Business and Economics

The UK economy took a huge knock in April as Brexit rumbles on. It contracted by 0.4 per cent compared to the month before, marking its biggest monthly fall since March 2016. It follows a decline of 0.1 per cent in March 2019. Industrial production declined by 2.7 per cent during April, with manufacturing shrinking by an alarming 3.9 per cent. This appears to be due to UK car plants shutting down in April, as manufacturers prepared for a no-deal...

Car manufacturing slumped by a massive 24 per cent in April as summer shutdowns were brought forward. New figures revealed the biggest drop in car manufacturing since records began as factory shutdowns took their toll on the industry. Several brought forward or extended shutdowns that normally take place in the summer, said the Society of Motor Manufacturers and Traders (SMMT). Fewer than 71,000 cars were produced in April, a fall of 57,000 from the same month in 2018, according to...

Analysis shows households face a 17% surge in grocery shopping basket costs if UK defaults to WTO trade terms Shoppers face being hit with hundreds of pounds extra on food and drink bills if the UK leaves the EU with ‘no deal’, new analysis for GMB union reveals today. The figures show a family's weekly shop could rocket by more than £800 a year. A report by Acuity Analysis for GMB union compares a weekly basket of goods in current...

Owners had previously warned that Brexit would lead to factory closures

Activity across UK building firms fell last month, driven by a sharp decline in commercial construction and civil engineering, according to data firm Markit. Commercial building was the weakest sector, with output falling to the greatest extent since September 2017.  Survey respondents said that clients had opted to hold back on major spending decisions in response to Brexit uncertainty. Civil engineering also fell for a fourth straight month, the longest run since the first half of 2013. Duncan Brock, group...

Signs that European customers are "abandoning" UK firms are starting to show after British manufacturing recorded the steepest downturn in almost three years. Following an early Brexit stockpiling boom at the start of the year May figures dipped significantly for UK manufacturers with new orders drying up. Make UK - formerly known as the EEF – said the downturn shows investment plans have been "paralysed" by Brexit uncertainty in the second quarter of the year, warning that a 'no deal'...

Britain has been described as the “greatest enabler of corporate tax avoidance in the world” after it was revealed eight out of the ten jurisdictions with the highest corporate tax haven scores are British territories. Research by the Tax Justice Network found the UK and its “corporate tax haven network” to be by far the world’s greatest enabler of corporate tax avoidance, with scores of its territories and dependencies landing in the top 10 offender list. The British Virgin Islands,...

Staff were told there would be a conference call where they were given the devastating news

Flying first class on business trips, never having to contribute to the tea round, and having your name on the office door are among the signs of success in the workplace, it has emerged. A poll of 2,000 office workers found one in four also believe being asked about important business decisions means you’ve made it along with choosing when to work from home, someone else buying your lunch for you, and having a key to the office. Other signs...