David Cameron has warned voters not to take Britain’s economic recovery for granted when they go to the polls on May 7 as the latest official figures showed the pace of growth slowing.

Labour seized on the worse than expected figures from the Office for National Statistics – showing growth in the first three months of the year dropped to just 0.3% – to say that the Government’s claims to have “fixed” the economy were wrong.

But on a campaign visit to a factory in north London, Mr Cameron insisted the slowdown underlined the need to stick with the Government’s economic plan.

“They show that we cannot take recovery for granted, we can’t take our growth for granted,” he said.

“While you see insecurity and instability all over the world causing us difficulties, don’t vote for instability here in Britain.”

With nine days to go to polling day, he said that a Labour government led by Ed Miliband committed to increasing tax and spending while imposing new regulation on business could bring the recovery “juddering to a halt”.

“All of this, in my view, is at risk in nine days time. With me you know what you get, you keep the plan, you keep the growth, you keep the jobs, you keep the security. With him what are you going to get?” he said.

“If he goes on a borrowing spree interest rates will go up and that will hit businesses, that will hit families. If he goes on a spending spree taxes will go up, that will hit businesses, that will hit families. If he goes on a regulation spree that will stop investment, that could bring our economy to a juddering halt.”

The ONS figures show the pace of gross domestic product (GDP) growth was half the 0.6% rate in the final three months of 2014, and represented the weakest quarterly rate of growth since the end of 2012.

For the Liberal Democrats, Treasury Chief Secretary Danny Alexander insisted the economy was continuing to make progress but that more needed to be done.

“The British economy is recovering well, but these figures remind us that there is still work to do to secure the recovery,” he said.

“Though volatile construction data shows a big dip, the underlying figures show that we are still making solid progress across the wider economy.”

However, shadow chancellor Ed Balls said the figures underlined that most people were still not seeing the benefits of the recovery.

“While the Tories have spent months patting themselves on the back, these figures show they have not fixed the economy for working families,” he said.

“Tory economic policy may be helping a few at the top but for most people bills have gone up faster than wages, which are down £1,600 a year since 2010, and now these disappointing figures show economic growth slowing down too.

“The risk to families and our economy is a re-elected Tory government doubling the pace of spending cuts next year and taking Britain out of the EU. Working families and our NHS can’t afford five more years of the Tories.”

Earlier Lib Dem leader Nick Clegg set out his latest “red line” demand to the Conservatives and Labour for an emergency budget within 50 days of the election if they want a coalition deal with his party.

He made clear that he would effectively veto Tory plans to cut £12 billion from the welfare budget and impose a timetable on Labour to deal with the deficit.

“Whether we are in government with Labour or the Conservatives, we will pin them down within weeks of the election and force them to put their cards on the table,” he said.

“We will have a stability budget, to take place within 50 days of election day, a pre-condition of any coalition arrangement. There will be no deal if there is no stability.”

In its latest analysis of the parties’ spending plans, the Institute for Fiscal Studies (IFS) warned that average household incomes were set to fall over the next five years, regardless of who was in power.

It said that while the Tories would cut taxes they would also cut benefits, while Labour would protect benefit spending but increase taxes to pay for it. The Lib Dems would plot a middle course.

“With significant deficit reduction still to come, households can expect the tax and benefit changes implemented over the next parliament to reduce their incomes, on average.

“There are large differences between the Conservatives, Labour and the Liberal Democrats in how they propose to do this.

“But they share a lack of willingness to be clear about the details and an inability to resist the urge for piecemeal changes which would make the overall system less efficient and coherent.”

Mr Balls dismissed Mr Clegg’s “red line” warning on deficit reduction, insisting that a Labour government would not speed up the pace of cuts in order to meet the Lib Dems’ demands.

“What we are not going to do is sign up to faster plans which would end up meaning huge cuts to police or defence or our public services,” he told BBC News.

He added: “He (Mr Clegg) was the guy who came into coalition at the beginning of this parliament and then broke all the promises that he made. I don’t think Nick Clegg’s promises are worth the paper that they are written on.”

Photo from Joe Giddens / PA Wire
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An overwhelming majority of company directors surveyed in a new poll want a Conservative victory in next week’s general election.

A majority Tory government was the favoured outcome of 71% of the 296 chairmen, executive directors and board members in FTSE 350 firms surveyed for The Times, with 18% backing a coalition led by the Conservatives and just 4% a Labour win.

Some 28% said that the worst result for their business would be a Labour-led coalition and 25% an outright victory for Ed Miliband’s party. Not one of those questioned said they believed Labour was “pro-business”.

Concerns over the likelihood of a hung parliament was reflected by 85% of respondents who said they were worried about smaller parties dictating policy.

Some 72% of those questioned last month by Reputation Leaders for the Times and recruitment firm Odgers Berntson said that they want Britain to retain its membership of the European Union with greater devolution of powers to Westminster.
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The leaders did their best to win voters over in a Question Time special last night, but which party is winning the battle of the web? Performance management firm Dynatrace took a look at the parties’ sites’ response times and availability.

5. Green Party [7.861 seconds]

Voters trying to find out more about Natalie Bennett’s party will receive their information in just under eight seconds. In the availability portion of Dynatrace’s performance tests, the Greens’ pages were successfully accessed 95.51 per cent of the time.

