The number of significantly distressed companies in the property sector jumped by 13 per cent to 48,182 for the quarter, from 42,512 in the same period a year ago. Property was the worst-hit sector for the second quarter in a row, and was hurt by people holding off making big purchases including new homes. House prices fell in England for the first time since 2012 in the three months to March 2019, dragged down by London and the southeast. Brexit has been keeping people from entering the market, according to estate agents, while increased taxes on buy-to-let investments have continued to dampen demand. Julie Palmer, partner at Begbies Traynor, said: “Many UK businesses are currently in limbo and deferring major investment decisions. “This, combined with consumers holding back on big-ticket purchases, has resulted in increasing significant distress across many sectors.” Companies involved in buying, selling and letting properties took the biggest hit, with a 16 per cent rise in the number in significant distress. The construction sector saw a 10 per cent rise to 13,018, while the financial services, leisure and culture industries also suffered. Meanwhile, business investment fell for a fourth consecutive quarter in the final three months of 2018 – the first time this has happened since the economic downturn of 2008-09.
All of the above can be fully and completely laid at the doors of the useless ,ineffectual political parties presiding at the moment with undoubtedly the weakest prime minister the country has ever seen . Blame them , not Brexit itself .
Brexit has cost economy £550 million a week since referendum, report finds
Brexit has cost the British economy £550 million a week since the referendum, a report has found. Standard & Poor's suggested that since the June 2016 vote, 3 per cent has been shaved off GDP. That equates to "forgone economic activity" of £6.6 billion in each of the 10 quarters since the referendum, or £66 billion, the credit ratings agency said. The S&P report comes as MPs remain in deadlock over Britain's divorce terms, with Theresa May appealing to Jeremy Corbyn to help her break the impasse.
The group said the UK's economic performance has suffered from the "mere anticipation" of Brexit.
"The most visible effect has been the depreciation of the British pound, which triggered an increase in inflation. The ultimate result was to erode household spending power,” the report said.
"Household spending would have been considerably stronger - in line with GDP - had the referendum not occurred," S&P said in its publication, Countdown To Brexit: What Might Have Been For The UK Economy.
It added that external trade did not see any significant boost from the pound's collapse, contrary to claims from leading Brexit proponents that exports would be boosted. S&P senior economist Boris Glass said: "Uncertainty over the shape and form Brexit will take has increasingly paralysed any forward-looking decision making.
"This is reflected in particular in a contraction of business investment in 2018." The analysis, based on the Doppelganger economic method, also shows that British-based businesses have "ventured well beyond the point of no return", which will hammer the economy even harder. "They have reorganised their business structure to comply with regulation and to safeguard unimpeded EU market access. This will also dampen growth while the economy adjusts to the new business environment after Brexit, whether there is a deal or not."
The findings are the latest in a series of Brexit impact assessments.
Investment banking giant Goldman Sachs estimated that £600 million a week as been lost because of Brexit, and the Bank of England suggested a figure of around £40 billion per year, or £800 million per week. All three figures are significantly higher than the £350 million a week the Leave campaign's bus claimed would be saved by Britain.
Brexit: Families already have £1,500 LESS to spend since 2016 referendum The UK has experienced a sharp slowdown in income growth while inflation has risen, warns the Resolution Foundation think tank
May has killed Brexit and killed her party – which means Corbyn will have to come out for Remain It is not outlandish to predict that Farage’s Brexit Party could overtake the Conservatives in the opinion polls for the next general election
How ironic it would be if Corbyn, the lifelong Eurosceptic, became the leader who finally killed off Brexit.
'Uneasy alliance' Labour is "braced for a showdown" over a new Brexit referendum, according to the Guardian. It says a meeting later - at which senior officials will discuss a manifesto for European elections - is "crunch time" for the party. The Sun says the issue is "on a knife edge", and it predicts a "titanic row", and the Independent says Jeremy Corbyn has been warned his refusal to commit to a fresh vote is causing Labour members to abandon the party. The Daily Mirror says it understands people's concerns about a new Brexit vote, but says the uneasy alliance within Labour will disintegrate if it does not follow the agreed policy of backing a referendum, if there is no general election.
