Business
One year on from Carillion collapse, Interserve administration like “history repeating”
Outsourcing giant Interserve is expected to go into administration later today after failing to persuade shareholders to approve a rescue plan for the company. The company, which has 45,000 UK staff, and 65,000 globally, runs support services and construction projects in a similar manner to Carillion. Its collapse was described as "history repeating itself" by Simon Underwood of business recovery partner at accountancy firm Menzies LLP. He said: "Much like the Carillion collapse, Interserve’s demise will have significant implications for its supply...
Wetherspoon’s profits take a nosedive
Profits at JD Wetherspoon sunk 19 per cent in the six months to the end of January, its latest results show. The pub chain, run by prominent Brexiteer Tim Martin, blamed a rise in labour costs, interest payments, utility bills, repairs and depreciation for the fall. Martin is currently touring 100 of his 900 pubs, talking to punters about the merits of leaving the EU without a deal on 29 March, and used the results announcement to express his concern that...
Second Brexit vote is the “only credible solution to end gridlock”
The credible way to end Brexit gridlock and give UK and global business much-needed certainty is with a second referendum, affirms the CEO deVere Group. The comments from Nigel Green, the founder and chief executive of deVere Group, come as the UK and the EU are preparing themselves for the most critical vote on Brexit since the 2016 referendum. This evening MPs will decide whether to accept the Brexit deal struck by Prime Minister Theresa May. The last time Mrs...
Geoffrey Cox accused of “dereliction of duty”
Geoffrey Cox seems to be so busy tying himself in knots over Theresa May’s bad Brexit he’s forgotten his own constituents says GMB Union Geoffrey Cox MP has been accused of a dereliction of duty as the famous Appledore shipyard looks set to close in his constituency. The North Devon yard has built almost 200 vessels since it opened in 1855 and is absolutely crucial to the South West economy and British shipbuilding. On Friday Appledore will fall silent –...
UK loses £900bn as Brexit damage to city worse than expected
A new report has found the hit to the City of London from Brexit so far has been worse than expected, with financial institutions moving £900bn abroad. Dublin has been the biggest winner according to a study which found 275 banking and finance firms have moved business abroad. After rumours that is was to be cancelled again, Tuesday's second meaningful vote in the Commons on Theresa May's Brexit deal will go ahead as planned confirmed Brexit Minister Robin Walker. He...
Business owner fights back tears as she discusses impact of Brexit uncertainty
A business owner had to fight back the tears after discussing the impact Brexit uncertainty will have on operations and the livelihood of her staff. Speaking to BBC News Sue Wynn-Jones, a horticulturist who runs Crug Farm Plants in North Wales, said two-thirds of their business is in Europe and that a turbulent departure from the union could close the company. As she begins to tell the reporter what impact the uncertainty is having on her business she had to...
Concerns money laundering could increase in rush to secure post-Brexit trade deals
The Treasury Committee has warned that the UK must get a grip on money laundering and that is could even increase post-Brexit. The Committee concluded that efforts to fight money laundering in the UK is “highly fragmented.” at the moment. They urged the government not to ignore the seriousness of economic crime in a rush to secure new trade deal in the post-Brexit political environment. Committee chair Nicky Morgan said government should not "bow to buccaneering regulatory pressures” The Treasury...
No-deal Brexit would push UK economy into recession
In more unsettling Brexit news, it has been reported that in a No-deal Brexit scenario the UK economy would tank. According to the OECD (Organisation for Economic Cooperation and Development) the UK economy would slide into recession and growth would plunge under 1 per cent. Even if there is a smoother Brexit the OECD believes that UK economic growth would fall to 0.8 per cent, following on from 1.4 per cent growth in 2018. The last time UK growth was...
Third of British billionaires have moved to tax havens
It has been revealed that a third of British billionaires have moved to tax havens over the past ten years. By becoming non-UK resident for tax purposes, wealthy people can avoid 38.1% in UK income tax on dividends and 20% in capital gains tax on the sale of shares. The investigation was carried out by The Times newspaper, who found that 28 out of 93 British billionaires have moved to tax havens or are in the currently making plans to relocate....