4. Conservative Party [7.832 seconds]

David Cameron’s party’s website loaded an average of just 0.029 seconds quicker than the Greens’. For availability, however, the Conservatives were in second place overall, with a performance of 97.33 per cent in the test.

3. Liberal Democrats [7.401 seconds]

Slightly quicker was the Liberal Democrats’ website. The Conservatives’ coalition partners’ average load time as 7.401 seconds. Nick Clegg’s party was also in third in the availability table, just above UKIP, with a score of 96.53 per cent.

2. Labour Party [6.446 seconds]

Ed Miliband’s party’s website was almost a second quicker to load on average than the Liberal Democrats’. It was the worst performer on availability, though, with a score of 77.19 per cent – 18.32 per cent lower than nearest rival the Green Party.

1. Scottish National Party [3.381 seconds]

The SNP was the runaway winner in the speed test, nearly halving the Labour Party’s response time. Nicola Sturgeon’s party also topped the table when it came to availability, with an almost-perfect score of 98.77 per cent.
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It has the backing of the main political parties while supporters say that it has the potential to lift millions of working families out of penury to ensure they enjoy a decent standard of life.

The General Election spotlight fell yesterday on the Living Wage with senior figures from all three main parties – including Ed Miliband and Nick Clegg – addressing a Citizens UK mass rally in support of the benchmark rate intended bring an end to poverty pay.

Its aim was to persuade employers – both public sector and private – to pay staff enough to cover their basic living costs, including food, clothing and housing.

The modern Living Wage campaign began in 2001 in the East End of London where parents earning the national minimum wage – brought in two years earlier by the then Labour government – found they were still struggling to make ends meet.

Following a series of campaigns, a breakthrough came in 2005 when the Greater London Authority agreed to set up a Living Wage Unit to calculate the first Living Wage for the capital.

As the campaign developed into a national movement, the Centre for Research in Social Policy at Loughborough University began drawing up a UK-wide minimum income standard.

Unlike the minimum wage, which is backed by law, the Living Wage campaign relies upon convincing employers of the benefits of adopting it to both themselves and their workers.

It is currently set at £9.15 an hour in London and £7.85 an hour in the rest of the UK – significantly higher than the minimum wage which is £6.50 an hour for adults aged 21 and over, and £5.13 for those aged 18 to 20.

A report last year by the independent Living Wage Commission chaired by the Archbishop of York, Dr John Sentamu, said government should ensure all its employees receive the Living Wage.

It said that firms that could afford to pay it should also do so, although it said that it should not be a mandatory requirement – particularly if jobs are at risk.

All three main political parties back the Living Wage in their manifestos. The Conservatives say they will continue to encourage businesses and other organisations to pay it “whenever they can afford it”.

Labour says it will use government contracts to “promote” the Living Wage, with tax rebates for businesses who sign up to pay it in the first year of a Labour government. It says that it will also require publicly listed companies to report on whether or not they pay it.

The Liberal Democrats have promised an independent review to consult on setting a “fair” Living Wage across all sectors.

They say that it would be paid in all central government departments and their agencies from April 2016, while other public sector employers would be encouraged to follow suit.
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The general election is tomorrow and Britain has a choice to make. But how will a vote for the UK’s leading parties affect your business?

1. Conservative Party

David Cameron’s party are aiming to eliminate the deficit by the end of parliament and achieve full employment if they win this week’s general election.

Among the Conservatives’ business policies are plans to cut red tape, reward entrepreneurship with more loans to help start-ups and improve transport to key areas.

Click here to read more about the Conservative Party’s business policies.

2. Labour Party

The Labour Party, led by Ed Miliband, also plan to cut the deficit, as well as increasing the minimum wage and assuring there are apprenticeships available for school leavers.

Other policies include plans to create a “long-term investment culture” to help small businesses and investment in green firms and technologies.

Click here to read more about the Labour Party’s business policies.

3. Liberal Democrats

Nick Clegg’s party pledges to deal with the deficit by 2017/18 and introduce extra corporation tax for the banking sector to raise £1 billion.

Like Labour, the Lib Dems also have a focus on green businesses, aiming to create a “high-skill, low-carbon” economy and half energy demand by 2030.

Click here to read more about the Liberal Democrats’ business policies.

4. UKIP

In a similar vein to the bigger parties, Nigel Farage’s UK Independence Party want to eliminate the deficit by the third year of the new parliament.

Naturally, many of their policies revolve around Britain’s relationship with the EU. UKIP want to remove directives that restrict the economy and negotiate a new trade agreement.

Click here to read the UKIP manifesto in full.

5. Green Party

The Greens, led by Natalie Bennett, are anti-austerity and want to create an extra million public sector jobs by ending the government’s current policy of cuts.

Like Labour, they promise to increase the minimum wage, but also want to ban zero-hours contracts and introduce a 35-hour cap for the working week.

Click here to read the Green Party’s manifesto in full.
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The election outcome is set to inject a fresh lease of life into the prime London housing market, which will ripple out to other parts of the country, experts have predicted.

