of that going to renewable energy generation. [...]
Theresa May to give parliament a vote on no-deal Brexit as delay to Article 50 appears on horizon February 26, 2019 Prime Minister Theresa May today conceded the possibility of delaying Brexit if parliament rejects her deal for a second time. Addressing the Commons, May said that if MPs reject her withdrawal agreement on 12 March, a vote will take place the following day on whether the UK leaves the EU with or without a deal. [...]
Sterling rallies as Theresa May prepares to rule out no-deal Brexit February 26, 2019 The Prime Minister is reportedly set to rule out a no-deal Brexit in order to fend off a mass cabinet revolt against her that could see 15 ministers resign, it is reported. Sterling rose to a four-week high against the dollar of $1.319, and a 21-month high of €1.162 against the euro as markets reacted to developments [...]
How to ride the pound sterling rollercoaster through a no-deal Brexit February 26, 2019 With no signs of letting up, the cold winds of Brexit uncertainty blowing through parliament have been pretty chilling for the UK economy. With Theresa May revealing on Sunday that MPs might not vote on her new deal until 12 March, and rumours swirling that Brexit may be delayed until May or beyond, businesses are [...]
Defence contractor Babcock burned by £10m Brexit cost to aerial firefighting business February 26, 2019 Shares in defence contractor Babcock dropped this morning as it admitted it will take a £10m Brexit hit, because of restructuring its aerial firefighting businesses to meet European operating requirements. The Ministry of Defence’s (MoD) second-biggest supplier said while the initial blow would be from tax, it will also cost an extra £10m a year to operate [...]
There’s no time to spare, Brexit is causing real-world problems for business today February 26, 2019 Another day, another delay. With just 31 days ahead of the UK’s scheduled departure from the EU, Westminster still seems to be arguing with itself. The timetable may work for politics, but it doesn’t work for the economy. Out in the real world, the consequences of uncertainty and the prospect of a messy and disorderly [...]
Bronek Masojada: The Hiscox CEO who’s got the City covered February 25, 2019 Hiscox chief executive Bronek Masojada is no stranger to Canada Corporation. Nearly 10 years ago, his insurance house sued the body over the demolition of a building near its office, which would later be cleared to make way for the “Helter Skelter” skyscraper at 22 Bishopsgate. Now, after pursuing the organisation from [...]
Labour will back second referendum on Brexit, Jeremy Corbyn announces February 25, 2019 Labour will back moves for another referendum on Brexit, Jeremy Corbyn has announced. In a statement released just 30 minutes before he was due to meet with his MPs, the Labour leader said his party would either put forward or support an amendment backing another public vote. Corbyn has been under pressure to adopt such [...]
Theresa May keeps delaying the Brexit vote, but the clock is ticking for business to prepare for a no-deal outcome February 25, 2019 On her way to an EU-Arab League summit over the weekend, Theresa May announced that she would not provide British parliamentarians with a meaningful vote on an altered Brexit deal until perhaps 12 March. Politicians wanted that opportunity this week, but instead, the embattled leader has once again sought to delay proceedings as she struggles [...]
