Five things CAs need to know this week
A look ahead to some of the things happening in business, accountancy and politics this week.
1. The government appeals Article 50 ruling
The government will appeal later today (5 December) against the ruling that the Prime Minister must seek the approval of MPs to trigger the process of taking Britain out of the European Union.
The High Court upheld a challenge to the rules surrounding the enacting of Article 50, which was brought forward by businesswoman Gina Miller.
The appeal will last for four days and be heard by all 11 Supreme Court judges. A decision is expected in the New Year.
2. Services PMI and ONS figures released
Purchasing Managers' Index (PMI) figures on the UK services sector are expected to show increased activity. However, the growth may be more sluggish than it was last winter.
Separate figures on manufacturing and construction from the Office for National Statistics (ONS) is expected to show growth in both sectors, although Brexit uncertainty may hamper the latter and it is unlikely to be at a higher rate than in spring.
3. The Prime Minister to visit the Gulf to discuss trade
Theresa May will head to Bahrain on Tuesday to meet with Gulf leaders to discuss security cooperation and to strengthen trade ties between the region and the UK.
Leaders from Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain and Oman will attend a dinner with the Prime Minister followed by bilateral meetings with each leader.
Theresa May could be hoping to raise the UK’s international trading profile in the wake of the Brexit vote.
The Prime Minister said: “There is so much we can do together - whether it is helping one another to prevent terrorist attacks, Gulf investment regenerating cities across the UK or British businesses helping Gulf countries to achieve their long-term vision of reform.”
4. Housing figures released
RICS and the Halifax house price index will both release figures this week on the shape of the UK housing market.
It is expected that the news from both will be similar. It is likely that house prices are on the rise by around 5.5% compared to a year ago.
The sharp jump in house prices is most likely down to a lack of supply is being offset by home buyers’ worries about a drop in affordability.
5. Results from GW Pharmaceuticals, Gattaca, UK Mortgages and RWS Holdings
- Monday: Interims due from Evgen Pharma, Plastics Capital, Purplebricks and ReNeuron. Finals due from GW Pharmaceuticals.
- Tuesday: Interims due from Consort Medical, Imagination Technologies, Gateley Hldgs and Real Good Food Company (The). Finals due from OMG, On The Beach Group and RWS Holdings.
- Wednesday: Interims due from Bioventix, Gattaca, UK Mortgages and Vietnam Enterprise Investments. Finals due from Redhall Group.
- Thursday: Interims due from Polar Capital Holdings. Finals due from CareTech Holdings, Alternative Networks, Private & Commercial Finance Group and Servoca.
- Friday: AGM/EGM for Petro Matada, Associated British Foods, Plant Impact and Volution Group. Interims due from Photo-Me International.