'Hold them accountable' For its lead story, the Guardian carries figures which show that more than 2,500 prison staff in England and Wales were disciplined between 2013 and 2018
It says a Freedom of Information request has found that the most common reason was for "breach of security", which can include bringing drugs and phones into prisons. It says other cases include assaulting prisoners, or having inappropriate relationships with them. The paper says an anti-corruption unit is about to be launched by the Ministry of Justice. The Daily Mirror leads on Monday's meeting between the government and big social media firms. It says a promise by Google and Facebook to spend hundreds of thousands of pounds protecting children from bullying and self-harm is "not nearly enough", when the companies will "rake in" £183bn this year. It says the companies must be made accountable for the content on their sites.
Santander profits tumble as Brexit uncertainty and overhaul costs weigh
High street banking giant Santander has revealed a 35% plunge in first-quarter profits after being knocked by Brexit uncertainty and competition in the mortgage market. The Spanish-owned lender reported pre-tax profits of £270 million for the first three months of 2019, down from £414 million a year earlier. Underlying pre-tax profits fell 13% to £352 million in the first quarter. The group said results suffered as the wider economy has been held back by Brexit fears, as well as mortgage margin pressure, costs of its swingeing overhaul, and charges related to ring-fencing to keep personal and small business banking services separate. The figures come after Santander announced earlier this year that it is to axe 140 branches across the UK, putting more than 1,200 jobs at risk.
Theresa May BANGS head on desk after Labour Brexit demand – ‘never seen anything like it’ THERESA MAY "banged her head on her desk" as she was confronted on whether she would be willing to relent on her Brexit red lines, Labour MP Rupa Huq revealed.
BREXIT LIVE: Tony Blair’s SCATHING attack on ‘IGNORANT’ Brexiteers ‘they DON’T care!’ TONY Blair has launched a blistering attack on “ignorant” Brexiteers who “don’t care” about the “strain” Brexit will put on the UK.
The former Labour leader accused Brexit supporters of being “profoundly ignorant of our history” as he argued the UK’s exit from the bloc would mean it would be very hard for England to resist demands for a second referendum on Scottish independence. Mr Blair said he was “shocked” at the Brexiteers who just “shrug their shoulders and say ‘well, we don’t care’”.
Speaking to the Institute for Government, he said: “I’m quite shocked by the amount of people who are Brexiteers in England who, when you put to them that Brexit could cause a strain on the Union, just kind of shrug their shoulders and say, ‘well, we don’t care’. “I mean, it’s just really shocking, actually. Because that’s just profoundly ignorant of our history, what’s brought us to here and the way the world is changing outside the UK.” His scathing attack comes as Scottish First Minister Nicola Sturgeon launched her desperate bid to use Brexit to drag Scotland out of the Union by calling for a second referendum on independence.
He said the only way out of the “Brexit mess” was to remain in the EU. Mr Blair called for a second referendum, saying it would be a “healing process” for a “divided” UK. The former Labour Prime Minister said: “What I say to people now about the Brexit thing is there is no ideal way. If you are looking for the ideal way out of this mess, it doesn’t exist. “It’s what’s the least worst option? The least worst option, in my view, is that you stay in the end because anything else is going to be difficult, and difficult for the Union.”
Iain Duncan Smith leaves former WTO chief in a DAZE – outlines BRILLIANT Brexit solution LEADING Brexit supporter Iain Duncan Smith clashed with former Director-General of the World Trade Organisation, Pascal Lamy, during a heated debate on Britain’s departure from the bloc.
Mr Lamy quickly replied: “With respect. I was the Director-General of the World Trade Organisation, for eight years of my life, which has something to do with customs procedures. “This notion that exiting the internal market, implies no border in Ireland is pie in the sky. “There is no way you can exit the internal market without a border.
