Economic news

The Virgin brand could disappear from the UK rail network after the Government banned its business partner from a trio of franchise bids. Virgin’s boss Sir Richard Branson said he was ‘devastated’ that Stagecoach had been ruled out of the race to run three rail lines. Stagecoach has a 49 per cent stake in Virgin Trains and the two companies had...

Flights cancelled by Flybe amid talks over job cuts

The Regional airline Flybe cancelled dozens of flights from a number of UK airports today, blaming a shortage of pilots. It also confirmed that it was in consultations over job losses as it prepares to cut jet flights in favour of cheaper turboprop planes. The restructure includes ending jet flights from Exeter, Cardiff, Doncaster and Norwich airports – servicing operations at...

Brexit stockpiling boosts manufacturing growth

Manufacturing growth in the UK hit a 13-month high last month – driven by factories stockpiling goods ahead of Brexit, new figures have shown. Research by IHS Markit/CIPS revealed that...

£4m pay deals for executives ‘brings UK into disrepute’

A committee of MPs has called for action to be taken over excessive pay awards for UK company bosses. They say the awards are damaging the UK’s reputation and want...

Nissan millions under threat after about turn on UK plans

The car maker Nissan must re-apply for almost £60m of taxpayer cash after it decided not to proceed with plans to build the X-Trail SUV at its Sunderland plant. A...
Westminster

UK’s house price growth has ‘almost ground to a halt’

House prices in the UK ‘almost ground to a halt’ in January, according to figures from the Nationwide. The building society said growth was the lowest for almost six years, with prices up 0.1 per cent – they went up by 0.5 per cent in December. It is the worst set of figures from the Nationwide’s annual price growth measure since...
Business

London Pride brewer sells up to Japanese for £250m

Japanese drinks giant Asahi has bought the brewery arm of Fuller's in a £250m deal as a shake-up in the global beer industry continues. Asahi has promised to keep open Fuller’s historic Griffin Brewery in west London, which has been producing beer since 1654. Fuller’s, which brews London Pride, says it will focus on its pubs and hotels, which return more...
Brexit

Airbus threatens to quit UK in the event of a hard...

The plane manufacturer Airbus said today that it would move its wing-building operation out of the UK if there is a no-deal Brexit. Chief executive Tom Enders said crashing out of the EU without a deal would force the company to make ‘potentially very harmful decisions for the UK.’ He said it was a ‘disgrace’ that British-based firms are still unable...
Dyson

Dyson says Brexit not behind HQ’s move to Singapore

Dyson has denied that Brexit is the motive for their decision to move their global headquarters from Wiltshire to Singapore. The company says there will be no job losses among the 4,000 UK staff it employs  and that its UK base at Malmesbury will continue to be developed. Two executives will move from the UK to the new HQ – chief...
UK economy

Marks & Spencer names latest round of stores facing closure

The latest wave of stores targeted for closure as part of a major re-organisation have been announced by Marks & Spencer. More than 1000 staff will be affected if the 17 stores do close as the chain presses on with its long-term plan to reduce its High Street presence. Mark & Spencer have already closed 30 – with eight more recently...