News

Boohoo buys Karen Millen and Coast

Economy

Boohoo.com has bought the online business and intellectual property of Karen Millen and Coast in a £18.2m pre-pack administration deal. An initial 62 job losses have been announced, while over 1,000 more are in danger across 32 UK stores and 177 concessions. Administrators said stores would only stay open...

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FCA and TPR warn on pension fraud

Economy

A Financial Conduct Authority and Pensions Regulator poll has found that two-fifths (42%) of pension savers would be likely to fall for common tactics used by fraudsters. Nearly 45% of the 45 to 65-year-olds surveyed said they would discuss their pension with a cold caller, while one in six...

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SMEs voice Brexit concerns

Brexit

Ian Rand, chief executive of Barclays Business Banking, has revealed the concerns he most often hears from small business owners in regard to Brexit. These include worries about staff levels once the UK exits the EU, the finance options available to SMEs to see them through any turbulence, the...

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UK mortgage approvals rise

Property

The number of mortgage approvals hit 66,400 in June, up from 65,650 in May, according to the Bank of England’s latest data, above economists’ expectations and the highest number since January. Howard Archer, an economist at the EYItem Club, said the reprieve from a disruptive Brexit in March, together with better consumer purchasing power and strong jobs growth, had helped, although the “overall benefit has been relatively limited”. Annual lending growth to UK consumers slowed to 5.5% in June, from 5.7% in May, the slowest rate since April...

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Government borrowing up 33%

Uncategorized, Finance

Figures from the Office for National Statistics show that public sector net borrowing rose sharply in June, hitting £7.2bn. This marks the highest June borrowing figure since 2015 and compares to the £3.3bn recorded in June 2018. While the tax and National Insurance take was up £800m on a...

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Chancellor calls out late payment culture

Finance

Chancellor Philip Hammond has called for “radical cultural change” to end the scourge of late payments – which puts 50,000 small firms out of business every year. The Chancellor said companies’ unfair behaviour risks hampering the economy by restricting the growth of smaller firms, as he held urgent talks...

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More firms sign up to Women in Finance Charter

Uncategorized

The Women in Finance Charter now covers more than 800,000 people working in financial services, with 21 new signatories signing up to the charter in the latest round. New additions to the more-than 350 organisations to the charter include Fiduciam, Apex Bridging, Hodge Bank, LDNfinance and VIBE Financial Services....

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Business split on brain drain threat

Brexit

A survey by tech giant Salesforce has found nearly 60% of British businesses are concerned about access to digital talent after Brexit. Some 64% of business leaders said investing in digital skills will become a higher priority post-Brexit, while 65% said a shortage of skilled workers will make technology...

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UK banking system resilient to no-deal Brexit

Brexit

The Bank of England’s latest Financial Stability Report maintains that the UK banking system remains resilient to the financial impact of a worst-case disorderly Brexit. The Bank warned that the “perceived likelihood” of a no-deal Brexit had increased since Theresa May’s resignation, which would bring with it “material risks...

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