Economy

Boris Johnson’s stunning election win has left the money markets “cock-a-hoop” with sterling surging and the FTSE 250 hitting record highs. The pound rose 2.1% to hit $1.34 against the dollar and €1.20 against the euro - levels not seen since 2016 - as the extent of the Conservative election win became evident. Jeremy Corbyn’s catastrophic defeat – Labour’s worst since...

Labour promises to cut rail fares by a third and to...

The Labour Party announced plans yesterday to reduce the cost of many train tickets from January 2020. Instead of the 2.8% increase currently scheduled, the price of regulated fares would fall by 33% and would be completely scrapped for those under the age of 16. The Labour manifesto had promised to bring down train fares but had not specified the...

‘Time for real change’ signals £700 billion investment

Voters have been promised “the most radical and ambitious plan to transform our country in decades” by Jeremy Corbyn who unveiled Labour’s manifesto today - exactly three weeks before...

‘Extremists are causing great harm to economy’ says CBI chief

The director general of the CBI has said political extremists on the right and left of British politics are causing “great harm to the economy” Dame Carolyn Fairbairn told the...

Tax shaming – How tech giants shift profits to low-tax locations

In the UK, companies like Starbucks, Google, Facebook, and Amazon have come under fire for paying little tax on UK sales. Tax shaming is having an impact, but will...

Sajid Javid announces rise in National Living Wage

Speaking yesterday at the Conservative Party Conference in Manchester, Sajid Javid announced a plan to rise the National Living Wage to £10.50 in 2024. The new target would bring the National Living Wage up to two thirds of median earnings. Putting it forward as an "ambitious plan", Javid announced an aspiration to make the UK "one of the first major...

Franchise row could drive Virgin out of UK rail industry

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 the increase in stock being held by firms was at a record high for the third month consecutive month. The manufacturing sector’s Purchasing Managers' Index (PMI) rose to 55.1 in March...

£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 remuneration packages for business leaders to be linked to those of their workforces. MPs on the Business Select Committee said ‘corporate greed’ was behind a sharp rise in senior management pay. They...