Manufacturing sector

Hammond’s Brexit ‘dividend’ claim rejected as UK economy stalls | Politics – Business Article

Philip Hammond’s claim that Britain can reap an economic dividend from Theresa May’s Brexit deal has been flatly rejected by MPs, as official figures confirmed the UK has suffered its worst year for GDP growth since 2012. In a highly critical report, the Treasury select committee warned that the chancellor’s claims of a “deal dividend” if Britain avoided a no-deal exit lacked credibility. The criticism came after data on Monday showed the economy grew by just 0.2% in the final…

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Jaguar Land Rover posts biggest quarterly loss of £3.4bn | Business – Business Article

Jaguar Land Rover announced its biggest quarterly loss on Thursday after it was forced to take a £3.1bn write-down on the value of its investments as Chinese demand slumped. Britain’s largest car manufacturer, which is owned by India’s Tata Group, made a £3.4bn pre-tax loss in the last three months of 2018 as sales fell. It anticipates a loss for the financial year as a whole for the first time in a decade. Half of the £3.1bn non-cash charge was…

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We must rule out a hard exit. Business is at breaking point | Politics – Business Article

The clock is ticking. In the House of Commons, MPs spend hours debating points of parliamentary procedure, but are unwilling to take real decisions about our country’s future. Negotiations between the prime minister and EU leaders seem to have reached an impasse. But in the real world, businesses are at breaking point. I know from my own business career that – above all – what business needs is certainty. Certainty about the terms on which they will be able to…

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No-deal Brexit: UK firms ‘praying’ for article 50 extension, says KPMG | Business – Business Article

British firms are “praying for an extension to article 50” rather than face a no-deal Brexit as it emerged that foreign investment has fallen steeply and the outlook for growth has slumped to a six-year low. The Confederation of British Industry said that firms’ reported growth prospects were at their weakest for almost six years, while other research shows the number of acquisitions of UK companies by foreign buyers is falling 11% year on year. The warnings emerged after the…

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Brexit warnings by Airbus and Siemens cannot be ignored | Business – Business Article

Empty threats, say Brexiters of the claims made by Airbus and Siemens that plans are under way across industry to slash investment budgets and possibly close factories should the UK quit the European Union’s single market and customs union on 29 March. Worse than that, Mark Francois MP, an arch Tory Brexit campaigner, says it amounts to bullying. He said Airbus’s German boss was guilty of “Teutonic arrogance”. Yet, without a deal – one that at least keeps the UK…

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Who is the Brexit-supporting Lord Bamford of JCB fame? | Business – Business Article

Long before Lord Bamford, the chairman of the machinery manufacturer JCB, invited Boris Johnson to speak at his company earlier this month, the billionaire had bulldozed his way into British politics. Johnson was paid £10,000 by the company three days before he gave his 18 January Brexit-themed speech, which was widely seen as his latest tilt at the Conservative leadership and which he peppered with repeated praise for the company’s business acumen and innovation. The payment was disclosed on the…

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