News

British manufacturers are stockpiling goods as they head towards their slowest year of growth since 2015, as Brexit uncertainty hits demand. Businesses are preparing for the potential shortage of raw materials and likely growth in queues at ports across the UK.

In recent months, production across the manufacturing sector has remained strong, with fears of Brexit resulting in a shortage of stock in case of a no-deal Brexit or prices going up if there was a deal.

EE and Virgin Media have been fined £13.3 million by telecoms regulator, after an investigation into the two companies revealed that they were overcharging customers who wanted to leave their broadband and phone contracts early.

Ofcom, the regulator, said nearly 500,000 customers had been overcharged, leaving them “out of pocket”.

The real living wage in the UK is set to rise to £9 an hour this week. With more than 180,000 workers expected to receive an inflation-beating pay rise, against the backdrop of increase in rent, council tax and transport costs.

However, this increase will only be for those who work for an employer who has voluntarily signed up to the ‘real living wage’, set to go up by 2.8%. It should not be confused with the compulsory National Living Wage, which is currently £7.83 an hour for anyone over the age of 25.

On Monday 29th October 2018, Philip Hammond delivered the Budget 2018, his third one as chancellor. His 72-minute speech started with him highlighting the hard work done by British people is paying off, heralding an end to the era of austerity.

Below are some of the key points that were brought to light at the Budget 2018.

After posting record annual losses, Debenhams has announced the closure of 50 stores, nearly a third of their UK-wide locations, putting 5,000 jobs at risk.

The department store group reported an annual loss of approximately £500 million, against last year’s profit of £59 million.

Chairman of Mitsubishi Motors, Carlos Ghosn has been fired by the company after news of his arrest in Japan, following claims of misconduct.

According to reports, Mr Ghosn who headed an alliance of Mitsubishi, Nissan and Renault, had falsely understated his salary and had used company money for personal gains.

Electric car company Tesla has announced that their board member Robyn Denholm will be replacing Elon Musk as the company’s chair. This is almost a month after Mr Musk had to step down from his position of chairman, as part of a settlement with U.S. regulators.

In the deal with the U.S. Securities and Exchange Commission, Tesla had until 13 November to name an independent board chairman, however, they agreed that Elon Musk could retain his position as CEO.

Shepherds Friendly has recently partnered up with iPipeline and made its Income Protection plan available on their digital platform for distribution.

The new partnership makes it possible for Shepherds Friendly’s current and future advisers to research and recommend a variety of plans and apply for them on behalf of their clients, all in a matter of minutes.

The Treasury Committee has publicised that an “overwhelming majority” of RBS bankers, who worked in the controversial Global Restructuring Group (GRG), have remained employed in the bank’s new restructuring division.

In the 64-page report published by the committee, on small business finance, they discussed how GRG had carelessly destroyed the livelihoods of many, in pursuit of profits.