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The UK Civil Aviation Authority (CAA) has confirmed that the cap on how much Heathrow Airport can charge airlines will remain fixed at the level set earlier this year.

The UK Civil Aviation Authority published its final decision for the annual caps that will apply to the charges that Heathrow Airport Limited levies on airlines for using the airport until the end of 2026.

The regulator has confirmed that charges for 2023 will remain fixed at the level set out in its interim decision issued earlier this year.

The average maximum price per passenger will then fall by about 20 per cent from £31.57 per passenger in 2023 to £25.43 per passenger in 2024 and will remain at that level until the end of 2026.

This means the average charge over the five years will be £27.49 compared to £28.39 outlined in its earlier proposals.

https://www.cityam.com/heathrow-caa-confirms-airline-price-cap-and-3-6bn-investment-in-passenger-security-and-new-baggage-systems/

The imposition of the bankers’ bonus cap has had “precisely the opposite effect” to what regulators intended, the head of the UK’s main banking regulator said today, as he sought to defend the government’s decision to scrap the cap.

Sam Woods, head of the Prudential Regulation Authority (PRA), said that while scrapping the bonus cap is probably the “single most unpopular thing we have proposed”, he defended the policy suggesting that it could actually lower the total rate of bankers’ pay.

“The only effect of that cap has been to increase the fixed pay of bankers,” Woods told MPs today. “As bankers come up close to the cap… in the following year, their base pay gets a boost of about 15 per cent.”

https://www.cityam.com/bankers-bonus-cap-was-not-working-uk-banking-regulator-says/

Barkby hits a all time low 5.80 very poor performance Charles come on keep the share holders informed to what's going on

170 yes

Ftse stuck in a holding pattern awaiting Jerome powell testimony this afternoon, passenger numbers out next Monday this should be back in the 70p price range

China will aim for an economic expansion of “around 5%” for 2023, its lowest target for more than three decades.

The forecast, which was disclosed by premier Li Keqiang at the annual National People’s Congress on Sunday, follows last year’s second slowest growth rate since 1976.

March 6 (Reuters) - British new car registrations rose by a quarter in February and almost half a million plug-in cars are expected to join the road by the end of 2023, according to preliminary industry data released on Monday.

The Society of Motor Manufacturers and Traders (SMMT) said the new car market was up 25% last month and plug-in vehicles made up about a quarter of the registrations.

Be handy to post the link

LONDON, March 3 (Reuters) - Britain's dominant services sector grew at the fastest pace in eight months in February, boosted by stronger business confidence and an improved economic outlook, a survey published on Friday showed.

But higher borrowing costs and squeezed household finances continued to limit growth.

The final version of the S&P Global/CIPS UK services Purchasing Managers' Index (PMI) increased to 53.5 last month, up from 48.7 in January, the strongest rate of growth since June last year. Any reading above 50 represents an expansion.

https://journal.classiccars.com/2023/03/02/aston-martin-celebrates-110th-anniversary-with-special-logo-reveal/

AML up 20% yesterday it's looking like the FTSE 250 could outperform the FTSE 100 in 2023

JPMorgan raises Aston Martin price target to 132 (112) pence - 'neutral'

Deutsche Bank raises Aston Martin price target to 155 (145) pence - 'hold'

The FTSE 100 and European stocks were in the red this Thursday as concerns about more rate hikes in Europe and the US

Their bosses were paid £19.8 million last year: Barclays’ CS Venkatakrishnan received £5.2million, Noel Quinn of HSBC got £5.6million, Charlie Nunn of Lloyds £3.8million and Dame Alison Rose of NatWest £5.2million. In the letter to Dame Alison, the MPs pointed out that her pay had risen 46 per cent from £3.6million in 2021.

https://www.google.com/amp/s/www.dailymail.co.uk/news/article-11809641/amp/Barclays-HSBC-Lloyds-NatWest-ripping-customers.html

Executive chairman Lawrence Stroll said the company ended the year “with significantly improved growth, margin enhancement and positive free cash flow in Q4, exiting 2022 with the strongest order book in many years”.

https://www.proactiveinvestors.co.uk/companies/news/1007637/aston-martin-shares-leap-18-despite-not-blowing-doors-off-with-annual-results-1007637.html

Gross profit increased by 31% year-on-year to £451m (2021: £344m) and gross margin increased to 33% (2021: 31%), reflecting improved pricing and gross margin for core models, partially offset by the impact of lower year-on-year gross margin within Specials. In addition, year-on-year gross margin performance was impacted by approximately £20 million of supply chain recovery costs incurred in the second half of the year

· Adjusted EBITDA increased by 38% year-on-year to £190m, primarily driven by higher revenue and gross profit, partially offset by higher operating expenses including reinvestments into brand, marketing and new product launch activities, as well as inflationary impacts on general costs

Kim Kinnaird, Mortgages Director, Halifax, said:

“The pandemic transformed the shape of the UK property market, and while some of those effects have faded over time, it’s important we don’t lose sight of the huge step change seen in average house prices.

“Heightened demand created a much higher entry point for bigger properties right across the country, and that impact is still being felt today by both buyers and sellers, despite the market starting to slow overall.

“Taking detached houses as an example, average prices remain some 25% higher than at the start of 2020. Even if those values were to fall by 10%, they would still be around £50,000 moreexpensive than before the pandemic.”

It’s now almost three years since the onset of the pandemic, when the UK was thrust into lockdown for the first time.

One of its many impacts was to transform the UK’s property market almost overnight – prompting a sudden drop in activity as the market largely shutdown, followed soon after by a surge in transactions as initial restrictions began to ease.

New research, based on data from the Halifax House Price Index, has examined how the rate of house price growth – driven by fundamental shift in buyer demand – has varied for different property types across the country since the start of 2020.

The big picture

At a national level, average UK house prices grew by +20.4% between January 2020 and December 2022, up by £48,620 (from £237,895 to £286,515).

For comparison, in the three years prior (January 2017 to December 2019), average house prices grew by just +7.8%, or £17,158.

https://www.lloydsbankinggroup.com/media/press-releases/2023/halifax-2023/three-years-on-how-the-pandemic-reshaped-the-uk-housing-market.html

Paul Gordon, Managing Director for Relationship Management, Lloyds Bank Business & Commercial Banking, said:

“While overall confidence has dipped slightly, it’s encouraging to see businesses backing their own trading prospects. This may well be down to the easing of cost pressures as we see the prices of commodities such as oil and energy coming down. At the same time, with pay expectations easing, this may be giving businesses the boost they need to weather the rest of the year.

“As we move further into 2023, focusing on growth and investment should be key for businesses across the sectors, while ensuring that margins and cash flow are also prioritised.”

Hann-Ju Ho, Senior Economist Lloyds Bank Commercial Banking, said:

“Business confidence has lost a little momentum this month, following the strong gains seen recently. Firms are feeling more cautious about the wider economy. However, confidence in their own trading prospects continues to strengthen, helped by tentative signs that wage and other cost pressures may be reducing.

“While inflation appears to be tapering, pressures on consumers will need to ease further to help make it a more stable environment for businesses to operate.”