London unemployment rate sees largest rise in a generation November 10, 2020 The number of people out of work in London soared over the summer, with the largest quarterly increase in the unemployment rate in over 30 years. Figures from the Office of National Statistics (ONS) show the unemployment rate in the three months to September rose 1.2 per cent from the previous quarter to six per [...]
90 per cent of UK trade not covered by free trade deals post-Brexit November 10, 2020 Only 10 per cent of all UK cross-border trade will be covered by current free-trade agreements after 31 December, City PM understands. Fifty-two countries currently have free trade deals in place with the UK for the end of the Brexit transition period. These agreements account for only 10 per cent of the UK’s total cross-border [...]
City is in denial about post-Brexit trading: MHA MacIntyre Hudson November 10, 2020 With less than two months until the Brexit deadline, Alison Horner, indirect tax partner at MHA MacIntyre Hudson, believes trading with Europe after Brexit, deal or no deal, will be more challenging than many businesses are currently realise or even willing to admit. “Due to Covid-19 the majority of British companies involved in exporting to [...]
European stocks set for a post Pfizer hangover November 10, 2020 The week started yesterday with an euphoric stock market reaction to the news that Pfizer and Germany-based BioNTech had seen a 90% success rate in a vaccine study. The new record highs for the Dow, S&P 500 and Russell 2000 point to a greater sense of optimism than at any other time this year, Michael [...]
House of Lords defeats Boris Johnson’s controversial Brexit bill November 10, 2020 The House of Lords has rejected Boris Johnson’s controversial Brexit bill that could potentially breach the Brexit Withdrawal Agreement and break international law. Peers voted to remove two clauses from the Internal Market Bill, which deal with the status of Northern Ireland after the Brexit transition period ends on 31 December. The legislation will now [...]
Exclusive: Ex-Labour mayor defects to Tories over Sadiq Khan’s record on crime November 10, 2020 A former Labour mayor of Islington has defected to the Tories and is campaigning for the party’s mayoral candidate after being disappointed with Sadiq Khan’s handling of violent crime in London. Islington councillor Rakhia Ismail, who was mayor of the London council last year, quit Labour in September alleging she had experienced racism within the [...]
Global flight to risk-free income good for London: BNP Paribas RE’s UK chief November 9, 2020 A frantic search among global investors to pump capital in relatively safe investments is increasingly driving allocations across London, according to the CEO of BNP Paribas’ real estate division in the UK. Etienne Prongué, since July CEO of BNP Paribas Real Estate UK, said that a range of recent transactions are clear indicators that foreign [...]
Nestlé snaps up majority stake in UK’s Mindful Chef November 9, 2020 Nestlé has agreed to acquire a majority stake in the healthy recipe box and prepared frozen meals company Mindful Chef, bolstering its food and direct-to-consumer offerings in the UK and Ireland. Financial details and terms of the deal, which is expected to close before the end of the year, were not disclosed but school friends Giles Humphries, [...]
Weekly outlook, 9-13 November: Investors shift their focus back to the UK economy November 9, 2020 Investors were kept busy with the drama across the Atlantic last week, but they’ll soon want to focus back on the UK in what will be a busy week of results and economic updates. After a nail-biting election, markets will likely be considering the implication of a Biden presidency. But with GDP and unemployment figures [...]
Building back a greener City — and a greener world November 9, 2020 It is essential, even as we readjust to lockdown over the next few weeks, to not lose sight of another of humanity’s great challenges: tackling climate change. As one of the world’s foremost financial centres, London has a huge role to play in supporting the development of a more sustainable global society, and is well-placed [...]
