Andrew Bailey worked for the Bank of England for 30 years before becoming a finanical regulator. (Credit: AFP/Oli Scarff)
New Bank of England Governor
Andrew Bailey, a financial regulator and former deputy governor of the Bank of England, will become the Bank's new governor, replacing Mark Carney. He will take on the role on 16 March.
Carney had extended his position as governor twice because of Brexit, serving six years in total. Bailey will now be tasked with conducting the UK's monetary policy when the country is set to leave the European Union on 31 January.
Sajid Javid, the country's finance minister, said: "Without question, [Bailey] is the right person to lead the bank as we forge a new future outside the EU.”
UK car industry slumps over Brexit concerns
The UK's car industry output fell by 16.5 percent last month compared with last year, prompting industry bodies to call for prime minister Boris Johnson to negotiate a tariff-free trade deal with the European Union. This fall in car production follows wider industry trends.
In the first 11 months of 2019, car production in the UK was down 14.5 percent compared with the same period in 2018.
The call for a tariff-free trade deal comes as the UK is set to leave the bloc at the end of January, giving the country less than a year to negotiate a new trade deal. Some analysts have doubted if this would give the country enough time for the negotiations.
Mike Hawes, the Chief Executive of the Society of Motor Manufacturers and Traders Ltd, said: "UK car production is export-led, so we look forward to working with the new government to deliver an ambitious trade deal with the EU. That deal needs to be tariff-free and avoid barriers to trade, which, for automotive, means that our standards must be aligned.”
Royal Dutch Shell's logo is a feature on roads across the world (Credit: AP/Kirsty Wigglesworth)
Shell expects fall in oil sales
Royal Dutch Shell expects to sell fewer barrels of oil a day in the fourth quarter as the company warns that trade tensions between China and the US could cause a fall in demand for oil. Shell said the slide would be from 7 million to 6.5 million barrels a day sold.
The company has also said that in the fourth quarter oil impairment charges could be as high as $2.3 billion. They added that an increase in taxes could hit the company's earnings by up to $100 million.
Heathrow expansion delayed
The expected opening date for a third runway at London's Heathrow Airport has been put back a year to 2029.
Britain's Civil Aviation Authority said this delay was necessary to limit the amount spent by the airport owners on early construction, from $3.1 billion to $2 billion. The Civil Aviation Authority claimed that the large bill would have been paid by passengers using the airport if the expansion was not pushed back from the previous expected completion date.
Once completed, this would be the first full-length runway constructed in the London area in the past 70 years. Local residents and climate change activists have opposed the expansion. Prime Minister Boris Johnson once said - in the days when he was Mayor of London - he would lie down in front of bulldozers to stop it being built.