Lidl Won’t Discount Brexit Britain

German supermarket giant Lidl is massively expanding its UK operations after being granted planning permission for a new state-of-the-art 240,000 sq foot headquarters in Tolworth, West London. The announced permission had been granted last Friday. The final hurdle before beginning construction is to secure a rubber stamp from Sadiq Khan in the New Year.

The retailer also plans to plough millions into projects outside the South East: earlier this month it said it would develop a £70 million distribution centre in Doncaster, South Yorkshire. Both developments are expected to generate hundreds of jobs.

Trade mag Construction Enquirer reports this morning:

“Lidl plans to invest £1.5 bn over three years on expanding its store and logistics network to 1,500 stores despite Brexit. It currently trades from 640.”

A huge sign of confidence in Brexit Britain from an iconic German firm…

“Economy to Defy Brexit Fears”

times

Britain will be the fastest growing economy in the G7 and beat Bank of England forecasts with 0.5% economic growth in the final quarter of 2016, The Times reports today under the headline “Economy to defy Brexit fears”. A survey of businesses showed the service sector had its best month since January. Of course according to the times this is #DespiteBrexit:

“The country’s dominant service sector has experienced its best month since January, the survey of businesses showed, defying fears of a slump in growth after the Brexit vote.”

New retail sales figures from British Retail Consortium report that sales rose by 1.3% in November, following better-than-expected services PMI data. Barclaycard says consumer spending rose 5.1% last month, the second highest rate since the survey began (H/T @afneil). More good news…

Record Car Sales This Year

cars

More good news: new car sales are set to reach a record high this year according to figures released by the Society of Motor Manufacturers and Traders. Registrations rose by 2.9 percent to 184,101 vehicles last month. Reuters reports:

“It is the first time the industry has sold more than 2.5 million vehicles in the first eleven months of the year, putting it on track to beat the 2.63 million sold last year, despite uncertainty created by Britain’s vote to leave the European Union.”

The economy is motoring #DespiteBrexit…

Mortgage Approvals at 7-Month High

mortgage

Mortgage approvals are now at the highest rate since March according to the Bank of England. The latest figures show 67,518 home loans were given the go-ahead in October, up from 63,594 in September and the highest number since March. How are the FT reporting the good news?

“The number of mortgages approved in October remained steady despite post Brexit-vote concerns about the strength of the UK economy.”

And what about Bloomberg?

“The pound rose amid mounting evidence the U.K. economy is weathering the fallout from Brexit better than analysts expected. Sterling climbed for the first time in three days against the euro as a report showed mortgage approvals reached the highest since March last month, indicating the housing market remains robust following the June vote to leave the European Union.”

Brexit Britain’s economy – safe as houses.

Good News Round-Up

China Putting Billions Into ‘Second Canary Wharf’

china-despite-brexit

Four of China’s biggest banks have given the go ahead to finance a £1.7 billion ‘second Canary Wharf’ for Asian business on a derelict old East End dock. Chinese investors are also on track to sink £4 billion into London property this year, beating the 2015 record by miles. The Remainers over at Bloomberg ask: “With Britain trying to hammer out the terms of its exit from the European Union and banks considering their options on the continent, is this the best time to start building a new financial district in London?” Well China think so…

Brexit or Bust

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The inventiveness of this particular #DespiteBrexit story made Guido laugh…

Facebook Likes Post-Brexit UK, Plans Thousands More Jobs

Facebook zuckerberg

Facebook will confirm its commitment to add 500 skilled jobs to its London workforce today as part of a plan to expand its British headquarters from 4,000 to 7,000 employees within the next four years. This joins Google’s £1 billion investment in Britain, and Apple’s huge new HQ at Battersea as evidence that the tech sector is still thriving. Unemployment is falling and retail is surging, despite Brexit! Strangely, Google, Apple and Facebook are not worried about being outside the EU’s Digital Single Market, the over-regulated, over-subsidised irrelevance to the future…

Bankers: London Will Thrive Outside EU

despite-brexit-canary-wharf

Almost three-quarters of British bankers think London will still be the financial centre of Europe in five years’ time. The US financial services firm Synechron surveyed executives at British banks and found that 72% were optimistic. Add the fact that it would cost banks some £50,000 per employee to relocate staff away from London to the potential slashing of red tape after Brexit, bankers have decided to stick around. Guess how the media are covering this story?

Unemployment Falls #DespiteBrexit

despite-brexit

In May the Treasury told voters unemployment would rise immediately after a Leave vote:

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“a vote to leave would represent an immediate and profound shock to our economy. That shock would push our economy into a recession and lead to an increase in unemployment of around 500,000

Today’s ONS figures show unemployment fell by 37,000 in the three months to September. The unemployment rate has fallen from 4.9% to 4.8%. We now have the highest employment rate on record. Remainers will spin that Brexit hasn’t happened yet, but the Treasury forecast was for the immediate aftermath of a vote to leave…



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Quote of the Day

Tory MP Nick Boles says what everyone thinks…

“There is a timidity and lack of ambition about Mrs May’s Government which means it constantly disappoints. Time to raise your game, Prime Minister.”

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