Posts Tagged ‘Investment’

UK investment shows signs of slowing, says ONS

Saturday, January 28th, 2017

The Corus steelworks in Port Talbot, South Wales. The ONS said there were signs business investment growth was starting to slow.

Consumer spending and retail growth are stronger but manufacturing is falling back, figures show.

British businesses are becoming more reluctant to spend, according to the Office for National Statistics, as the UK relies heavily on consumers to prop up the post-Brexit vote economy. In its latest monthly snapshot of the UK economy, the ONS said there were signs that business investment growth was starting to slow. Investment by companies grew by 0.9% in the third quarter, down from 1% in the previous quarter. It fell by 1.6% on an annual basis.

“While there has been stronger consumer spending and retail growth, the contribution from investment has showed signs of waning slightly in recent quarters,” the ONS said.

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UK support for Nissan may be costly, hard to calculate

Thursday, November 17th, 2016

Image result for Nissan UK

LONDON, Oct 27 (Reuters) – The support that the UK government has promised carmaker Nissan in return for building new models in Britain could prove expensive, but the Japanese carmaker’s complex structure makes it hard to estimate.

Nissan announced on Thursday it would build the new Qashqai and the X-Trail SUV in Sunderland, England, after saying in September it would only commit to new UK investment if it got a promise of compensation should Britain’s move to leave the European Union lead to new taxes on car exports.

Nissan’s main UK arm sells vehicles worth 5.3 billion pounds ($6.5 billion) a year, its accounts show. It says 55 percent of the cars go to Europe, suggesting exports of about 2.9 billion.

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Nissan boosted UK investment after it ‘got 11th-hour pledge’ it would not be hurt by Brexit

Saturday, November 12th, 2016

Nissan Sunderland

Nissan demanded and received a guarantee from the Government about the UK’s future post-Brexit before the manufacturer agreed to keep investing in the country, it has been reported.

After the car maker said it would build two new car models at its Sunderland plant, it emerged that ministers were forced to give a last-minute assurance that its UK operations would “remain competitive”.

The Times reported that Business Secretary Greg Clark had written to the board of the Japanese company in what was considered a guarantee that it would not face high tariffs on car exports if the UK leaves the EU customs area without a free trade agreement.

Downing Street has denied that Nissan was offered a “sweetheart deal” as other car manufacturers called for similar pledges, with Toyota saying it trusted the government to provide “fair treatment”.

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Brexit vote ‘will not dent economy this year’ as UK growth forecasts back to pre-referendum levels

Friday, October 7th, 2016

The UK’s decision to leave the EU will not dent growth at all this year, according to economic forecasts compiled by the Treasury, in a complete reversal of the gloomy short term forecasts made after the EU referendum. Panic has faded rapidly among the dozens of independent economists consulted by the Treasury as strong data in the three months since the vote reassured the analysts that any shock from the vote was far less severe than first feared. Forecasts for 2016’s GDP growth had been chopped to 1.5pc immediately after the 23 June ballot, but economists have reversed those downgrades and now expect growth of 1.8pc – exactly the same as they predicted before the vote. The study of dozens of analysts’ work also shows that forecasters still expect the economy to slow down next year, but they are increasingly revising those forecasts upward. In July the average prediction was for growth of 0.5pc in 2017, but now it almost doubled to 0.9pc – though it remains below the 2.1pc average forecast before the vote.

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Bank suffers losses over false invoices

Monday, September 26th, 2016

Bank suffers losses over false invoices

A father and daughter duo have been disqualified for a total of 16 years for raising false invoices.

Raj Kumar Thaneja, 57, acted as a company director of electrical goods firm Kingsway Lansdown Limited to raise false invoices to a bank that provided invoice discounting facilities, which resulted in the firm receiving at least £190,630 to which it was not entitled. Company director Ellena Jane Kehoe, 35, was found to have failed to prevent the firm from raising the false invoices. Susan MacLeod, chief investigator at the Insolvency Service, said: “The directors did not run their business in accordance with the terms set out in its agreement with the invoice discount facility provider.“The company obtained money to which it was not entitled by submitting details of sales invoices which did not exist, which caused the provider to incur financial losses. “The directors failed to live up to the expectations of the business community.” Bradford-on-Avon-based Kingsway Lansdown raised at least 26 false invoices between 17th December 2013 and 1stMay 2014, with a total value of £238,287.

