Crossrail Delayed Till Autumn 2019

The long awaited £15 billion Crossrail project has been delayed by 9 months. The project was due for completion in December 2018 but has now been pushed back to Autumn 2019 and is £600m over budget. The news is disappointing for British businesses and commuters.

Once completed, Crossrail will give rise to a new East-West rail link across London. The Elizabeth line will be added to the tube network and will run from Reading in the West to Shenfield in the East and will run through the heart of London, stopping at Paddington, Bond Street and Liverpool Street amongst others. The new line will be good news for contractors as it will offer greater access to Reading and Heathrow airport via the tube network.

Sterling Weakens due to Brexit Uncertainty

Sterling fell to its lowest levels against the Euro and US dollar for approximately a year. It is believed the uncertainty over the prospect of a no deal Brexit is the main driver for the drop in GBP as companies look to hedge their exposure.

GBP fell to a 10-month low of 1.109 against the Euro.

GBP fell to a 12 month low of 1.285 against the US Dollar.

UK Interest Rates Increase to 0.75%

The Bank of England announced that UK interest rates will rise from 0.5% to 0.75%. This is the second rate increase in 12 months. The last rate increase took place in November 2017 where interest rates were increased from 0.25% to 0.5%.