Some companies are likely to impose a hiring freeze following Britain’s vote to leave the European Union, according to a leading business group. The Institute of Directors (IoD) surveyed 1,000 of its members and found that a quarter planned to freeze recruitment. The results suggested that almost a third would keep hiring at the same pace, with 5% planning to cut jobs. Almost two-thirds said the vote was negative for their business. However, at the weekend, Gerard Lyons, chief economic strategist at Netwealth and a former adviser to Boris Johnson, said that even though there was short-term uncertainty, in the long-term Britain would be better positioned within the global economy. He believed that the UK was gaining control of its own destiny as it distanced itself from stifling EU regulations. Osborne: UK in a position of strength What are ‘safe haven’ investments in stormy markets? How will Brexit affect your finances? Johnson pledges EU co-operation after referendum result ‘Clear message’ Simon Walker, director general of the Institute of Directors, told the BBC’s Today programme: “Business leaders are very, very concerned. Nearly half of them expect the other member states to punish Britain.” Mr Walker said he did not think those […] Read More
UK financial markets remain volatile in the wake of the Brexit vote, with sterling plunging to a 31-year low against the dollar, and some share trading temporarily halted. Yields on 10-year government bonds sank below 1% for the first time. Shares in airlines, housebuilders and banks were worst hit, with sharp falls causing a momentary halt in trading as automatic circuit breakers kicked in. The falls came after Chancellor George Osborne tried to calm the markets. In a statement before the financial markets opened, his first since the referendum result, the chancellor said the UK was ready to face the future “from a position of strength”. He also indicated there would be no immediate emergency Budget. But the upheaval on the financial markets continued. The pound fell 3.6% to $1.3170, having earlier hit a fresh 31-year low of $1.3151, sinking below the level it had fallen to on Friday when it recorded its biggest one-day fall ever against the dollar. Against the euro, it was down 2.5% at €1.2016. Read More
The mayor of Calais wants changes to a deal which allows Britain to carry out immigration checks on the French side of the English Channel, after a UK vote to leave the EU. Natacha Bouchart said Paris must act after Thursday’s referendum in which the UK voted to leave the EU. “The British must take the consequences of their choice,” she said on Friday. Under the 2003 Touquet deal, Britain can carry out check in Calais to stop migrants trying to get to Britain. Ms Bouchart said: “We are in a strong position to push, to press this request for a review and we are asking the President (Francois Hollande) to bring his weight (to the issue). “We must put everything on the table and there must be an element of division, of sharing.” Meanwhile, Xavier Bertrand, the president of Hauts-de-France region where Calais is located, said: “The English wanted to take back their freedom: they must take back their border.” The French authorities had warned before the referendum that a vote for leaving the EU could see a camp with thousands of migrants being moved from Calais to British soil. The British authorities have made no public comments on […] Read More
Boris Johnson and Michael Gove are preparing a “dream team” bid to take control of the leadership of the Conservative Party in the wake of the most dramatic week in modern British political history. David Cameron resigned as Prime Minister yesterday morning after Britain voted to leave the European Union sparking a major political, economic and constitutional crisis. Within hours of the surprise vote, Mr Cameron had resigned, the Bank of England intervened in the financial markets to prevent a crash and the Scottish government threatened to hold another referendum on splitting from the rest of the United Kingdom. In a statesmanlike address from the Vote Leave headquarters, Mr Johnson positioned himself as a Prime Minister in waiting by urging unity in the nation and speaking of the bright future that now awaits an outward-looking Britain. “I want to speak to the millions of people who did not vote for this outcome especially young people who may feel that this decision in some way involves pulling up the drawbridge or any kind of isolationism. I think the very opposite is true. “To those who may be anxious at home or abroad this does not mean that that he UK will […] Read More
Voting has now closed in the UK’s referendum on whether to stay in the EU, with a result expected early on Friday morning. Follow the results and reaction as it happens with the BBC’s EU Referendum Live. See the full results announced so far here. What is happening? A referendum is being held on Thursday, 23 June, to decide whether Britain should leave or remain in the European Union. This article is designed to be an easy-to-understand guide. Thanks for all your questions – we’ve answered a selection at the bottom of the page. What is a referendum? A referendum is basically a vote in which everyone (or nearly everyone) of voting age can take part, normally giving a “Yes” or “No” answer to a question. Whichever side gets more than half of all votes cast is considered to have won. Why is a referendum being held? Prime Minister David Cameron promised to hold one if he won the 2015 general election, in response to growing calls from his own Conservative MPs and the UK Independence Party (UKIP), who argued that Britain had not had a say since 1975, when it voted to stay in the EU in a referendum. […] Read More