“By the way, when did we have the internal market? When we remove the borders.” Mr Lamy added: “If you want to diverge, you have to accept there will be a border. “We the EU have to control things which abide by different regulatory requirements.”
‘I MAY be proved wrong!’ Johnson predicts local election VICTORY - despite Brexit backlash BORIS Johnson has predicted “hard-working Tory councillors” will prevail in Thursday’s local elections - despite a growing backlash from grassroots Conservatives over the Government’s Brexit delay.
Land Rover to build its next generation of Defender 4x4s in Slovakia instead of the UK despite the model being a British icon much loved by the Queen The decision to build an ‘iconic’ British car abroad seen by many as a bitter blow The outgoing Defender model – built at Jaguar Land Rover’s Birmingham factory Its successor will be built at the company’s £1 billion factory in Nitra, Slovakia
Brexit: Iain Duncan Smith ruthlessly mocked by former WTO chief Pascal Lamy in TV clash Pascal Lamy mimed a unicorn when the former Tory leader said it would be easy to solve the Irish border issue with technology
Brexit latest news: Theresa May set to delay Queen's Speech as her authority continues to wane
Brexit talks to continue with Labour Labour urged to clarify position on second referendum Tories braced for worst local election losses since 1995 Boris Johnson: Don't take out your Brexit frustrations on our Tory councillors Sign up: Brexit Whatsapp updates and all-new Brexit Bulletin Theresa May is attempting to fill the Parliamentary schedule with low-key legislation in a bid to delay holding a Queen’s Speech until key Brexit legislation has been approved. Government officials have indicated that the next state opening of Parliament could be pushed back until late Autumn, amid fears that Mrs May lacks the authority to get it through the Commons. The last Queen's Speech was in June...
Dutch steal UK’s crown as most attractive destination in Europe for foreign investment
Foreign direct investment into the UK slumped last year as the Netherlands poached the top spot in Europe for the first time since 2015. Overseas buyers bought British businesses and assets worth $64bn (£50bn) in 2018, down a third from just over $100bn the previous year. That meant the UK fell behind the Netherlands, which attracted almost investment worth $70bn. The drop in the UK chimes with a fall in overall business investment in every quarter last year, as companies blamed uncertainty over the future of Brexit. Globally the US led the pack with inflows of almost $270bn, followed by China at just over $200bn. Investment flows around the world slowed last year. The Organisation for Economic...
How has Brexit vote affected the UK economy? April verdict
Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade • Brexit has trapped UK in no-man’s land, warns top economist •‘Brexit is still chilling the economy’ – two experts debate the UK outlook
Sterling tumbles on Brexit concerns
Trade deficit widens
Business activity stalls as Brexit nears
And another thing we’ve learned this month … productivity growth is slowing as Brexit bites
Corbyn warned his Brexit 'fudge' is causing Labour exodus as party prepares for key referendum talks Labour's ruling body to decide policy on Final Say vote amid deep divisions between senior party figures
Jeremy Corbyn has been warned that his refusal to commit to a fresh Brexit referendum is causing Labour members to abandon to party in their droves, as its ruling body prepares to meet to decide the party's manifesto for next month's European Parliament elections. A weekly meeting of Labour MPs was told that one constituency party had lost as many as 500 members over the "constructive ambiguity" in party's policy on a Final Say vote.
Labour's deputy leader, Tom Watson, is among senior shadow cabinet ministers who support another Brexit referendum 'Complete meltdown' in Labour over failure to mention second Brexit vote in European election leaflets Draft of flyer triggers 'complete meltdown' as officials are accused of ignoring party policy
Labour has sparked an angry backlash from its own MPs and members by drawing up a leaflet for next month's European Parliament elections that makes no mention of a fresh Brexit referendum. The leaflet pledges that the party will deliver Brexit by seeking "a better deal with Europe" but does not mention its policy of supporting another public vote on any exit deal approved by parliament.