With Labour’s proposed mansion tax on properties worth more than £2 million having drifted out of view, economists and estate agents said they expect to see renewed interest in London’s top end property market, which had been showing signs of cooling down in recent months.

Sales are predicted to pick up generally, with estate agents saying they expect a busy summer ahead as buyers and sellers who had been holding back enter the market.

Lucian Cook, head of residential research at Savills, predicted that prices in prime central London, which includes the top 5% of properties, will increase by 22.7% over the coming five years. Prices of prime properties situated outside the capital are forecast to surge by 23.9% in the next five years.

If Labour had claimed a victory, prices in prime central London would have increased by around 15.9% over the five-year period, according to Savills’ forecasts.

Across the UK generally, property values are now set to increase by around 19.3% over the coming five years, while in London generally they will increase by 10.4%, Savills predicts.

Shares in London-focused estate agent Foxtons jumped as the election results emerged, with house builders including Barratt Developments and Taylor Wimpey also performing strongly.

Mr Cook said that the momentum in the London market is “likely to be sufficient to trigger a renewed ripple effect into the markets beyond the capital, as those relocating from London find it easier to sell their existing home and take advantage of the price differentials with the rest of the country”.

He said: “We expect the mainstream housing markets to pick up a little momentum over the short term, simply because of greater certainty over the political landscape and economic policy.

“That is likely to result in an uptick in new buyer enquiries and transaction levels generally.”

With London house prices being significantly higher than those elsewhere, Mr Cook said he expected the biggest growth to be seen outside the capital, with the south of England in particular seeing growth in the medium term as buyers look for value in commuter belt areas.

He continued: “Political certainty is also likely to prevent a dip in house building, as planning policies put in place prior to the election gain further traction. However, there remains a pressing need for substantially increased new build supply and a far more co-ordinated long term housing strategy for the UK.”

Jonathan Adams, director of prime central London estate agency Napier Watt, said: “We expect the property market, which has been rather subdued of late as buyers and sellers adopted a ‘wait and see’ attitude, to now pick up.

“Many people have been holding off making a decision because of the uncertainty, and as we would always expect May, June and July to be our best months with foreign buyers from overseas, we are all set for a busy summer.”

Recent Land Registry figures showed that across England and Wales, 851 homes were sold for over £1 million in January, marking a 19% fall compared with January last year, when 1,049 properties in this bracket were snapped up. The bulk of the transactions were in London, which saw a sharp 23% decline in sales in this bracket compared with a year earlier.

House prices in Kensington and Chelsea, where the average property is worth £1.29 million, have shown the slowest annual growth over the last year of all the London boroughs, recording a 5.2% upswing.

Ed Stansfield, chief property economist at Capital Economics, said: “It is easy to overstate the importance of the election for the market. Admittedly, the economy will probably now face a bigger fiscal squeeze than if Labour had been in power, but interest rates will presumably be kept very low to compensate. Moreover, the economy’s fundamentals are pretty good, I doubt the squeeze will derail the recovery.

“The one area of the market that will see a change is prime central London, where the demise of Labour’s mansion tax proposals will probably give it a new lease of life.”

Mark Hayward, managing director of the National Association of Estate Agents (NAEA) said the problem lack of supply in the housing market is still “a huge issue plaguing our country”.

Melanie Leech, chief executive of the British Property Federation, said: “Our industry has the potential to significantly increase the amount of housing in the UK, regenerate our towns and cities, and contribute significantly to the economy if it is provided with the right legislative framework, and we look forward to working with the next government to achieve this.”

Peter Rollings, CEO of estate agent Marsh and Parsons, said: “The top-end market will be breathing a huge sigh of relief that £2 million-plus properties won’t be penalised by a mansion tax, a levy that would have stifled activity in the capital and across the South East.

“Any such tax could also have had implications on lower rungs of the property ladder too, so it is not just wealthier home owners who should be counting their blessings.

“The post-election feel-good factor could kick in immediately and 2015 may prove to be a reversed version of 2014 in starting slowly and finishing strongly.”
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Labour must reset its relationship with business after its disappointing general election showing, leadership contender Yvette Cooper has warned.

In a thinly-veiled criticism of Ed Miliband, she condemned the party’s “anti-business, anti-growth and ultimately anti-worker” stance.

The shadow home secretary, whose husband, Ed Balls, was shadow chancellor under Mr Miliband, insisted Labour had to show it wanted to build businesses up, “not knock them down”.

She also branded the attempt to divide companies into “predators and producers” a “mistake”.

The Labour frontbencher told the Independent: “We want everyone to have the chance of the best jobs in future, and make the most of our great talents as a country.

“Too often in the past our rhetoric undermined that positive relationship with business and with the creation of jobs and wealth.

“We need to reset our relationship with business around a shared vision for building an economy that faces the future.

“People knew how we wanted to stop exploitation in the workplace, but not how we’d grow our workplaces to create more jobs and stronger growth.

“They knew we wanted to stop consumers being ripped off, but weren’t convinced we also wanted businesses to grow and flourish. We can’t let that happen again.

“There will be dialogue and discussions about what works, rather than rude surprises that backfire.”

