Economic news

Brexit
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 deal struck between the Government and Nissan in 2016 stipulated that the cash would only be paid if the car was made in the UK. The company has received just £2.6m...
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...

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...

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

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...

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...
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...
Business

Up to 5000 Jaguar Land Rover jobs to be cut

More than 12 per cent of the workforce is facing the axe at Jaguar Land Rover (JLR), the company announced today. The company said it will cut as many as 5000 posts out of a total UK staff of 40,000, with management, administrative and marketing roles most at risk. Some production staff could also go as part of a £2.5 billion...
Supermarkets

Supermarket price cuts spell good news for shoppers

Sweeping price cuts have been announced by some of the UK’s biggest supermarkets as they launch a new year battle for customers. Morrisons, Tesco and Sainsbury have responded to tough market conditions with reductions in a range of goods to kick off 2019. Tesco has cut prices by up to 50 per cent on hundreds of products in its centenary...
Christmas trading

John Lewis gets an eleventh-hour Christmas sales bonus

Retailer John Lewis ended 2018 on a high with sales up by 11 per cent for the last week of December compared with the previous year. The figures cover the John Lewis department stores and Waitrose supermarkets and come as high street retailers struggle in the face of online competition. A number of high-profile retail brands have gone to the wall...
EU fishing

Lords express concern over new EU fishing rules

New fishing quota rules from the EU will cause further problems for the UK’s hard-pressed fishing industry, a House of Lord committee has warned. The new legislation bans crews from discarding fish that takes them over their allotted quota for a particular species, requiring them to bring all the catch back to shore. This could mean that fishermen hit their annual...