Business and Economics

Danske Bank Chief Executive Thomas Borgen has quit after he was embroiled in a huge money-laundering scam. An investigation into the bank’s dealings discovered a potential £177bn fiddle through its Estonian operation,between 2007 and 2015. The Danish bank said many of those payments were suspicious. Mr Borgen said: "Even though the investigation conducted by the external law firm concludes that I have lived up to my legal obligations, I believe that it is best for all parties that I resign."...

By Vanessa Ganguin, founder of London immigration firm Vanessa Ganguin Immigration Law EU citizens should not be given preferential access when applying for UK visas, according to the long-awaited Migration Advisory Committee (MAC) report on the future of EEA migration. The EEA migration in the UK: Final report was commissioned by the former Home Secretary Amber Rudd in July 2017. Its remit was to provide evidence to inform the creation of a new migration system for the UK following Brexit, which will...

The IMF had a stark warning to the UK ahead of the final Brexit negotiations. They said that a no-deal Brexit would inflict “substantial costs” to the UK economy. The IMF expects Britain's economy to grow by 1.5% in both 2018 and 2019 if a broad Brexit agreement is struck. However, any Brexit would “entail costs,” but a no deal scenario would be a “significantly worse outcome.” Christine Lagarde, the IMF's managing director, told a news conference in London: "Those...

A shocking new study has discovered that over 14 million people, 4.5 million of them children, and living in poverty. The investigation also discovered that 12% of the total UK population is in “persistent” poverty, having spent all or most of the last four years below the breadline. The statistics, by Social Metrics Commission, have been gathered from a new measure to calculate social disadvantage. The commission includes experts from academia, and from organisations such as the Joseph Rowntree Foundation,...

Economists at the British Chambers of Commerce (BCC) say growth will slow to 1.1 per cent this year. The influential business lobby group is also highly concerned of the impact of a no-deal Brexit. Shockingly, this would be the slowest rate of growth since the global financial crisis of 2009. The previous prediction was 1.3 per cent, still a sluggish growth rate for the UK economy. Adam Marshall, the group’s director general, said the UK economy is slowing to a...

House of Fraser customers are up in arms after refunds they were promised will now not be paid. Mike Ashley, Sports Direct founder and Newcastle United owner, bought House of Fraser for £90m from administrators, in August. Customers were told that they would receive refunds for undelivered goods. However, now customers will have to join other creditors on a long list of people who are chasing money from the administrator of House of Fraser, EY. A spokesperson for House of Fraser said:...

400 jobs will be lost at British Steel, the proposed losses will be in managerial and back office roles in the UK, Ireland, France and the Netherlands. British Steel employs 4,000 workers in the UK, predominantly in Scunthorpe, but also has plants in Teesside and Workington. Roland Junck, British Steel's executive chairman, said: "To help us achieve this, we have to make difficult decisions and our plans unfortunately include the proposed reduction of 400 roles across our global workforce. "We're...

Nobu Su claims Fred Goodwin used his cash to keep struggling bank afloat

Data obtained by the LGC (Local Government Chronicle) has found that a staggering £4bn has been spent since 2010, reports The Local Government Chronicle. This shocking figure shows how much local government has been damaged by austerity, and at such a high cost to tax payers. The LGC data, which covers 2010-11 to 2017-18, came from Freedom of Information requests. Shockingly David Paine, a LGC journalist , who carried out the research, said the figures did not reflect large pay-offs...