In a bid to present herself as a candidate of the centre and to distance herself from Mr Miliband’s tenure, Ms Cooper also said the party could not be “set against” the Government’s recent cut in corporation tax for the future.

As leader, she said she would set up a business advisory group and invite bosses who did not support Labour to join it.

She went on: “Our rhetoric can’t be set against the wealth creators and drivers of our future economic growth. We can’t be set against business, and too many believed we were.

“We need to always show how we support jobs and business growth, as well as ensuring businesses show responsibility towards their consumers and staff.

“The opportunities of the digital economy and of ‘knowledge-intensive’ jobs must be seized by both our government and businesses. Britain is in a strong place to do that, but without new skills, investment and dynamism we are going to get left behind.”

Ms Cooper is one of four candidates in the running to be the new leader, to be announced in September.

Shadow health secretary Andy Burnham, who has been endorsed by paratrooper-turned-politician Dan Jarvis, set out his stall at the weekend by calling for a referendum on Britain’s membership of the EU to be brought forward to next year to limit the period of uncertainty for firms.

The other contenders are shadow international development secretary Mary Creagh and shadow health minister Liz Kendall.

Shadow business secretary Chuka Umunna dramatically ruled himself out of the race just a few days after announcing his bid, citing the impact of media scrutiny on his family and loved ones.
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The number of job vacancies has enjoyed a post-election “bounce”.

Employment group Reed said more than 51,500 jobs were added to its website last week, a near-20% increase on the weekly average in the run-up to polling day.

The biggest increases were in sales, education, admin and technology.

James Reed, chairman of reed.co.uk, said: “Following all the pre-election uncertainty and talk of a hung parliament, employers have reacted positively to the Tories’ unexpected majority, with a notable bounce in new jobs being advertised.

“The economy was a major campaigning issue and employers will hope that a new mandate for the Government will enable them to return to business as usual and the positive signs of growth we’ve been seeing in the jobs market.

“However, with the prospect of a referendum on membership of the EU in the next two-and-a-half years, there remains a risk that confidence could yet be compromised.”
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Housebuilder Telford Homes said the Conservatives’ majority election win would boost confidence in the property market as it reported annual profits up by nearly a third thanks to soaring demand.

The group, which is focused on the London residential market, cheered the “certainty and stability” the general election result had provided.

Its pre-tax profits leapt 31% higher to £25.1 million for the year to March 31 as it said demand was outstripping supply amid a “chronic shortage” of new, more affordable homes in inner London.

The group said it expects further “significant” growth in profits over the next few years.

Jon Di-Stefano, chief executive of Telford Homes, added: “The outcome of the general election has provided certainty and stability to the political environment and the housing market.

“The new government has a clear understanding of the need to build more homes and any concerns over the impact of housing policies proposed by other political parties have now been removed.”

Telford has been sheltered from the cooling-off seen in the prime London housing market, with the group focused more on relatively affordable properties in inner locations.

It said the average price of homes sold on the open market stood at £459,000 in the year to March 31, up from £400,000 the year before, with “controlled and steady growth” in prices.

Its developments are priced at less than £1,000 per square foot on average, with only a small number of properties priced above £1 million.

Telford said its forward property sales were up 61% to £550 million for the financial year, adding it was 95% sold for the year to March 2016.

It built 661 homes over the last financial year, up from 515 the previous year and said it had already sold 105 since the end of March.
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Scotland’s First Minister Nicola Sturgeon has met with US deputy secretary of State Antony Blinken on her tour of America.

Ms Sturgeon, who is on a four-day trip to promote Scotland, held talks with the senior diplomat at the US Department of State in Washington.

The pair discussed topics including the outcome of May’s UK general election and the forthcoming in/out referendum on Britain’s European Union membership.

Speaking after the meeting, a spokesman for Ms Sturgeon said: “This was a warm, friendly and constructive meeting between the First Minister and deputy secretary of state in which the long-standing ties between Scotland and the USA were reaffirmed.

“The First Minister and deputy secretary Blinken discussed a range of issues – including the outcome of the UK general election and the new political landscape in Scotland, the economy, the Scottish Government’s support for continued membership of the EU and wider shared cultural, economic and social interests.”

On the third day of her US visit, Ms Sturgeon also delivered a speech on the topic of economy and equality to an audience at the World Bank.

The First Minister said Scotland faced “significant challenges” in dealing with the legacy of the recession, creating quality job opportunities and adapting to an ageing population.

She said: “Scotland, like many countries, faces an apparent paradox.

“Deep inequalities exist in our society – reflected in reduced educational outcomes, poorer health and lower life expectancy.

“But we also know that Scotland is a wealthy nation. We have vast economic potential and many economic success stories.”

Ms Sturgeon said the Scottish Government’s economic strategy was focused on increasing competitiveness and tackling inequality.

She said: “We want to increase our competitiveness to boost our GDP per head. And we also want to create a fairer society with a better distribution of income.

“And what we increasingly recognise is that those two challenges – of competitiveness and equality – aren’t separate issues. They are connected. We would have an even more competitive economy, if we had a fairer society.

“We’re investing in the innovation and infrastructure which is essential to future productivity growth. But as part of that, we’re also creating an inclusive society – one which harnesses the talents of all of our people, and which shares the benefits of growth more equally.