The UK’s EU referendum is proving close but the Remain campaign appears to be failing to pick up enough support outside London to win. At 03:45 BST Leave were ahead by over 500,000 votes, with the English shires and Wales voting strongly for Brexit. UKIP’s Nigel Farage said: “Dare to dream that the dawn is breaking on an independent United Kingdom.” The pound surged as polls closed before falling to its lowest level since 1985, on signs of a Leave victory. Scotland and Northern Ireland appear to have opted for Remain and London has voted emphatically to stay in the EU. Follow the latest developments on our live page Results in full What to watch out for on results night Voting social media trends In pictures: UK votes in referendum Labour ‘must change’ after EU campaign Unlike at a general election the results in individual areas do not count – it is the overall number of votes cast for one side or the other across the country that will determine whether the UK leaves the European Union. Polling expert Prof John Curtice said there was still a while to go but at this stage Leave were “undoubtedly the favourites” to […] Read More
He had been refusing to appear before the Business, Innovation and Skills select committee since March. On Sunday Mr Ashley decided that he would give evidence to defend the firm’s “good name”. MPs want to question the billionaire, who regularly shuns interviews, about working conditions at his warehouse in Shirebrooke, Derbyshire. Mr Ashley had urged MPs to visit that warehouse before agreeing to give evidence. Sports Direct has been criticised for working conditions there, including employing staff on zero-hour contracts. In a letter to Sports Direct staff released on Monday night, Mr Ashley said he was appearing at the select committee because “we have nothing to hide”. ‘Difficult year’ The Newcastle United owner noted that he had “identified a need for improvements to our security procedures at Shirebrook – and these have now been carried out”. Last year the Guardian reported that workers at the sportswear chain’s warehouse had been subjected to rigorous searches and surveillance. Mr Ashley also told staff that because it had been a “difficult year” for Sports Direct, chief executive Dave Forsey would not be taking up a share bonus worth about £4m. Shares in Sports Direct have fallen 45% in the past 12 months amid […] Read More
The object, which is 14cm (5.5in) long, was found during an excavation for a new housing development in Brunswick Road, in an area that would have been just behind the city’s Roman wall. Experts say it was probably part of a winged statuette to Victoria, the Roman goddess of victory. It will be put on display at Gloucester Museum once it has been studied. Neil Holbrook, from Cotswold Archaeology, said: “This find once again demonstrates that Gloucester was a high ranking city in Roman Britain and that its public spaces must have been equipped with a number of bronze statues of gods and emperors.” He added that finds of Roman bronze sculpture in Britain are “extremely rare” and “very few depictions of Victoria or eagles” are known from the province. “It would be nice to think a retired Roman soldier, spending his retirement years in Gloucester, had a nice statuette to Victory as thanks for making it through the Roman invasion of Britain in one piece.” Initially, archaeologists said they believed the wing came from a statue of an eagle, but Dr Martin Henig, an expert on Roman sculpture at Oxford University, studied the object and believes it is likely […] Read More
The death of an army recruit from a gunshot wound to the head at Deepcut barracks was suicide, a coroner has ruled. Pte Cheryl James, 18, was found dead with a bullet wound to the head in 1995. She was one of four recruits to die at the base in seven years. Coroner Brian Barker QC said the wound was “self-inflicted” and Pte James fired the gun intentionally. Her father said the family did not believe evidence led to verdict. Des James said they were “deeply saddened” by the conclusions of the inquest. “The evidence has revealed serious and profound failures in the care and supervision that ought to have been provided to her, and to all of the other young people who joined the British army with her,” he said. “Deepcut was a toxic and horrible environment for a young woman and we have no doubt that this would have had a terrible impact on those that were required to live there.” Brig John Donnelly said the army was “truly sorry” for the low levels of supervision that provided for the trainees at Deepcut in 1995, and for using trainees for guard duties. “The army has made many profound […] Read More
The European Union should abandon its “utopian dreams” of ever-closer integration to combat rising Euroscepticism, Donald Tusk has said. The president of the European Council said EU leaders should concentrate on practical measures such as reinforcing borders and a banking union. Mr Tusk warned of “dramatic consequences” if Britain left the EU. He urged Europe’s leaders to match the energy and endeavours of those who wanted to break up the union. Meanwhile, Spain’s Prime Minister Mariano Rajoy has warned that the consequences of an exit vote in the UK’s EU referendum later this month would be “very negative for British citizens”. In a speech in Madrid, he said people from the UK would lose their right to move freely, work and do business in the largest economic area in the world. More than 300,000 Britons are resident in Spain, about 35% of whom are retired. OECD warns of Brexit trade ‘shock’ Expats urged to register for EU vote The UK’s EU vote: All you need to know There is no worse prospect for the European economy than the omen of a triumph of anti-liberal and Eurosceptic political forces, whether left or right,” Mr Tusk told business leaders in Brussels. “We […] Read More
