Before we close up for the day, here is a summary of the major developments today.
Investors were in cautious mood as they awaited the contents of Theresa May’s Brexit speech in Florence. We have live updates on the speech here.
The pound is currently down against both the euro and the dollar. Losses against the dollar have accelerated, with the pound down 0.6% dipping just below the $1.35 mark. Against the euro, the pound is down 0.8% at €1.1275.
So it seems traders are not feeling confident about Britain’s Brexit position, although the reaction to the speech by EU officials will be crucial.
European markets are mixed. The FTSE 100 has reversed those small losses earlier on and is now up 0.6% or 45 points at 7,308.
In the eurozone, better-than-expected PMI surveys for the manufacturing and services sector suggested growth in the region picked up to 0.7% in the third quarter from 0.6% in the second.
London’s black cab drivers have praised TfL and the London mayor Sadiq Khan, over the Uber decision.
Jim Kelly, chairman of of London’s Unite union black cab section, said it was the right thing to do to put the safety of passengers above the corporate interests of Uber.
No one is above the law and today’s decision will be welcomed by London’s trusted professional black cab drivers. It signals that the mayor of London and Transport for London are not prepared to allow London to become the ‘wild west’ of the cab trade and put passengers at risk.
In the coming weeks Uber will no doubt throw all its legal and corporate lobbying might to overturn this decision. We would urge the mayor of London and Transport for London to stand firm and continue to stand up for the safety of Londoners and the capital’s trusted cabbies.
Broadening consumer choice through innovation is an important part of our economy and has created new opportunities that are valued by many. It’s not in the interests of our economy, people in London and in this case, drivers, to restrict new products and services.
Both Uber and TfL recognise the vital importance of customer safety. Reaching a sensible agreement that allows services to continue will matter to the millions of consumers and thousands of drivers who use the app.
Figures published earlier by the Office for National Statistics show Britain is more appealing as a holiday destination since the sharp fall in the value of the pound triggered by the Brexit vote.
Overseas tourists made a record 4 million visits to the UK in July, an increase of 6% on last year. The amount they spent rose by 3% to £2.7bn.
European and American visitors came in the greatest numbers, encouraged by the strength of both the euro and the dollar against the pound.
Guy Ellison from Investec Wealth and Investment said the record tourist numbers would have boosted UK attractions over the summer:
The pick-up in in-bound tourism is welcome, with London likely to have been the prime beneficiary. It was always anticipated that in-bound tourism would see a material pick up in 2017 thanks to the sharp devaluation of sterling, though the terrorist attacks in London undoubtedly deterred some visitors.
Expect the international hotel brands to have benefitted from stronger occupancy, with perhaps some spill-over impact to the UK’s independent hotel names and the likes of Whitbread’s Premier Inn. Merlin, with its cluster of tourist attractions in London (The Eye, Tussauds etc.) and other sited within range of the capital (Legoland) should also have benefitted from a pick-up in visitor numbers – though the less clement weather over August may have dampened demand for outdoor attractions.
German Chancellor Angela Merkel at an election campaign event of the Christian Democratic Union for Sunday’s election. The outcome of the election is being closely watched in Greece
Over to Greece now, where the German election over the weekend will be closely watched amid mounting anticipation the outcome will likely affect Athens’ bid for debt relief. Helena Smith reports.
The last time Germany went to the polls in 2013, Greece dominated the agenda. Greece’s epic struggle to remain in the eurozone, its dependency on bailout funds and the saga of enforcing often draconian reforms, electrified public debate.
This time even the rightwing, anti-euro Alternative fur Deutschland (AfD) party isn’t bothering much about Greece. But the election is being closely followed in Athens where the governing Syriza party is openly backing the leftwing Die Linke.
“The party of the German left, Die Linke, has been … the force that in the most difficult moments for our country stood by the Greek people irrespective of political cost,” Syriza said in a statement. “In such critical elections for the future, not only of Germany but the European Union, with the threat of a reinforced far right as never before in Germany, those who demand an end to the pan-European policies of austerity … must be supported.”
There are fears that the result could impact on the country’s ability to achieve a debt write off, and recover economically, if conservative voices among Chancellor Angela Merkel’s Christian Democrats, and the Liberal Free Democrats – the CDU’s likely coalition partner - are strengthened by the vote.
While TfL revealed it would not be renewing Uber’s London licence, the CBI published its latest industrial trends report.
The business lobby group said the pace of growth in UK manufacturing output eased in the third quarter, but the outlook “remains strong”.
From the report:
The survey of 429 manufacturers found that while output growth slowed last quarter, largely driven by the food and drink sector, the rate of growth remained well above the long-run average. Respondents expect output growth to bounce back next quarter, broadly matching the robust pace seen in the three months to July and August.
Both total orders books and export order books remained strong, although total order books softened somewhat on August. The deterioration was relatively broad-based with 9 of the 17 sub-sectors reporting a decline relative to August.
Really positive news today about Uber! Tea and coffee free at Wizann today. Keep working everyone more black cabs needed out there! pic.twitter.com/CgXQrftLBA
Uber says it will “immediately” challenge the decision by Transport for London to deny the cab company a new licence to operate in the capital.
Tom Elvidge, general manager of Uber in London:
3.5 million Londoners who use our app, and more than 40,000 licensed drivers who rely on Uber to make a living, will be astounded by this decision.
By wanting to ban our app from the capital Transport for London and the Mayor have caved in to a small number of people who want to restrict consumer choice. If this decision stands, it will put more than 40,000 licensed drivers out of work and deprive Londoners of a convenient and affordable form of transport.
To defend the livelihoods of all those drivers, and the consumer choice of millions of Londoners who use our app, we intend to immediately challenge this in the courts.
Comments (…)
Sign in or create your Guardian account to join the discussion