“We’re pretty confident that we’re on the right path, but we also know that we have a huge amount to learn.”

Earlier the First Minister met John B. King Jr, deputy secretary of the US department of education, to discuss approaches to tackling the attainment gap in schools.

She then joined Dr Katie Wilson, deputy under secretary for food, nutrition and consumer services, on a visit to Takoma Park Middle school in Maryland.

Ms Sturgeon said: “I was delighted to meet with both John B King Jr and Dr Katie Wilson who are leading the work in the US in improving education and the health of American school children.

“Governments have a role in ensuring that every young person has the best start in life and we know that while a good education system is important we must also provide the right support for their health and well-being at an early age.

“The US and Scotland have already forged a strong working relationship and are committed to doing all we can to support the development of our young people and tackle inequalities in our society.”

Photo from US Department of State / PA Wire
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The owner of the Yorkshire Post and The Scotsman has warned over a hit to profits after advertisers delayed and cut spending around May’s general election.

Johnston Press said half-year and full-year profits would be knocked after seeing advertising revenues and circulation sales fall in the 26 weeks to July 4 – down by around 5% and 5.5% respectively.

The Edinburgh-based group said advertisers chose to hold off and slash spending across print and online amid the uncertainty caused by the election.

Johnston took action to limit the impact, but said half-year profits were still expected to come in below a year earlier, while profits over the full year would now be “slightly below” forecasts in the market.

Chief executive Ashley Highfield said: “Trading conditions in the first half of 2015 have undoubtedly been challenging, especially in the period around the general election – a time when there was also a high degree of uncertainty in the wider market.”

He added there were still encouraging signs from digital revenues, which the group has been focusing on to help offset ongoing pressure on print ad sales.

Digital revenues are expected to have jumped by around 17% in the group’s first half, while readers visiting its sites are up by more than a fifth.

The group also said there were signs of a pick-up in trading so far in July.

But it cautioned that despite better trading since the election and aims to cut costs to fund revenue growth plans, full-year profits were still likely to be below expectations.

Shares tumbled by around 15% after the profit warning.

Johnston Press owns around 250 newspapers and 198 websites, recently adding weekly free title The Brighton and Hove Independent to its portfolio.

Originally founded in Falkirk in 1767, Johnston has been battling to overcome the decline in the wider UK newspaper market in recent years, slashing costs and boosting its online offering.
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Estate agent Foxtons blamed uncertainty in the housing market in the months running up to the General Election for a slump in first-half profits.

The London focused chain, which runs 56 branches, said its pre-tax profit fell 21.6% to £18.1 million as the “sales market remained constrained ahead of the General Election”.

It said sales commissions were almost 11% down at £33.7 million, although the high demand for rental properties in the capital saw lettings revenue rise 5.4% to £33.5 million.

But the firm said it has seen an increase in activity since the May election, adding it was confident that a strong final six months would meet City expectations for the full-year. Shares lifted 8%.

It added that although its property sales revenue was almost 11% down on the first half of last year, this was at a period when the housing market was at its highest since 2007.

Chief executive Nic Budden said: “Despite challenging market conditions, Foxtons has delivered a solid result against very tough comparables.”

He added: “With the election uncertainty now passed we have seen an increase in activity across our branch network.”

It added its sales pipeline of homes was 12% ahead of the same period a year ago.

During the period the firm said it opened five new branches in Barnes, Walthamstow, West Hampstead, Ruislip and Bromley, adding it planned to open further sites in Surbiton and Croydon in the autumn.

The business said it was concentrating on outer London areas, from travel Zone 3 onwards, because these parts of the city have higher growth than Zone 1 and 2.

It said central London housing volumes were flat after falling in 2014 and the first quarter of this year.

But areas in Zone 3 outwards have seen volume growth of around 9% last year with areas such as Walthamstow up 18%, driven by first-time buyers searching for affordable properties.

Photo from John Stillwell / PA Wire
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Upmarket consumers flocked to buy Aga cookers after the Tory election victory earlier this year as they abandoned pre-poll caution, it was revealed today.

The cookers’ maker, Aga Rangemaster, said they had seen a slow start to 2015 for sales but there had been a “marked change in attitude” after May’s vote.

It added that its Rangemaster lines benefited from greater consumer confidence as well as higher incomes feeding through to more spending on the home and house moves.

The firm reported a 1.5% increase in revenues to £125.4 million for the six months to the end of June as it prepares to be taken over by US kitchen equipment firm Middleby in a deal set to complete next month, valuing Aga at £129 million.

Operating profits were up 16.7% to £2.8 million but bottom line pre-tax profits for the half-year widened from £300,000 to £4 million thanks to a higher pension charge and the £3 million cost of advisers on the takeover deal.

Chairman John Coleman said: “The year started quite slowly for Aga cooker sales with consumers continuing to be cautious. Following the election there has been a marked change in attitude.”

Mr Coleman said the group’s core market in the UK was seeing “an economic and political backdrop that is likely to be conducive to increased levels of consumer spending on household goods”.

The chairman said that as a result recent trends of higher sales and profits were expected to continue.

