Business
Brexit contract handed to shipping firm with NO ferries
In another Brexit story you couldn’t make up, a very lucrative contract has been agreed with a business that will run extra ferries if a ‘no-deal’ Brexit takes place, but has no ships,and has not previously operated a service. Seaborne Freight was one of three companies awarded contracts totalling £108m last week to lay on additional freight crossings to ease the pressure on Dover. Seaborne’s contract is for £13.8m and they have defended themselves amid criticism it doesn’t currently have any shipping...
Breaking: London stock market hits 28-month low
Stocks are falling in London, as traders rush to sell following last night’s hike in US interest rates. It is the worst performance since Sept 2016. When the markets opened for trading the FTSE 100 shed 119 points (1.6%), which is a new 28-month low of 6646 points. Over in the US, Wall Street stocks slumped on Wednesday after the Federal Reserve lifted interest rates, sending major indices to fresh 2018 lows, even as the US central bank signaled it...
Cabinet to order Britain’s six million businesses to start immediate preparations for No Deal Brexit
The Cabinet will today order Britain's six million businesses to start immediate preparations for No Deal Brexit. With just 100 days left until D-Day and negotiations stalled the likelihood of Britain withdrawing from the European Union without a deal in place is looking increasingly likely. Labour MP David Lammy has warned a no deal Brexit would be the "single most destructive government failure in peace time" and would cause "huge damage to the economy and probable recession". But the Prime...
Jaguar Land Rover to ‘axe up to 5,000 jobs’ as Brexit bomb explodes over manufacturing industry
Jaguar Land Rover's announcement that it plans to axe up to 5,000 jobs shows a "Brexit bomb is exploding over Britain’s manufacturing industry", The Independent's Chief Business Commentator James Moore has said. The car manufacturer said it will be making thousands of job cuts in the new year as part of a £2.5 billion savings plan to ward off the threat from Brexit, falling sales in China and a drop in demand for diesel cars. Britain’s biggest carmaker employs 40,000 in the...
No-deal Brexit will “near-bankrupt UK,” says Sir Richard Branson
Sir Richard Branson thinks a no-deal Brexit would "near bankrupt" the UK. Branson made these comments to the BBC. He was "absolutely certain" that leaving the EU without a deal would cause the closure of "quite a few British businesses". Sir Richard was speaking from the Mojave desert in California when he said: "I think Theresa May needs to be 100% honest with the public. "She's admitted that a hard Brexit would be an absolute disaster for the British people. "From...
EU-Japan trade deal approved creating world’s largest free trade area
As the UK falls into chaos over leaving the EU, the EU itself has gone on and approved a huge trade deal with Japan starting in 2019. The European Parliament voted 474 to 156 in favour of the plan to bind the two economic powerhouses. This will create the world’s largest free trade area totally around a third of the earth’s GDP. EU Trade Commissioner Cecilia Malmstrom said in a statement: “This will bring clear benefits to our companies, farmers,...
Small business owners admit they are still ‘clueless’ about GDPR
Small business owners admit they are still 'clueless' about GDPR - leaving the personal data of millions of employees and customers at risk. Researchers who polled 1,000 owners of small businesses found half are confused by the do’s and don’ts when it comes to data protection and privacy regulations. As a result, owners and employees alike have made mistakes or have procedures in place which could have resulted in a multi-million pound fine for the business. More than a quarter...
Brexit won’t bring ‘festive cheer for Sterling this season’
Sterling fell to a new 20-month low against the Dollar on Tuesday and it looks like the on-going turmoil is not going to steady the currency for the foreseeable future. Compared to the Euro it was at a three and a half month low. Now with the PM facing a vote of no confidence, the stormy financial weather looks set to continue. Commenting on Sterling’s performance in the wake of the no-confidence announcement, Andy Scott, Associate Director at JCRA, the...
Employers are twice as likely to say Brexit is bad for young workers
Half of employers say Brexit will harm young people’s economic prospects in the short-term – twice the number that think it will be helpful, according to a YouGov survey for the charity Young Women’s Trust. Many employers also expressed concern about the longer-term financial impact on young people of the UK leaving the EU. 50 per cent of those with responsibility for hiring staff say that the economic implications of Brexit will negatively affect 18 to 30 year-olds in the long-term. This compares to 33 per cent who think it will have a positive effect. One in four (27...