DEBATE: After one lender launched a six-times-salary deal, are we headed towards a mortgage timebomb? November 30, 2018 After one lender launched a six-times-salary deal, are we headed towards a mortgage timebomb? Andrew Hagger, personal finance expert at MoneyComms, says YES. A shortage in UK housing supply means that property prices continue to increase, albeit at a slower rate in recent months. This means that lenders must stretch their lending criteria in order to [...]
UK banks can pat themselves on the back, but the system is still feeling the stress November 30, 2018 Breathe a sigh of relief: once again, all financial institutions have passed the Bank of England’s annual stress tests. But look beneath the surface, and suddenly the various allowances made this week start to undermine the good news. First, if the impact of the new accounting standard IFRS 9 that came into force in January was [...]
A new hope: Backing firms of the future November 30, 2018 If you missed the big news of the last couple of weeks, you must have been hiding under a rock. And no, I’m not talking about the Prime Minister’s Brexit deal – but rather Small Business Saturday, which is returning for a sixth year on 1 December. This is the most important day in the calendar [...]
International trade secretary Liam Fox backs Theresa May’s Brexit deal November 30, 2018 International trade secretary Liam Fox this morning backed Theresa May’s Brexit deal as the prime minister ruled out a plan B. Leading Brexiteer Fox said he believed members of the cabinet would back the deal, despite a deeply divided parliament. Fox told the BBC Radio 4 Today Programme: “It is very difficult to get a deal [...]
Editor’s Notes: Check back in with the forecasters in 2033 November 30, 2018 The Treasury’s Brexit scenarios, released this week, boiled down to a claim – made with pinpoint accuracy – that the Prime Minister’s deal will leave the UK economy 3.9 per cent smaller in 15 years, compared with staying in the EU. In other news, PwC estimates that artificial intelligence will increase UK GDP by 10.3 [...]
BCA marketplace reports higher profits despite tougher emissions standards November 29, 2018 WeBuyAnyCar’s parent firm BCA Marketplace reported a 31 per cent year-on-year rise in first half profit today, despite fears that tougher emissions standard would restrict the future supply of new vehicles. The company recorded pre-tax profit of £45.7m for the six months to the end of September, rising from £34.9m in the same period last [...]
Big ambitions and grand challenges: How the industrial strategy fares one year on November 29, 2018 It’s now a year since the industrial strategy was launched. Encompassing a 255-page tome, it laid five foundations for productivity: ideas, people, infrastructure, places and the business environment. It promised waves of sector deals between government and industry to de-risk investment and improve workers’ skills. Six such deals were announced in the first year, from automotive [...]
Ford’s Europe president says a no-deal Brexit would be an ‘absolute disaster’ for the car industry November 29, 2018 Ford's Europe, Middle East and Africa president has said a no-deal Brexit would be an "absolute disaster" for the auto industry. Speaking at a conference in London, Steven Armstrong said Ford was already "spending money on no-deal plans that we may never need" to avoid a cliff edge in which the UK leaves the EU without a [...]
A new Brexit referendum could be held on 30 May, says Justine Greening November 29, 2018 A new Brexit referendum could be held within six months, according to former Conservative cabinet minister Justine Greening. The Putney MP said today that if parliament defeats Theresa May’s Brexit deal on 11 December, wheels could be put in motion for another country-wide poll on 30 May. Such a move would see the Article 50 process [...]
Theresa May and Jeremy Corbyn at loggerheads over whether to appear on BBC or ITV for Brexit live debate November 29, 2018 Theresa May and Jeremy Corbyn are to battle it out in a live head-to-head TV debate – although it is unclear whether it will take place on BBC or ITV. The Prime Minister has accepted the BBC’s offer to take part in a Brexit debate on 9 December, two days before MPs are to vote [...]