Business

The year got off to a slow start, with the latest RICS UK Residential Market Survey pointing to a subdued backdrop, as enquiries, sales and new instructions all declined further in London. In the near term across the UK, contributors sense little prospect of a turnaround, as concerns over the potential impact of Brexit, alongside affordability constraints continue to cause buyers and sellers to hesitate. During January, new buyer enquiries fell in London, although at a slower pace than previously. ...

Liam Fox is struggling to sign off trade agreements in time for Brexit and he hasn't got long left. Fox faced some heavy criticism today in the Commons over the issue, as the EU departure date approaches. The International Trade Secretary had previously promised that his department would have 40 free trade agreements ready to sign “one minute after midnight” on the day the UK leaves the EU. However, a leaked document from his department, handed to The Sun, showed that just...

An empty homes tax has the potential to generate income for local councils, reduce demand from foreign investors and increase housing affordability, according to a new study

Business Secretary Greg Clark refused to rule out imposing zero tariffs which would ‘rip the heart’ out of UK manufacturing. Today in Parliament Louise Haigh MP asked the Secretary of State for Business, Energy and Industrial Strategy if he agreed zero tariffs “leave us open to a flood of cheap imports driving down wages and costing jobs?”  Greg Clarke replied: “No decision has yet been taken on that . Imposing zero tariffs would be a disaster for UK’s proud manufacturing...

The ONS (Office for National Statistics) reported that the growth in 2018 was 1.4% down from 1.8% in 2017. Even more worryingly this is the lowest rate since 2012. According to the ONS, quarterly growth also slowed, falling to 0.2% in the three months to December - down from 0.6% in the three months to September. A decline in car production and factory output were some of the main factors that caused the slower growth. Head of GDP at the...

The Bank of England has downgraded its growth forecast for 2019 growth to 1.2%, which would be the smallest rise since 2009. Sterling tumbled on the news and was trading 0.6% down versus the US dollar at $1.285. Against the euro, the pound was down 0.3% at €1.134. The PM flew to Brussels today to push for concessions from EU leaders on the divorce deal agreed with them last year, which has been rejected by Parliament. Both Mr Tusk and...

UK's service sector stagnated in January according to the IHS Markit/CIPS purchasing managers' index. The figures showed a reading of 50.1 in January, lower than December's 51.2. The pound fell 0.17 per cent to $1.3017 following the disappointing data. Britain’s didn't fall into a recession after the 2016 referendum vote  However, growth slowed sharply in late 2018 as the Brexit deadline approached with no agreement, on how to leave the European project, set in place. IHS Markit's Chris Williamson said: "Growth...

Nearly two thirds of businesses plan to hire part-time staff over full-time once we leave the EU in an attempt to save money, new research has revealed. The report found that a significant majority of businesses believe the cost of hiring talent in the UK will increase post-Brexit, particularly if it limits free movement for workers. The research also suggests that not only will Brexit affect workforce requirements, but it will potentially complicate labour availability as well. More companies are...

In a fresh blow to the North East economy it has been announced that Nissan won’t make the new X-Trail vehicle at their Sunderland car plant. There are a number of reasons for the decision but uncertainty over Brexit was one of the factors that contributed to the change of plans. The car maker has originally planned to build the new range in the North East, and could have led to an expansion of the workforce. Nissan's Europe division boss...