MPs said the leaflet had caused "complete meltdown", with supporters of a Final Say vote "utterly furious" at what they suggested was an attempt by Labour staff to undermine the party's policy.
Comments
Brexit has cost the British economy £550 million a week since the referendum, a report has found.
Standard & Poor's suggested that since the June 2016 vote, 3 per cent has been shaved off GDP.
That equates to "forgone economic activity" of £6.6 billion in each of the 10 quarters since the referendum, or £66 billion, the credit ratings agency said.
The S&P report comes as MPs remain in deadlock over Britain's divorce terms, with Theresa May appealing to Jeremy Corbyn to help her break the impasse.
The group said the UK's economic performance has suffered from the "mere anticipation" of Brexit.
"The most visible effect has been the depreciation of the British pound, which triggered an increase in inflation. The ultimate result was to erode household spending power,” the report said.
"Household spending would have been considerably stronger - in line with GDP - had the referendum not occurred," S&P said in its publication, Countdown To Brexit: What Might Have Been For The UK Economy.
It added that external trade did not see any significant boost from the pound's collapse, contrary to claims from leading Brexit proponents that exports would be boosted.
S&P senior economist Boris Glass said: "Uncertainty over the shape and form Brexit will take has increasingly paralysed any forward-looking decision making.
"This is reflected in particular in a contraction of business investment in 2018."
The analysis, based on the Doppelganger economic method, also shows that British-based businesses have "ventured well beyond the point of no return", which will hammer the economy even harder.
"They have reorganised their business structure to comply with regulation and to safeguard unimpeded EU market access. This will also dampen growth while the economy adjusts to the new business environment after Brexit, whether there is a deal or not."
The findings are the latest in a series of Brexit impact assessments.
Investment banking giant Goldman Sachs estimated that £600 million a week as been lost because of Brexit, and the Bank of England suggested a figure of around £40 billion per year, or £800 million per week.
All three figures are significantly higher than the £350 million a week the Leave campaign's bus claimed would be saved by Britain.
https://www.standard.co.uk/news/politics/brexit-has-cost-economy-550-million-a-week-since-referendum-report-finds-a4109216.html
The UK has experienced a sharp slowdown in income growth while inflation has risen, warns the Resolution Foundation think tank
https://www.mirror.co.uk/news/politics/brexit-families-already-1500-less-13979975
It is not outlandish to predict that Farage’s Brexit Party could overtake the Conservatives in the opinion polls for the next general election
How ironic it would be if Corbyn, the lifelong Eurosceptic, became the leader who finally killed off Brexit.
https://www.independent.co.uk/voices/brexit-betrayal-corbyn-pm-farage-european-elections-a8888991.html
'Uneasy alliance'
Labour is "braced for a showdown" over a new Brexit referendum, according to the Guardian.
It says a meeting later - at which senior officials will discuss a manifesto for European elections - is "crunch time" for the party.
The Sun says the issue is "on a knife edge", and it predicts a "titanic row", and the Independent says Jeremy Corbyn has been warned his refusal to commit to a fresh vote is causing Labour members to abandon the party.
The Daily Mirror says it understands people's concerns about a new Brexit vote, but says the uneasy alliance within Labour will disintegrate if it does not follow the agreed policy of backing a referendum, if there is no general election.
'Hold them accountable'
For its lead story, the Guardian carries figures which show that more than 2,500 prison staff in England and Wales were disciplined between 2013 and 2018
It says a Freedom of Information request has found that the most common reason was for "breach of security", which can include bringing drugs and phones into prisons. It says other cases include assaulting prisoners, or having inappropriate relationships with them.
The paper says an anti-corruption unit is about to be launched by the Ministry of Justice.
The Daily Mirror leads on Monday's meeting between the government and big social media firms.
It says a promise by Google and Facebook to spend hundreds of thousands of pounds protecting children from bullying and self-harm is "not nearly enough", when the companies will "rake in" £183bn this year.
