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Brexit

Brexit could cost nearly 500,000 UK jobs

London - Al Maghrib Today

Britain’s exit from the European Union could cost the UK almost 500,000 jobs and nearly 50 billion pounds ($68 billion) in investment by 2030, according to a study commissioned by the mayor of London. In a worst-case scenario, Britain would lose 482,000 jobs and 46.7 billion pounds ($62.9 billion) in investments in the next 12 years, according to research publishedRead more

London house prices in first annual fall since 2009

London - Al Maghrib Today

The average price of a home in London dropped in 2017 for the first time in eight years on fallout from Brexit, data showed on Thursday. While prices were up nationwide, they were down in London for the first time since 2009, mortgage lender Nationwide calculated. UK house prices rose by 2.6 percent overall last year -- slower than theRead more

British purchasing power set to stagnate in 2018: study

London - Al Maghrib Today

Britons' purchasing power, which took a hit this year against the backdrop of Brexit, looks set to stagnate in 2018, according to a new study released on Wednesday. Following what was a "tough year for living standards" in 2017... the prospects for a "meaningful pay recovery" are "still out of sight", said Torsten Bell, head of the Resolution Foundation, aRead more

UK economy picks up speed: official data

London - Al Maghrib Today

Britain's economy picked up speed in the third quarter thanks to a strong services sector, official data confirmed Friday, ahead of years of expected weaker growth on gathering Brexit clouds. Gross domestic product grew 0.4 percent in the third quarter, up slightly from 0.3 percent in the April-June period, said the Office for National Statistics (ONS) as it reiterated lastRead more

EU says Brexit transition should end December 31, 2020

Brussels - Al Maghrib Today

The European Commission said Wednesday that the Brexit transition period, during which the EU's rules will still apply to Britain as it quits, should last from when Britain leaves the bloc in March 2019 until the end of 2020. "The transitional arrangements should apply as from the date of entry into force of the Withdrawal Agreement and should not lastRead more

Britons feeling the pinch

London - Al Maghrib Today

Stagnant wages and Brexit-spiked inflation are hitting young Britons hard, an expert who resigned in protest from a government body last month told AFP, as new data showed the country was feeling the pinch. Workers’ average weekly earnings adjusted for inflation fell 0.4 percent year-on-year from August to October 2017 — an erosion of purchasing power. “The impact of fallingRead more

Mutiny in the ranks: May's weakness in five points

London - Al Maghrib Today

A rebellion in Britain's parliament over Brexit legislation spells trouble ahead for Prime Minister Theresa May as she heads to an EU summit Thursday, hobbled by divisions within her party. May took over after the 2016 Brexit referendum and called a general election in June, hoping to strengthen her hand in the negotiations with Europe. However, the gamble backfired andRead more

May 'disappointed' by UK vote but 'on course to deliver Brexit'

Brussels - Al Maghrib Today

British Prime Minister Theresa May said on Thursday she was "disappointed" after she lost a key parliamentary vote on Brexit but insisted it had not derailed negotiations to leave the European Union. "I'm disappointed with the amendment but actually the EU Withdrawal bill is making good progress through the House of Commons and we're on course to deliver on Brexit,"Read more

European equities mostly rise

New York - Al Maghrib Today

Investing.com - Here are the top five things you need to know in financial markets on Friday, December 8: 1. Dollar Rises With U.S. Employment Report on Tap The U.S. Labor Department will release its November nonfarm payrolls report at 8:30 a.m. ET (13:30 GMT) on Friday, and it will be watched more for what it says about wages thanRead more

Brexit deal shows UK can leave EU

London - Al Maghrib Today

Prime Minister Theresa May on Monday hailed an interim Brexit deal as proof that Britain could leave the European Union in a "smooth and orderly way", although she warned that payment of the divorce bill was dependent on a final trade agreement. The government struck a deal with Brussels last week on three priority separation issues, paving the way forRead more