Tuesday newspaper round-up: Brexit, BHS, property prices
Brexit could have an impact on the City in the coming months as banks decide whether to implement contingency plans to ensure they retain access to the remaining 27 EU member states by moving business out of the UK. Theresa May, the prime minister, intends to trigger article 50 – the formal process of exiting the EU – in March and some senior officials in the financial district argue that the rest of Europe could lose out if operations are shifted out of London. – Guardian
The liquidators of BHS are conducting a detailed investigation into property transactions that took place during the regimes of Sir Philip Green and Dominic Chappell, including whether the directors of the retailer breached their duties. Insolvency practitioners have a legal duty to review the conduct of the directors of a collapsed company, but the scope and depth of the BHS investigation is rare. – Guardian
Shopper numbers plunged dramatically at the weekend in a sign that experts said augured badly for the new year. Visits to shopping centres were down by a half on New Year’s Day compared with the same day in 2016, according to Springboard retail intelligence. – The Times
Property prices in Britain and other wealthy countries may be set to tumble, the Organisation for Economic Co-operation and Development has warned. The forum for developed economies said that it was monitoring “vulnerable” asset markets, including UK property. “We’ve already started to see some changes in real estate prices in the UK,” Catherine Mann, its chief economist, said. – The Times
A radical plan that would break up BAE Systems’ near-monopoly building Britain’s warships will never be implemented, according to defence sources. Industrialist Sir John Parker unveiled his independent report on naval shipbuilding last month, having been commissioned to by the government to investigate the subject in the March Budget. – Telegraph
Vacancy numbers stagnated for the fifth consecutive month as cautious employers kept hiring on hold again in November, according to the recruiters of the Association of Professional Staffing Companies (Apsco). The number of available permanent jobs in November was up by just 0.3pc on the same month a year earlier, continuing the trend of low or no growth in hiring which the Association has seen since the EU referendum. - Telegraph