It says the companies must be made accountable for the content on their sites.
https://www.bbc.co.uk/news/blogs-the-papers-48100491
High street banking giant Santander has revealed a 35% plunge in first-quarter profits after being knocked by Brexit uncertainty and competition in the mortgage market.
The Spanish-owned lender reported pre-tax profits of £270 million for the first three months of 2019, down from £414 million a year earlier.
Underlying pre-tax profits fell 13% to £352 million in the first quarter.
The group said results suffered as the wider economy has been held back by Brexit fears, as well as mortgage margin pressure, costs of its swingeing overhaul, and charges related to ring-fencing to keep personal and small business banking services separate.
The figures come after Santander announced earlier this year that it is to axe 140 branches across the UK, putting more than 1,200 jobs at risk.
https://uk.finance.yahoo.com/news/santander-profits-tumble-brexit-uncertainty-065644369.html
THERESA MAY "banged her head on her desk" as she was confronted on whether she would be willing to relent on her Brexit red lines, Labour MP Rupa Huq revealed.
https://www.express.co.uk/news/uk/1120371/Brexit-news-Theresa-May-Rupa-Huq-UK-EU-withdrawal-agreement-Labour-Party-latest
TONY Blair has launched a blistering attack on “ignorant” Brexiteers who “don’t care” about the “strain” Brexit will put on the UK.
The former Labour leader accused Brexit supporters of being “profoundly ignorant of our history” as he argued the UK’s exit from the bloc would mean it would be very hard for England to resist demands for a second referendum on Scottish independence. Mr Blair said he was “shocked” at the Brexiteers who just “shrug their shoulders and say ‘well, we don’t care’”.
Speaking to the Institute for Government, he said: “I’m quite shocked by the amount of people who are Brexiteers in England who, when you put to them that Brexit could cause a strain on the Union, just kind of shrug their shoulders and say, ‘well, we don’t care’.
“I mean, it’s just really shocking, actually. Because that’s just profoundly ignorant of our history, what’s brought us to here and the way the world is changing outside the UK.”
His scathing attack comes as Scottish First Minister Nicola Sturgeon launched her desperate bid to use Brexit to drag Scotland out of the Union by calling for a second referendum on independence.
He said the only way out of the “Brexit mess” was to remain in the EU.
Mr Blair called for a second referendum, saying it would be a “healing process” for a “divided” UK.
The former Labour Prime Minister said: “What I say to people now about the Brexit thing is there is no ideal way. If you are looking for the ideal way out of this mess, it doesn’t exist.
“It’s what’s the least worst option? The least worst option, in my view, is that you stay in the end because anything else is going to be difficult, and difficult for the Union.”
http://www.express.co.uk/news/politics/1120766/brexit-news-latest-theresa-may-uk-eu-no-deal-brexit-party-european-elections
LEADING Brexit supporter Iain Duncan Smith clashed with former Director-General of the World Trade Organisation, Pascal Lamy, during a heated debate on Britain’s departure from the bloc.
Mr Lamy quickly replied: “With respect. I was the Director-General of the World Trade Organisation, for eight years of my life, which has something to do with customs procedures.
“This notion that exiting the internal market, implies no border in Ireland is pie in the sky.
“There is no way you can exit the internal market without a border.
“By the way, when did we have the internal market? When we remove the borders.”
Mr Lamy added: “If you want to diverge, you have to accept there will be a border.
