Business

Pound falls after May’s Brexit statement

Image copyright Getty Images The pound’s fall against the dollar and the euro has deepened following Theresa May’s assertion after an EU summit that “no deal is better than a bad deal”. Sterling was already trading lower after had EU leaders warned the UK must make compromises on trade and the Irish border to secure […]

Business

Government borrowing jumps to £6.8bn in August

Image copyright Getty ImagesImage caption Chancellor Philip Hammond will present his Budget later this year Government borrowing rose by more than expected last month following subdued tax receipts and an increase in expenditure. Borrowing jumped to £6.75bn last month from £4.35bn a year earlier, the Office for National Statistics said. It was the first year-on-year […]

Business

Moss Bros shares dive on profit warning

Image copyright Getty Images Shares in Moss Bros have fallen sharply after the menswear retailer reported disappointing results, with sales being hit by the hot summer weather and the “distraction” of the World Cup. Its shares fell by almost 30% at one point as it also warned that full-year profits would be lower than expected. […]

Business

EU wants ‘full picture’ on Amazon data use

Image copyright Getty ImagesImage caption EU Competition Commissioner Margrethe Vestager wants the “full picture” on Amazon’s data use The EU’s competition chief says she is looking into Amazon’s use of data from sellers on its site amid concerns that it might harness it to boost its own retail sales. Margrethe Vestager warned of a potential […]

Business

Retailer Orla Kiely ceases trading on cash crunch

Image copyright AlamyImage caption Orla Kiely has ceased trading Fashion and homeware retailer Orla Kiely has closed its retail stores and website, becoming the latest victim of the difficult retail landscape. Orla Kiely ceased trading on Monday after its parent company, Kiely Rowan collapsed. The retailer’s stores on the King’s Road and Seven Dials in […]

Business

UK inflation hits six-month high of 2.7%

Image copyright Getty Images The UK inflation rate unexpectedly rose in August to 2.7%, the highest level in six months. Economists had expected a Consumer Prices Index rate of 2.4%. The pound rose after the data was released by the Office for National Statistics. Wages are still rising more than inflation, with data last week […]

Business

Jaguar workers put on three-day week until Christmas

Image copyright JLR About 1,000 workers at Jaguar’s Castle Bromwich plant in Birmingham will move from a five-day to a three-day week from October until Christmas. Jaguar Land Rover said it was making “temporary adjustments to our production schedules” at the factory. It was standard practice to “regularly review its production schedules to ensure market […]

Business

No-deal Brexit would hit UK economy, says IMF

Image copyright PAImage caption Christine Lagarde was speaking at a news conference at the Treasury The International Monetary Fund has warned that a “no-deal” Brexit on World Trade Organization terms would entail “substantial costs” for the UK economy. The IMF said that all likely Brexit scenarios would “entail costs”, but a disorderly departure could lead […]