20th January 2017
Brexit hits the headlines again
There was a rather negative spin on our first financial summary with export ambition lacking and SME funding running low, but this week it seems that there is unsurprisingly a lot of impact being made by Brexit, particularly after Theresa May’s speech detailing plans to withdraw from the EU’s single market. So read on to get the latest on the financial happenings this week…
Two years for transition once Brexit deal is agreed
The Brexit Secretary David Davis has revealed that the City of London will get no more than two years to adjust to Brexit. He said that the Government wants to be completely out of the European Union by 2021, putting a time limit on the transition periods promised by Theresa May in her speech.
Evening Standard, Page: 7
Ryanair may abandon routes once Brexit is achieved
Ryanair has said it may abandon its few routes which are wholly within the UK, once Brexit is achieved. Neil Sorahan, the airline’s finance director, said it might take this step rather than to comply with new regulations which demand that it obtain a UK air operating certificate.
BBC News
Toyota warns on competitiveness after Brexit
Toyota has voiced concern about its UK operations after Theresa May presented her masterplan for Brexit which included withdrawing from the EU’s single market. Toyota chairman Takeshi Uchiyamada commented: “We have seen the direction of the prime minister of the UK, we are now going to consider, together with the suppliers, how our company can survive.”
Financial Times, Page: 2 The Times, Page: 8 The Daily Telegraph, Business, Page: 5 The Guardian, Page: 1-2
Wetherspoon warns of higher costs
JD Wetherspoon has reported a 3.4% rise in first-half like-for-like sales, with total sales increasing 1.6% - putting it on course to record slightly better results than previously forecast. Chairman Tim Martin nevertheless warned that the group faces an extra £7m business rates bill, and an extra £2m for the apprenticeship levy.
Financial Times, Page: 20 The Daily Telegraph The Times, Page: 43
Despite Brexit, the Davenham team are here to support UK SME’s all the way, and we are on hand to work in partnership with you to advise on any funding requirements / issues which have occurred as a result of Brexit, so please don’t hesitate to get in touch on 0161 832 8484.
Two years for transition once Brexit deal is agreed
The Brexit Secretary David Davis has revealed that the City of London will get no more than two years to adjust to Brexit. He said that the Government wants to be completely out of the European Union by 2021, putting a time limit on the transition periods promised by Theresa May in her speech.
Evening Standard, Page: 7
Ryanair may abandon routes once Brexit is achieved
Ryanair has said it may abandon its few routes which are wholly within the UK, once Brexit is achieved. Neil Sorahan, the airline’s finance director, said it might take this step rather than to comply with new regulations which demand that it obtain a UK air operating certificate.
BBC News
Toyota warns on competitiveness after Brexit
Toyota has voiced concern about its UK operations after Theresa May presented her masterplan for Brexit which included withdrawing from the EU’s single market. Toyota chairman Takeshi Uchiyamada commented: “We have seen the direction of the prime minister of the UK, we are now going to consider, together with the suppliers, how our company can survive.”
Financial Times, Page: 2 The Times, Page: 8 The Daily Telegraph, Business, Page: 5 The Guardian, Page: 1-2
Wetherspoon warns of higher costs
JD Wetherspoon has reported a 3.4% rise in first-half like-for-like sales, with total sales increasing 1.6% - putting it on course to record slightly better results than previously forecast. Chairman Tim Martin nevertheless warned that the group faces an extra £7m business rates bill, and an extra £2m for the apprenticeship levy.
Financial Times, Page: 20 The Daily Telegraph The Times, Page: 43
Despite Brexit, the Davenham team are here to support UK SME’s all the way, and we are on hand to work in partnership with you to advise on any funding requirements / issues which have occurred as a result of Brexit, so please don’t hesitate to get in touch on 0161 832 8484.