Business
Nissan won’t build new car in Sunderland – Brexit ‘not helping’ decision
In a fresh blow to the North East economy it has been announced that Nissan won’t make the new X-Trail vehicle at their Sunderland car plant. There are a number of reasons for the decision but uncertainty over Brexit was one of the factors that contributed to the change of plans. The car maker has originally planned to build the new range in the North East, and could have led to an expansion of the workforce. Nissan's Europe division boss...
Nearly 30 years-worth of Britain’s net EU budgetary contribution has just been lost in one click
Nearly 30 years-worth of Britain’s net EU budgetary contribution was lost in one click this week after Barclays announced it is to move €190 billion (£166 billion) worth of assets from the UK to Ireland in preparation for a possible no-deal Brexit. The bank said it "cannot wait any longer" to implement its Brexit contingency plan, which was approved by the high court on Wednesday. Assets linked to around 5,000 clients will be moved to a Dublin-based unit, which is expected...
A third of UK firms may now move abroad because of Brexit
Industry bosses have warned that a third of British businesses are thinking of relocating abroad. The latest figures from the Institute of Directors (IOD) warn 16% of companies have already started the move, and 13% have now started actively planning it. The IOD surveyed 1,200 company directors and in shocking news for the British economy and UK jobs found only 62% confirmed that they have no intention of setting up outside the UK. This is a shocking vote of no...
Car industry hits ‘red alert’ as investment drops by £2bn in three years
Investment in the UK car sector has dropped by almost £2 billion in three years as Brexit fears put firms on "red alert", the industry's trade body said. In 2015, car manufacturers invested £2.5 billion in the UK. Since then it has fallen ever year and in 2018 was just £589 million. The Society of Motor Manufacturers and Traders (SMMT) say the fall-off in inward investment is down to Brexit uncertainty, which has "done enormous damage" according to SMMT chief Mike Hawes....
‘This is not rocket science’: Historian tells billionaires at Davos to pay fair share of tax
Historian Rutger Bregman visited Davos and did not hold back on his thoughts about the super rich. He called out 'stupid philanthropy schemes' Bregman said that the real issue that needs tackling to make a fairer playing field is tax avoidance. He said: 'We can invite Bono once more but come on we've got to be talking about taxes ... all the rest is bullshit in my opinion,' he says. Bregaman said he feels like he’s ‘at a firefighters conference...
No deal Brexit would see food disappear off shelves warn supermarkets
As MPs are due back in parliament to debate Brexit, Britain's food retailers warn that a no deal Brexit would affect the country's food security. Food retailers including Sainsbury's, Co-Op, Lidl, KFC, Asda, Pret-A-Manger, Waitrose and Marks & Spencer warned MPs “our supply chains are closely linked to Europe — nearly one third of the food we eat in the UK comes from the EU.” The open letter to MPs from the British Retail Consortium (BRC) warned MPs to avoid...
Facebook unveil plan to merge Instagram, WhatsApp and Facebook Messenger
Facebook execs today unveiled plans to integrate the messaging element of Facebook, WhatsApp and Instagram in a move set to bolster the group’s dominance of social media. This will mean that Facebook users for example, will be able to message a WhatsApp user making the ecosystem the social media giant is creating even more seamless. Merging communication between the apps is set to occur by the end of this year or early 2020 and will pit the reach of the...
Death of the high street? 70,000 jobs lost in retail sector in 2018
The drastic slump on the high street shows no signs of improving after a report indicated that 70,000 retail jobs were cut in 2018. Customers are increasingly shopping on-line leading to huge falls in profits for many household name retailers. The British Retail Consortium (BRC), who conducted the study, said that even the Christmas season failed to halt the decline of customers avoiding the high street. The BRC's report said there was a 2.2% decline in retail employment over the...
Airbus chief slams Government over its handling of Brexit
Tom Enders, the head of Airbus, a major UK employer has not held back over his thoughts on the Government’s handling of Brexit. Enders slammed the Government branding it a “disgrace” and said the business might be forced to leave these shores, post-Brexit, to ensure they can compete in the global marketplace. Airbus, which employs more than 14,000 people in the UK with around 110,000 more jobs connected in supply chain. He said: “In a global economy the UK no...