“We the EU have to control things which abide by different regulatory requirements.”
http://www.express.co.uk/news/uk/1120422/Brexit-news-UK-EU-Theresa-May-European-Union-Iain-Duncan-Smith-Conservative-Party
BORIS Johnson has predicted “hard-working Tory councillors” will prevail in Thursday’s local elections - despite a growing backlash from grassroots Conservatives over the Government’s Brexit delay.
http://www.express.co.uk/news/politics/1120386/brexit-news-local-elections-tory-boris-johnson-theresa-may-brexit-delay
The decision to build an ‘iconic’ British car abroad seen by many as a bitter blow
The outgoing Defender model – built at Jaguar Land Rover’s Birmingham factory
Its successor will be built at the company’s £1 billion factory in Nitra, Slovakia
https://www.dailymail.co.uk/news/article-6974197/Land-Rover-build-generation-Defender-4x4s-Slovakia-instead-UK.html
Pascal Lamy mimed a unicorn when the former Tory leader said it would be easy to solve the Irish border issue with technology
https://www.mirror.co.uk/news/politics/brexiteer-tory-iain-duncan-smith-14968774
Brexit talks to continue with Labour
Labour urged to clarify position on second referendum
Tories braced for worst local election losses since 1995
Boris Johnson: Don't take out your Brexit frustrations on our Tory councillors
Sign up: Brexit Whatsapp updates and all-new Brexit Bulletin
Theresa May is attempting to fill the Parliamentary schedule with low-key legislation in a bid to delay holding a Queen’s Speech until key Brexit legislation has been approved.
Government officials have indicated that the next state opening of Parliament could be pushed back until late Autumn, amid fears that Mrs May lacks the authority to get it through the Commons.
The last Queen's Speech was in June...
https://www.telegraph.co.uk/politics/2019/04/29/brexit-latest-news-tory-mood-dark-ahead-local-elections-says/
Foreign direct investment into the UK slumped last year as the Netherlands poached the top spot in Europe for the first time since 2015.
Overseas buyers bought British businesses and assets worth $64bn (£50bn) in 2018, down a third from just over $100bn the previous year.
That meant the UK fell behind the Netherlands, which attracted almost investment worth $70bn.
The drop in the UK chimes with a fall in overall business investment in every quarter last year, as companies blamed uncertainty over the future of Brexit.
Globally the US led the pack with inflows of almost $270bn, followed by China at just over $200bn.
Investment flows around the world slowed last year. The Organisation for Economic...
https://www.telegraph.co.uk/business/2019/04/29/dutch-steal-uks-crown-attractive-destination-europe-foreign/
Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade
• Brexit has trapped UK in no-man’s land, warns top economist
•‘Brexit is still chilling the economy’ – two experts debate the UK outlook
Sterling tumbles on Brexit concerns
Trade deficit widens
Business activity stalls as Brexit nears
And another thing we’ve learned this month … productivity growth is slowing as Brexit bites
https://www.theguardian.com/business/2019/apr/29/how-has-brexit-vote-affected-the-uk-economy-april-verdict
Labour's ruling body to decide policy on Final Say vote amid deep divisions between senior party figures
Jeremy Corbyn has been warned that his refusal to commit to a fresh Brexit referendum is causing Labour members to abandon to party in their droves, as its ruling body prepares to meet to decide the party's manifesto for next month's European Parliament elections.
A weekly meeting of Labour MPs was told that one constituency party had lost as many as 500 members over the "constructive ambiguity" in party's policy on a Final Say vote.
https://www.independent.co.uk/news/uk/politics/corbyn-brexit-labour-party-late-eu-referendum-latest-update-a8891986.html
'Complete meltdown' in Labour over failure to mention second Brexit vote in European election leaflets
Draft of flyer triggers 'complete meltdown' as officials are accused of ignoring party policy
Labour has sparked an angry backlash from its own MPs and members by drawing up a leaflet for next month's European Parliament elections that makes no mention of a fresh Brexit referendum.
The leaflet pledges that the party will deliver Brexit by seeking "a better deal with Europe" but does not mention its policy of supporting another public vote on any exit deal approved by parliament.
MPs said the leaflet had caused "complete meltdown", with supporters of a Final Say vote "utterly furious" at what they suggested was an attempt by Labour staff to undermine the party's policy.
https://www.independent.co.uk/news/uk/politics/brexit-labour-second-referendum-corbyn-european-elections-latest-a8887401.html