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Archive for March, 2017

Hotels, restaurants and tourism may face staff shortages

March 31, 2017

The hospitality sector has warned it faces a shortfall of 60,000 workers a year if immigration from the European Union is too tightly controlled. The British Hospitality Association (BHA) said that thousands of businesses are facing having to drastically reduce their dependence on EU workers. Staff from the EU make up nearly a quarter of […]


UK house prices in first monthly fall for 20 months

Average house prices across the UK fell by 0.3% in the month of March, according to the Nationwide, the first fall since June 2015. Although monthly figures can be very volatile, it is the largest such fall for nearly five years. One economist said it was evidence of the increasing squeeze on consumers. A separate […]


Brexit: MPs angered by EU ‘veto’ over Gibraltar

Spain could potentially veto a UK trade deal with the EU if it does not get a say over the future of Gibraltar. Conservative MPs have warned the sovereignty of the UK overseas territory is non-negotiable. Spain’s potential veto was contained in a leaked draft document setting out the European Union’s Brexit negotiating strategy. It […]


EU sets out ‘phased’ Brexit strategy

The EU has outlined its Brexit strategy, suggesting trade talks could begin after “sufficient progress” on a separation settlement with the UK. The draft guidelines, announced by European Council President Donald Tusk in Malta, advocate a “phased approach”. They will be sent to the 27 member states for approval and will set the tone for […]


UK BMW workers back strike over pensions

UK workers at BMW have voted overwhelmingly to go on strike in a dispute over pensions, the Unite union has announced. BMW workers making engines and the Mini and Rolls-Royce motorcars plan to strike over plans to close their final salary pension scheme. The union says the proposal could see some UK workers lose up […]


Google reveals latest UK tax bill

Google was charged £36.4m in UK corporation tax last year, according to its latest annual results. The US search giant recorded sales of £1.03bn and a pre-tax profit of £149m in the UK for the 12 months to the end of June 2016. Google and other major tech firms have come under pressure over their […]


Bradford & Bingley mortgage sale raises £11.8bn

The government has sold buy-to-let mortgages belonging to failed lender Bradford & Bingley for £11.8bn. Insurance firm Prudential and investment firm Blackstone have teamed up to buy the loans. The government took on the mortgages of Bradford & Bingley after rescuing the lender in 2008. UK Asset Resolution (UKAR), which has been handling the sale, […]


US fourth-quarter growth rate revised up

March 30, 2017

The US economy grew faster than initially estimated in the final months of 2016, according to the latest official figures. The economy grew at an annualised pace of 2.1% in the fourth quarter of the year, the Commerce Department said, up from an earlier estimate of 1.9%. However, the revision did not alter the growth […]


Brexit: UK sets out plans to replace all EU laws

Thousands of EU laws on everything from workers’ rights to the environment are to be scrapped or replaced with UK equivalents in a new plan. Details of the planned Great Repeal Bill are to be published shortly – the day after the UK officially began the two year process of leaving the EU. Ministers need […]


Bank of England considers palm oil for the new £20 note

The Bank of England is to consider using palm oil in the production of the new £20 note, following criticism of the use of animal fats in the plastic £5. The new £20 note is due to be introduced by 2020, but the tender for production has been put on hold. Vegans, Hindus and Sikhs […]


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