Rangemaster cookers “had a strong end to the period after a slow start as greater consumer confidence and higher household incomes fed through to expenditure on the home and into house moves”, he added.

It did well with key retailers such as Dixons Carphone, AO and John Lewis. International sales were ahead and the firm made its first sales to Chinese consumers.

Mr Coleman added that Aga cooker lines introduced at the end of 2013 were now well-established as best-selling models.

Meanwhile the Aga City 60 – designed to be more convenient for younger, urban customers – was now established in the market and “attracting a wider audience to the brand”, with a gas hob version to be launched this autumn.

Cast iron cooker and stove sales in Ireland remained slow but the Aga Marvel brand had an “excellent” first half in North America. The group’s Fired Earth tiles brand continued to see “strong, profitable growth”.

Chief executive William McGrath said: “Our product investment programmes have ensured we are ready to benefit from the improving trading backcloth. Working with Middleby should provide additional momentum to enable our operations to thrive.”

A shareholder meeting to approve the takeover will take place on September 8 and it is expected to complete by September 23.

Photo © jespahjoy (CC BY 2.0). Cropped.
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Shares soared in the aftermath of the general election in May, with the FTSE 100 adding 160 points on the day immediately after the vote – but they have since slumped by nearly 500 points, knocking £120 billion off the value of the top listed firms.

UK investors were cheered by the clear victory for the Conservatives, which avoided the expected prospect of an uncertain result and a hung Parliament resulting in days or even weeks of political horse-trading to form a government.

But since then the mood has been shaken by global events such as Greece’s debt crisis, as the country neared the brink of collapse and exit from the eurozone before reaching a deal with its creditors.

More recently, markets have been alarmed by the devaluation of China’s yuan – a move which should shore up manufacturers exporting out of the world’s second biggest economy because it makes their goods cheaper for foreign buyers.

It has the opposite effect on companies trying to sell goods to the Chinese, making them dearer for customers there. The devaluation has also sparked fears of tit-for-tat currency wars as other countries seek to protect their own economic interests.

Another issue looming on the horizon is the prospect of a US interest rates hike which will start to tighten the availability of cheap money which has buoyed equities during the recovery.

Meanwhile, oil stocks have been under pressure as a recovery in the price of Brent crude – after it fell by more than half since last summer – fell apart thanks to the prospect of sanctions against oil-producing Iran being lifted.

Colin Morton, portfolio manager at Franklin UK Equity Income Fund, said: “This weekend, the UK will have experienced 100 days of David Cameron and his Conservative majority government in power, and the changes are noticeable.

“A true blue victory was bound to go down well with the markets, which always respond well to continuity and stability.”

The FTSE 100 rose 2% to 7046.8 on the day after the election, but has since dropped off to below 6570.

It closed on the day of the poll itself at 6887, meaning it is now more than 300 points lower – with the top 100 UK-listed companies losing £80 million in value.

Mr Morton said the fall suggested the “halo effects have worn off” following the post-election euphoria on markets.

The pound also gained following the election. It had fallen to below 1.46 against the US dollar in the weeks prior to the poll amid fears of a hung parliament, but climbed sharply to reach over 1.55 during the session after the vote.

Sterling reached nearly 1.60 in subsequent weeks on expectations of a looming interest rate rise. It is now at around 1.56.
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Recruitment firm Hays said a post-election upturn in UK hiring had not materialised after warning earlier this year that employers had become more cautious in the run-up to May’s poll.

The group also said it had scaled back the pace of its own hiring in the run-up to the vote despite seeing a surge in fees and earnings over the past year.

Hays reported an 18% rise in pre-tax profits to £156.1 million for the year to the end of June, in spite of a £9.6 million hit from currency movements.

It was buoyed by a 75% like-for-like increase in net operating profit to £45.7 million in the UK and Ireland, where net fees rose 11%.

Hays said activity levels in this division were “strong and broad-based” with all regions and most specialist areas delivering growth in a generally robust jobs market.

But the group said its consultant headcount in in the UK and Ireland rose by just 2% to 2,203 in the year to the end of June as it “paused investment” in the run-up to May’s poll – down from a 12% rise the year before.

The company said this followed significant investment in the first half of the year as it focused on improvements in consultant productivity.

Recruiters such as Hays are often seen as economic bellwethers reflecting the confidence of wider business in hiring staff.

The firm had warned in April about caution ahead of May’s vote. Last month chief executive Alistair Cox said that in the UK the “clear election outcome” had removed potential uncertainty from the market and the business had performed well.

But on unveiling its latest figures, the group said: “In the UK and Ireland, we continue to see good overall net fee growth, albeit we have not seen a post-election acceleration in activity levels.”

Hays, which has 9,023 employees in 33 countries, saw fees across the group rise 9% on a like-for-like basis to £764.2 million.

Mr Cox said the group was on course to deliver a five-year target to broadly double operating profits by 2018. He said the UK saw “strong fee growth across all regions”.

However the group said movements in foreign currency continued to weigh on it, with a further £1 million hit since its fourth quarter trading update.

In the UK and Ireland, the IT sector delivered fee growth of 22%, with construction and property up 14% and the largest specialism, accountancy and finance, ahead by13%.

