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Archive for June, 2016

Brexit: EU warns UK on freedom of movement

June 29, 2016

There can be no pick and choose single market for the UK, EU leaders have warned, after meeting in Brussels to discuss the UK vote to leave the bloc. Jean-Claude Juncker, President of the European Commission, said anyone wanting access to the EU’s market must adhere to criteria “without exception”. There could be “no negotiation […]


Crown Estate makes record £304m Treasury payout

The Crown Estate has delivered a record £304.1m to the Treasury after the value of its portfolio rose 9.7% to £12bn. The payout by the estate, which owns London’s Regent Street and the entire UK seabed, was up from £285m. It comes ahead of a review of the Sovereign Grant – taxpayers’ money given to […]


Hands on with India’s £3 smartphone

Earlier this year, Indian company Ringing Bells said it was about to put a smartphone on the market costing less than $4 (£3). As the company says the first 200,000 handsets are ready to be shipped, the BBC’s Shilpa Kannan in Delhi tries one out and asks if people are right to be sceptical. Getting […]


UK shares continue to recover ground

UK shares and the pound have continued to regain some of the ground lost in the wake of the Brexit vote. The FTSE 100 share index was up 2.3% at 6,280.49, after rising 2.6% on Tuesday. The pound rose 0.9% against the dollar to $1.3467, although sterling still remains well below levels reached before the […]


Dixons Carphone profits jump by 17%

Dixons Carphone chief executive has said the company expects to find “opportunities for additional growth” in the wake of Brexit as it announced a 17% jump in profits. Underlying pre-tax profits in the year to 30 April rose to £447m from £381m a year earlier. Group like-for-like revenues were up 5%, with turnover at £9.7bn. […]


City shock at referendum result

June 24, 2016

A stocky, unshaven man in a blue raincoat strode across the concourse of Liverpool Street station at 5am, complaining bitterly to his taller companion. “Jesus. Jesus. It’s bad. I’m heavily levered on this,” he said, frantically rubbing his jaw. The trader was typical of the tens of thousands of City staff who turned up for […]


Property market lull may follow vote to leave EU

Commentators suggest the lull in the UK property market will continue following the UK’s vote to leave the EU. Some mortgage brokers and estate agents say that potential buyers could delay any purchase owing to the uncertainty that is likely to follow the result. There is less consensus on what the effect might be on […]


Pound plunges after Leave vote

The pound has fallen to levels not seen since 1985 following the UK’s referendum vote to leave the EU. Shares have also been hit. The FTSE 100 index began the day by falling more than 8%, then regained some ground to stand 2.5% lower. The more UK-focused FTSE 250 fared even worse, down 8% in […]


The UK’s EU referendum: All you need to know

A referendum – a vote in which everyone (or nearly everyone) of voting age can take part – was held on Thursday 23 June, to decide whether the UK should leave or remain in the European Union. Leave won by 52% to 48%. The referendum turnout was 71.8%, with more than 30 million people voting. […]


How will Brexit affect your finances?

If you want to know what happens when a country leaves the European Union, you might as well ask an Inuit. In one respect, I mean that seriously. Greenland is the only other country ever to have left the EU – or the European Economic Community (EEC) as it was back in 1985. Residents of […]


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