BP to keep partial work-from-home policy as oil major seeks to cut office costs March 8, 2021 BP plans to extend remote working as a further cost saving measure affecting 25,000 staff
Britons will not splurge Covid-19 savings on post-lockdown spending spree, says OBR March 8, 2021 Britons will not embark on a post-lockdown spending spree with funds saved during the Covid crisis, according to a senior member of the UK’s budgetary watchdog. The Office for Budget Responsibility’s (OBR) committee member Sir Charlie Bean told MPs today that of the £180bn in excess savings Britons have accumulated during Covid-19, only “a relatively [...]
What’s behind the recent surge in oil prices? March 8, 2021 Global oil prices briefly rose above $70 today, their highest levels since January 2020, as the recent market rally continued apace. Although cooling later in the day, the spike saw prices hit peaks not seen since the US assassinated Iranian general Qassim Soleimani at the beginning of last year. And once again, it was security [...]
Bill Gates-backed Evolv goes public in $1.7bn Spac deal March 8, 2021 Crowd safety company Evolv Technology is merging with a special acquisition company (Spac) to go public in a deal that values the firm at $1.7bn. Evolv will merge with NewHold Investment Corp and the combined company expects to receive approximately $470m in gross proceeds. Following the closing of the transaction the company will be led [...]
BoE boss says Covid recession will have fewer long-term effects than previous UK downturns March 8, 2021 The Covid crisis will not have as many long-term economic effects in the UK as previous recessions, according to Bank of England governor Andrew Bailey. Bailey today said his diagnosis of the UK’s economic recovery prospects was “positive, but with large doses of cautionary realism”. The Office for Budget Responsibility (OBR) last week said it [...]
Investors call for ‘decisive action’ on markets reform after Hill review March 8, 2021 Investors and corporates are concerned about the pipeline of IPOs this year because of the UK’s “burdensome” requirements. Just 21 per cent of investors and five per cent of corporates surveyed by Peel Hunt and the Quoted Companies Alliance (QCA) believe the number of listed firms will increase this year. The UK’s “burdensome listing requirements” [...]
£54bn pandemic export hit: UK losing market share in US, Germany and China March 8, 2021 The UK’s goods exports slumped by £54bn in 2020 and Britain lost market share to its main competitors as Covid-19 hammered global trade, according to new research published this morning. The findings, from Aston University’s Lloyd’s Banking Group Centre for Business Prosperity, showed that Britain suffered a 14.7 per cent drop in goods exports, one of [...]
AIM outperforms London’s main market during 12 months of Covid-19 March 8, 2021 A year on from the start of the Covid-19 pandemic, the AIM has strongly outperformed London’s main market, something highly unusual in periods of economic downturn. London’s AIM outperformed the FTSE All-Share by a number of metrics, in part due to several of its listed companies performing well during the pandemic. The AIM All-Share index [...]
Service sector confidence hits 12-month high on UK vaccine rollout March 7, 2021 Service sector confidence has risen to a 12-month high amid hopes the UK’s successful vaccine rollout will fuel an end to lockdown measures. The services optimism index, compiled by accountancy firm BDO, surged to 94.13 in February from 86.60 the previous month, marking its highest level since the Covid-19 outbreak last year. The rising index, [...]
Hancock firm on NHS one per cent pay rise despite nurse and union pressure March 5, 2021 Matt Hancock rejects opposition to one per cent pay rise despite union hostility towards the decision