Hays said: “Our UK and Ireland business remains strongly placed to take full advantage of the current supportive market conditions.”

The group raised its full-year dividend by 5%. Shares rose 2%.
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There will be “fair immigration” to the UK after free movement ends when the country leaves the European Union, Jeremy Corbyn has said.

The Labour leader refused to put any figures on the level he would like to see but promised there would be “managed migration” after Brexit.

In an interview for ITV’s Tonight programme Mr Corbyn confirmed the Trident nuclear deterrent would be included in a Labour government’s defence review and denied being wealthy despite being “very well paid”.

With immigration a key electoral battleground, Theresa May has said she remains committed to the Tory target of cutting net migration to the tens of thousands, a pledge she has so far failed to meet as home secretary or Prime Minister.

Mr Corbyn confirmed there would be changes to immigration policy after Brexit, but refused to commit to reducing the numbers coming to the UK.

“I’m not going to put any figures on it, Theresa May has done that for, this is now the third General Election she’s promised figures none of which she’s come anywhere near to achieving,” he said.

“Clearly the free movement ends when we leave the European Union but there will be managed migration and it will be fair.”

Mr Corbyn, who has campaigned against nuclear weapons throughout his career, leads a party which supports the retention of the deterrent, an uneasy situation which has caused tension within Labour ranks.

Asked if he would review Trident if he was in Number 10, Mr Corbyn said: “There will be a strategic defence review as all governments have done when they come in to office which will look at all aspects of our defence strategy.”

Confirming that review would include Trident, he said: “Nuclear will be included in that. The bigger threats we face are actually, I think, cyber-attacks and … irrational acts of terrorism.”

Pressed repeatedly on whether he is wealthy, Mr Corbyn, who was entitled to a salary of more than £138,000 as an MP and Leader of the Opposition, insisted he was not, because of “where I put the money”, although he refused to elaborate on that.

“I consider myself well paid for what I do and I am wanting to say to everyone who’s well off, make your contribution to our society,” he said

“No, I’m not wealthy because of where I put the money but I’m not going into that.”

The Labour leader reflected on a “wonderful” and “very liberal” upbringing in Shropshire but revealed his discomfort at attending a private prep school and then a grammar.

“I went to a grammar school which I didn’t like because of its selectivity, and I didn’t like because of the aspects of implicit privilege that all the boys that went there were taught,” he said.

“There was a school debating society which I spoke at on many, many issues including a debate to get rid of fox hunting in the middle of a fox hunting area.

“I didn’t get a lot of support for my proposal.

“But I also proposed various motions about turning the school into a comprehensive.”

Mr Corbyn sidestepped questions from interviewer Julie Etchingham about whether he would quit if he led Labour to electoral defeat.

“We are fighting to win, I’m proud to lead this party and I’ll lead this party to win the General Election, that’s the only question at the moment,” he said.

“Are we capable of winning the General Election? Yes. Am I determined to do it? Absolutely.”

:: Tonight: The Leader Interviews – Jeremy Corbyn is on ITV at 8pm on Monday May 15.

PA Wire

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The boss of crowd-funding giant Seedrs has likened Conservative plans to curb skilled migration to “shooting ourselves in the head” and warned over the threat of Brexit to the technology sector.

Jeff Lynn told the Press Association that Theresa May’s proposal to double the immigration skills charge to £2,000 a year for every skilled non-EU migrant a company employs is “baffling”.

“Is Brexit about making us a more open and global country? Having talented people from around the world come to this country is only a good thing, and the notion that we would do anything to make that more difficult is just shooting ourselves in the head.

“I’m baffled by the idea that we are looking to increase the skills tax,” he said.

The American chief executive also railed against Brexit, saying it is “not good for Britain” and that investment in the tech sector will diminish as a result of Britain’s decision to quit the EU.

Like several other financial firms Seedrs, which acts as a marketplace for early stage investment in companies, is also weighing up plans for an EU hub.

“We do have a financial services passport and might have to look at getting some sort of dual authorisation in Dublin or something like that.

“If you have a serious economic slowdown or, as a result of trying to stop skilled migrants coming in, a reduction in the number of entrepreneurial businesses, then it will be an issue.

“If talented young entrepreneurs who would have once come to London to start a business are now going to do so in Berlin, we will do more deals in Berlin.

“If we start finding that the talent is located elsewhere, that’ll probably cause a talent shift for us.”

However, Mr Lynn said any movement in staff numbers from London, where the firm employs 40 people, will be reasonably small.

Seedrs is also looking to launch in the US later this year as the firm embarks on ambitious growth plans.

The firm is currently providing a platform for 10 to 15 deals a month and has seen about £220 million invested since launching in 2012, but Mr Lynn wants to take a much bigger chunk of the market.

He said: “We’re still a drop on the ocean compared to where we want to get to.

“The market we’re going after is probably worth £30 billion to £50 billion a year. At scale, we feel we could be doing up to £1 billion of that.”

As part of the push, Seedrs is working on a number of new innovations to appeal to a wider group of investors, including the launch of a secondary market.

Behind some of Seedrs’ success has been the falling appeal of investing in public markets, Mr Lynn added.

