Business and Economics
Business and Economics News
Financial services optimism falls at fastest pace since financial crisis
Sentiment and volumes are deteriorating sharply in the financial services sector, with various indicators at their lowest since the Financial Crisis of 2008, according to the latest CBI/PwC Financial Services Survey. The quarterly survey of 84 firms found that optimism about the overall business situation in the financial services sector plunged sharply, falling at the quickest pace since December 2008. Optimism has now been flat or falling for over three years. Business volumes fell for a second consecutive quarter, and...
Brexit: A six-point guide to why the UK’s unresolved EU exit plans are weighing on its credit rating
The EU’s agreement of a short extension of Article 50 reduces the likelihood of a no-deal ‘Brexident’ next week. Even if Scope has expected the UK to avoid a no-deal exit, the consequences of prolonged uncertainty for the UK’s credit ratings are growing. The EU agreed Thursday to a short Article 50 extension until 22 May, less than the UK’s request for an extension to 30 June and conditional on the Brexit deal being approved in the UK Parliament next...
Workers reveal the top 40 reasons for quitting a job
Boring canteen food, long hours and incompetent bosses are among the most common reasons why Brits quit their jobs, it has emerged. Researchers who polled 2,000 workers found employees start thinking about leaving a job an average of three years and six months after starting. The list of reasons for quitting also includes feeling too old in the workplace compared to younger members of staff and not getting a pay rise. The research, commissioned by working animal charity SPANA, also...
Whatever happens now, Brexit has inflicted serious damage on UK financial services
Whatever happens next, Brexit has inflicted unprecedented damage on the UK’s financial services industry, the founder and CEO of one of the world's largest independent financial advisory organisations has warned. The finance sector, which makes up about 6.5 per cent of Britain’s GDP, is heavily reliant on Britain's connections with the EU's single market and could face significant disruption in the event of a no deal Brexit. But regardless of how the negotiations pan out, Nigel Green of deVere Group says...
One year on from Carillion collapse, Interserve administration like “history repeating”
Outsourcing giant Interserve is expected to go into administration later today after failing to persuade shareholders to approve a rescue plan for the company. The company, which has 45,000 UK staff, and 65,000 globally, runs support services and construction projects in a similar manner to Carillion. Its collapse was described as "history repeating itself" by Simon Underwood of business recovery partner at accountancy firm Menzies LLP. He said: "Much like the Carillion collapse, Interserve’s demise will have significant implications for its supply...
Wetherspoon’s profits take a nosedive
Profits at JD Wetherspoon sunk 19 per cent in the six months to the end of January, its latest results show. The pub chain, run by prominent Brexiteer Tim Martin, blamed a rise in labour costs, interest payments, utility bills, repairs and depreciation for the fall. Martin is currently touring 100 of his 900 pubs, talking to punters about the merits of leaving the EU without a deal on 29 March, and used the results announcement to express his concern that...
Second Brexit vote is the “only credible solution to end gridlock”
The credible way to end Brexit gridlock and give UK and global business much-needed certainty is with a second referendum, affirms the CEO deVere Group. The comments from Nigel Green, the founder and chief executive of deVere Group, come as the UK and the EU are preparing themselves for the most critical vote on Brexit since the 2016 referendum. This evening MPs will decide whether to accept the Brexit deal struck by Prime Minister Theresa May. The last time Mrs...
Geoffrey Cox accused of “dereliction of duty”
Geoffrey Cox seems to be so busy tying himself in knots over Theresa May’s bad Brexit he’s forgotten his own constituents says GMB Union Geoffrey Cox MP has been accused of a dereliction of duty as the famous Appledore shipyard looks set to close in his constituency. The North Devon yard has built almost 200 vessels since it opened in 1855 and is absolutely crucial to the South West economy and British shipbuilding. On Friday Appledore will fall silent –...
UK loses £900bn as Brexit damage to city worse than expected
A new report has found the hit to the City of London from Brexit so far has been worse than expected, with financial institutions moving £900bn abroad. Dublin has been the biggest winner according to a study which found 275 banking and finance firms have moved business abroad. After rumours that is was to be cancelled again, Tuesday's second meaningful vote in the Commons on Theresa May's Brexit deal will go ahead as planned confirmed Brexit Minister Robin Walker. He...