12.11 - News Briefing

A shortage of Uber drivers in the UK led to CEO, Dara Khosrowshahi, flying into London to meet drivers and the London Mayor. Increase in fuel prices and the cost of maintaining vehicles, combined with low prices charged to customers in order to remain competitive, has led to drivers moving away from Uber and moving into food/package deliveries instead.

 

 

Boris Johnson again finds himself in the firing line with MP's, after he said MP's should devote themselves to their constituents and not working on second jobs. This is despite Boris Johnson earning £4m from his own outside interests in the last 14years.

 

 

Toshiba is about to rule out a deal to take the whole company private in the wake of a $20bn offer in April by UK PE group CVC. Instead, they will announce splitting the business into three in a major restructuring. This is after shareholders ultimation of a 'sell' or restructure. However, the Financial Times reports shareholders would prefer a PE buyout.

 

 

Pressure of the NHS is continuing. Almost 6million people were waiting for care in September and 12,500 people have been waiting for more than 2 years for treatment. The government announced £36bn over three years for health and social care services which was welcomed but with 90,000 vacancies in the NHS, it is not a problem that will be fixed overnight.

 

 

UK growth slows in Q3 despite the opening of shops and restaurants. A surge in COVID cases, supply chain issues and labour struggles all combined to slow growth which could go some way to explaining why interest rates have not gone up and more support for the economy was announced in the budget.