Wonga, Dyson electric car, Energy drinks, London house prices: your commercial news round-up
updated on 30 August 2018
As summer draws to an end, that ‘back to school’ feeling is certainly lingering. Why not top up your commercial awareness before returning to university next month? This week’s commercial news round-up covers a variety of business news stories you should know about:
- Payday lender Wonga is reportedly on the brink of collapse after a recent surge of claims for compensation from people who took out loans at its soaring interest rates. Changes introduced by the Financial Conduct Authority in 2014 have spelt the end of the payday loan business model, which is likely to be a good thing – reducing unaffordable consumer debt and preventing cases where minor debt problems spiral into tragedy, like in the case of Kane Sparham-Price.
- Vacuum giant Dyson has revealed that it is building and testing a new ‘radical’ electric car that will be on the market in 2021. The company has moved its automotive team to a disused airfield at Hullavington, complete with a £200 million investment boost and plans for over 10 miles of test tracks. The new vehicle is expected to compete with Elon Musk’s electric car brand, Tesla.
- The sale of Red Bull, Monster Energy and other caffeinated energy drinks to children will be banned by the government in England, Downing Street has announced. The high level of caffeine and sugar in these drinks are to blame, with a host of health problems being linked to their consumption.
- Good news if you fancy buying a house in London, not so good news if you already own one: an expert poll has predicted a one-in-three chance of a London house price crash this year or next, if Britain leaves the EU without a deal. International buyers are being put off the London property market, with prices expected to fall by 1.6% this year and 0.1% next year.
- And in the latest on big businesses running from British soil faster than you can say ‘Brexit’, Panasonic will move their European headquarters from the UK to Amsterdam in October, due to potential tax complications that could arise after Britain leaves the EU.
Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.
