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Tag: Brexit

UK economy shrank in April after Brexit car plant shutdowns

UK economy shrank in April after Brexit car plant shutdowns

Business
The UK economy shrank by 0.4% in April, after a "dramatic fall" in car manufacturing, the Office for National Statistics said. A number of car plants owned by the likes of Jaguar Land Rover and Honda temporarily halted production in April, to mitigate any disruption to their supply chains as Britain prepared to leave the European Union. JLR shut down all three UK manufacturing plants and its engineering plant between 8-12 April, for the second time in six months.Last July the company warned that its UK plants and at least 40,000 jobs are at risk if the country leaves the European Union without a free trade deal.Honda stopped production for six days in the same month, and plans to shut its Swindon plant altogether by 2022, with 3,500 UK jobs at stake. ...
Trump visit: Could US companies run NHS services after Brexit?

Trump visit: Could US companies run NHS services after Brexit?

Health
Along with the pomp, protests and politics, President Trump's visit to the UK brought renewed debate about whether a post-Brexit trade deal between the two countries could involve opening up the NHS to US companies.Mr Trump told a press conference: "When you're dealing with trade, everything's on the table - so the NHS or anything else". He quickly rowed back, saying he did not consider the NHS to be part of trade - though not before MPs from across the political spectrum had come out to say the health service was "not for sale". The question is what "for sale" would actually mean. As health think tank the Nuffield Trust points out, "a trade deal would not have the power to stop the NHS being a free, universal service". But could greater market access to...
Eurovision: Is Brexit to blame for the UK’s latest flop?

Eurovision: Is Brexit to blame for the UK’s latest flop?

Entertainment
The UK finished in last place at Eurovision on Saturday, despite the best efforts of singer Michael Rice. The talent show winner has reportedly blamed a Brexit backlash, as have some disgruntled British Eurovisionophiles.Rice told The Sun that even Gary Barlow or Elton John would have finished last this year.But it's now a decade since the UK has earned a place in the top 10 and more than 20 years since the last win - a losing streak that stretches back long before the EU referendum was a twinkle in David Cameron's eye.So can we really blame politics? And what other factors are at play? Here are five possible reasons the UK flopped - and keeps flopping.1. BrexitIf Europe thought the UK was sticking up two fingers in its direction...
TUI losses widen to £261m as Brexit weighs on demand

TUI losses widen to £261m as Brexit weighs on demand

Business
By John-Paul Ford Rojas, business reporter Travel operator TUI has reported widening half-year losses and a fall in summer bookings as it counts the cost of weak consumer confidence and Brexit uncertainty.The group reported an underlying loss of €301m (£261m) for the six months to the end of March, up from €170m (£148m) in the same period a year ago. It has also been knocked by the grounding of Boeing's 737 MAX aircraft, which it has previously warned could cost up to €300m (£261m) as it leases more aircraft to cover its routes.TUI said the decline in its first-half performance was partly due to the knock-on impact of last summer's heatwave holding back bookings and because it had too much capacity in Spain as holidaymakers opted for cheaper destinations such
Lloyds profit flat as it warns on Brexit impact

Lloyds profit flat as it warns on Brexit impact

Business
By John-Paul Ford Rojas, business reporter Lloyds Banking Group has reported flat profits for the start of the year as it swallowed £565m in one-off costs and warned Brexit could take a further toll on the UK economy.Britain's biggest mortgage lender said it made a pre-tax profit of £1.6bn for the first quarter, little changed on a year ago. The group, which owns Lloyds Bank as well as Halifax Bank of Scotland, said the size of its loan book shrank 1%, including a £4.9bn decline in overall home loans assets. Image: Chief executive Antonio Horta-Osorio warned Brexit uncertainty could have a further impact However, there were improvements for car finance and small business lending.Shares fell 2% in early tr