“The appeal of the public markets as a place to earn returns has gone down. Companies are going public later, once all of the exciting growth has already happened,” he said.

PA Wire

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House prices are still expected to increase by around 3.5% per year over the next five years, despite signs that the market has become more subdued recently, according to surveyors.

In an “ominous signal” for aspiring first-time buyers, surveyors anticipate house price inflation will continue to out-pace wage growth, the Royal Institution of Chartered Surveyors (Rics) said.

The General Election does appear to have prompted more home buyers and sellers to adopt a “wait and see” approach, as the number of new buyer enquiries, the volume of fresh property coming to market and the number of sales agreed all fell in May, Rics said.

Despite the more subdued market, surveyors taking part in the report expected house price inflation to average 3.5% per year across the UK over the next five years.

Property stock levels remain at all-time lows, Rics said, with an average of 43 unsold homes on estate agents’ books. It said a “sheer lack of supply continues to support prices for the time being”.

Over the next 12 months, surveyors expect house sales to pick up, with a net balance of 26% expecting sales activity to increase rather than decrease.

Surveyors in the South West of England and Wales are the most upbeat about sales levels in the next 12 months, the report found.

House prices generally continued on an upward march in May, with a net balance of 17% of surveyors reporting increases rather than decreases, down from a balance of 22% the previous month.

May’s house price reading is the weakest since August 2016, but it still indicates modest house price gains, Rics said.

Beneath the national trend however, house prices continued to slip in central London, while property price inflation in East Anglia had “moderated noticeably” since the start of 2017, with little change reported there over the last two months, the report found.

Across the rest of the UK, house prices are continuing to rise, it said, although surveyors’ expectations point to a potential weakness in the South East of England in the next few months ahead of “solid growth” there over the coming year.

Simon Rubinsohn, chief economist at Rics, said: “Although the latest survey suggests that uncertainty related to the General Election may have contributed to what appears to have been a disappointing level of transactions in the housing market over the spring, perhaps the most ominous signal emanating from the data released today is that contributors still expect house prices to increase at a faster pace than wages over the medium-term despite the difficulty many first-time buyers are clearly having in taking their first steps onto the property ladder.”

Joe Giddens/PA Wire

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Business leaders have voiced concern about the political uncertainty gripping the country and its impact on the economy.

The first poll of businesses since the General Election reveals a “dramatic drop” in confidence, said the Institute of Directors (IoD).

Company directors see no clear way to resolve the political situation quickly and believe another election this year would have a negative impact on the UK economy.

The 700 members of the IoD who took part in the survey said they were keen to see quick agreement with the European Union on transitional arrangements surrounding the UK’s withdrawal, and clarity on the status of EU workers in the UK.

The overall priority for the new Government must be reaching a new trade deal with the European Union, the directors said.

Stephen Martin, director general of the IoD, said: “It is hard to overstate what a dramatic impact the current political uncertainty is having on business leaders, and the consequences could – if not addressed immediately – be disastrous for the UK economy.

“The needs of business and discussion of the economy were largely absent from the campaign, but this crash in confidence shows how urgently that must change in the new Government.

“It was disheartening that the only reference the Prime Minister made to prosperity in her Downing Street statement was to emphasise the need to share it, rather than create it in the first place.

“With global headwinds and political uncertainty at the front of business leaders’ minds, it would be wise for this administration to re-emphasise its commitment to a pro-business environment here at home.”

Carolyn Fairbairn, director-general of the Confederation of British Industry (CBI), called on the Government to “change tack” in its approach to the Brexit talks and give business a place at the negotiating table.

Writing in the Financial Times, she said: “With negotiations almost upon us, British business does not believe that we are where we need to be.

“The likelihood of a good deal for the UK is further away with every exchange across the Channel.

“That cannot be allowed to continue.”

Ms Fairbairn said growth and jobs depended on the Government keeping Britain an attractive place to do business.

She warned that, the less likely a deal becomes, the more investors will take their money elsewhere.

“There is no question this is already beginning to bite: a gradual drip, drip, drip of lost investment and missed opportunity.

“For the sake of our economy and the prosperity of our regions, it is time change tack.”

PA Wire

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Access to the single market should be put firmly back on the agenda following the General Election result or work could be lost to other countries, a business group is urging.

The EEF, which represents 20,000 manufacturing firms, said that unless a more pro-business stance is taken in Brexit negotiations, companies could be forced to switch business plans away from the UK.

Almost one in four manufacturers were already reviewing their business strategy before last week’s election, said the EEF.

Chief executive Terry Scuoler said: “The new Government’s priorities must radically re-focus Brexit negotiations around trade and close co-operation ensuring a smooth exit from the EU.

“There are numerous ways of establishing a new relationship with the EU and, given we’ve just wasted a year, the Government needs to move away from its previous rhetoric and start repairing relations with EU partners.

“This means putting access to the single market and a form of customs union at the heart of a revised strategy.

“The UK can surely manage who is and who is not in the country by introducing a more effective and robust form of immigration control which maintains the rights of EU citizens and UK citizens across Europe.

“With less than two years to negotiate a meaningful deal, the Government should commit to a significant period of transition to manage uncertainty for businesses and bolster confidence.”

PA Wire

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