Keeping up with the news can be tricky. Even the most eagle-eyed observer can miss a vital news story. We think being up-to-date on economic developments is key to the success of your startup.
Every Wednesday we provide the top 10 key bits of business news from the past week.
Brexit could cut London house prices by more than 30%
According to analysts at the French bank Société Générale, London property prices could fall by more than 30% in the wake of Britain’s vote to leave the EU and may half in the most expensive parts of the city.
ARM chip designer to be bought by Japan’s Softbank
UK technology firm ARM Holdings is to be bought by Japan’s Softbank for £24bn.
The Cambridge-based firm designs microchips used in most smartphones, including Apple’s and Samsung’s. ARM, which was founded in 1990, employs more than 3,000 people.
Shares in the UK technology firm surged by 45% at the open of the London Stock Exchange to 1,742.85p per share, adding £7.56bn to ARM’s market value.
UK shares boosted by ARM takeover bid
The FTSE 100 was up slightly in midday trade on Monday, as shares in ARM Holdings soared by more than 40%.
In midday trade in London the FTSE had gained 23.95 points, or 0.36%, to 6693.19. Other winners were Sage, RBS Group, RSA Group, and Travis Perkins.
FCA considers using texts to warn of low savings rates
Consumers who get poor rates of interest on their savings accounts could soon receive texts or emails to warn them of better deals available.
The city regulator, the Financial Conduct Authority (FCA), has moved a step closer to the idea as part of its plan to expose poor savings rates.
EU migrants may face ‘right to stay’ curbs
EU migrants who come to the UK as Brexit nears may not be given the right to stay, David Davis has said.
Government axes climate department
The government has axed the Department of Energy and Climate Change (Decc) in a major departmental shake-up.
Ed Miliband, the former energy and climate secretary under Labour, called the move “plain stupid”.
UK inflation rate up to 0.5%
UK inflation rate as measured by Consumer Prices Index rose to 0.5% in June from 0.3% in May, figures show.
The Office for National Statistics (ONS) attributed the rise to higher air fares, fuel and consumer spending.
Employers warn of widening skills shortage
An increasing number of UK employers are worried that they will not be able recruit enough high-skilled employees, according to an annual CBI survey.
The survey of 500 employers found 69% were concerned about not being able to find enough highly-skilled staff, compared with 55% last year.
Government lawyer tells court UK will not trigger Article 50 this year
A government lawyer has told the High Court in London that Britain will not invoke Article 50 of the Lisbon Treaty this year.
Lawyer Jason Coppel QC referred to statements made by Prime Minister Theresa May who has said the legislation should not be triggered this year.
UK unemployment rate falls to 4.9%
The UK unemployment rate has fallen to 4.9%, the lowest since July 2005, according to official figures.
The unemployment total fell to 1.65 million in the March-to-May period, down 54,000 from the previous quarter, the Office for National Statistics (ONS) said.
The figures cover the period before the UK vote to leave the European Union.