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UK fintech startups raised £40 million in July, showing Brexit hasn’t killed the hot sector

Monday, September 19th, 2016

Revolut cofounders Vlad Yatsenko, left, and Nikolay Storonsky

UK fintech startups raised £40 million in July, showing Brexit hasn’t killed the hot sector

British fintech startups have announced at least £40 million of investment in just over a month since the referendum on the UK’s membership of the European Union, according to an analysis by Business Insider. Nine funding deals in the fintech sector totalling £40.6 million have been announced since June 23, when Britain shocked the world by voting to leave the European Union. While the figure should help to allay fears of a post-Brexit fintech slowdown, most of the deals will have been in the works for months and so may not be the best indication of investor confidence post-referendum. However, the fact that these deals weren’t called off in the wake of the vote is a positive sign. Investment is holding steady at the same rate as the start of the year. A report from KPMG earlier this year showed $162 million (£110.8 million) was invested in 15 UK-based fintech startups between January and April

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Brexit threatens to burn Britain’s bridge with a vital EU institution that has invested billions into British startups

Wednesday, September 14th, 2016

People hold banners during a 'March for Europe' demonstration against Britain's decision to leave the European Union, in central London, Britain July 2, 2016. Britain voted to leave the European Union in the EU Brexit referendum.

The future of a crucial source of UK startup money hangs in the balance following the nation’s decision to leave the European Union. That source is the relatively unknown European Investment Fund (EIF), which is an institution that was created by the EU in 1994 and operates out of Luxembourg with a team of around 400 people. The EIF, which has commercial banks and other financial entities among its shareholders, invested over €2.3 billion (£2 billion) in UK startups between 2011 and 2015, according to industry data cited by The Financial Times on Tuesday. That reportedly accounts for over a third of all such investment. EIF capital finds its way to UK startups via a network of venture capital institutions that back fledgling technology companies that they think are destined for success with billions of pounds. The Financial Times reported that the EIF gave money to 144 UK-based venture capital companies or similar entities between 2011 and 2015. That makes it one of the largest, if not the biggest, investor in UK venture capital funds and growth-capital funds, according to Michael Collins, deputy chief executive of Invest Europe.

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London keeps tech investment lead despite Brexit

Monday, September 12th, 2016

Capital still flowing into technology companies as London stays ahead of Paris, Amsterdam and other European cities.

Leading global investment firms have committed to continue investing in the UK’s tech sector saying that London will remain an important destination for investment despite the vote to leave the European Union. Venture capital houses such as Index Ventures, Octopus Ventures, Balderton Capital and Hoxton Ventures are among a wider group of investment firms to pledge their continued support for the UK’s tech sector, with many citing London as an important hub for future growth. In the first six months of 2016 British companies attracted $1.3 billion in venture capital funding, matching the $1.3 billion raised in the same period in 2015. Some of the largest deals this year include London-based transport app Citymapper ($40m), Student.com ($60m) and a $65 million deal for British cybersecurity firm, Darktrace, completed after the referendum vote1. Investment into London and UK-based technology companies remains strong since the Brexit vote, with British tech firms attracting $200m of venture capital funding across 42 deals, according to the latest research from London & Partners, the Mayor of London’s promotional company2.

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UK borrowing falling slower than hoped despite July surplus – as it happened

Thursday, September 8th, 2016

Skyscrapers in the City of London.

US rig numbers rise for eighth week

Inheritance Tax (IHT) Plan to legally save £100,000s on your estate

Monday, May 23rd, 2016

Inheritance Tax (IHT) Plan to legally save £100,000s on your estate

Inheritance tax can cost loved ones hundreds of thousands in the event of your death, yet it’s possible to legally avoid huge swathes of it, or possibly pay none at all.

The most important thing to do is to examine whether you’ll pay inheritance tax and what to do about it; and this quick Q&A guide is here to do just that. We’ve now updated it to include Government proposals to give people an extra property allowance from April 2017.

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