11 September

@lyle_h_hill

11 September

Good morning,

Hurricane Irma has continued its path up the west coast of Florida after making landfall yesterday. The hurricane was expected to cause more damage to the state than Hurricane Andrew in 1992, which left more than 250,000 homes without power. In the state of Florida alone, over two million people have been ordered to evacuate.

As Irma has moved up the Florida peninsula overnight it has lost some of its initial strength and has been downgraded to a category three storm. Sustained winds are close to 85mph, significantly down from over 100mph when it made landfall.

Irma has so far claimed the lives of 31 people, with three storm related deaths announced in the US at the time of writing. That number will hopefully not rise drastically, as people were able to find safety for some time before the storm made landfall.

In Florida, storms are a part of life, with many people choosing to ride them out with “hurricane parties”. However, the magnitude of this storm and the damage it has caused to Caribbean neighbours, thankfully persuaded many to abandon their properties and evacuate to the north.

 News

A leading health expert, Sir Michael Marmot, has branded Britain the “sick man of Europe”.  Life expectancy has surged in other parts of the continent while stalling in Britain. Marmot is calling for an investigation into the crisis, which he deems to be fundamentally more important than arguments over bed shortages or car parking charges in hospitals.

Apple has suffered a major leak ahead of the launch event the company was due to hold on Tuesday. Details of the new iPhone models have been revealed as two news sites were given a version of Apple’s new iOS operating system. The leak refers to two new iPhone 8 handsets and an IPhone X.

David Davis has warned colleagues that those who vote against the government’s EU repeal bill will be voting for a “chaotic” Brexit. Currently, Labour has said it will vote against the legislation tonight unless there are material changes to the bill and a handful of Davis’ Conservative colleges have said the same. However, Davis has hit back ahead of the vote, saying people did not "vote for confusion" in the referendum.

Business and Economy

Consumer spending is set to have its weakest year since 2013. It is believed the lack of growth in spending is due to inflation and real wages stalling. Spending on transport and communications fell again last month, as consumers hold back on large purchases such as cars. Consumer spending growth sits at an average of 0.2% per month, according to Visa’s spending index.

Goldman Sachs is considering expanding its retail banking business into the UK. The bank already offers retail banking services to customers in the United States, but is aiming to launch the services in the UK by the middle of next year. The bank is looking to diversify and widen its search for deposits in a bid to offer customers high interest online savings accounts.

New figures from the government have found that energy produced from offshore wind will be cheaper than nuclear power for the first time in the UK. The figures have been seen as a milestone for the advance of renewable energy and will come as a shock to nuclear firms, who have maintained that the UK needs a mix of low-carbon energy when wind power is not possible. In the government findings, two firms said they would build offshore wind farms for a subsidy of £57.50 per megawatt hour compared to nuclear plants at a subsidy of £92.50 per megawatt hour for 2022-23.

Markets

Finals

Abcam, K3 Capital Group, 1pm, Seeing Machines Ltd

AGMs

Bailey (C.H), Empyrean Energy, Real Estate Credit Investments

Interims

Be Heard Group, Crossrider, Deltex Medical Group, EKF Diagnostics Holdings, John Laing Infrastructure Fund Ltd, Pennant International Group, Restore, XLMedia

Interims

Be Heard Group, Crossrider, Deltex Medical Group, EKF Diagnostics Holdings, John Laing Infrastructure Fund Ltd, Pennant International Group, Restore, XLMedia

 Columns of note

Justin Webb, writing in The Times, argues that Trump has now given up pretending he is a Republican. Webbs suggests that the president is now finished playing the two party system, and will now concentrate on securing power for those loyal to him.

 Writing in the Financial Times, Rana Foroohar argues that Facebook's policy of "self-policing" needs an update. She believes that the industry is heading towards more regulatory controls, something that would have been inconceivable to social networks only a few years ago.

Did you know?

The basenji is the only breed of dog that can't bark, but instead they can yodel. 

Parliamentary Highlights

TODAY

House of Commons

Oral questions

Education (including Topical Questions)

Legislation

European Union (Withdrawal) Bill - 2nd reading (day 2) - Mr David Davis

House of Lords

Oral questions

Reducing the 6.1 per cent rate of interest to be charged on student loan debt from September 2017 - Lord Hunt of Kings Heath

Impact of Brexit on opportunities for young UK citizens to travel, work and study within Europe - The Earl of Clancarty

Assisting small businesses in accessing finance by tackling the issue of late payment of commercial debt - Lord Harrison

Scottish Parliament

No business scheduled.

TOMORROW

House of Commons

Oral questions

Business, Energy and Industrial Strategy (including Topical Questions)

Legislation

Finance Bill - 2nd reading - Mel Stride

House of Lords

Oral questions

Ensuring that victims of domestic violence have access to safe and secure accommodation in both the short- and long-term - Baroness Donaghy

Ensuring mental and physical health conditions in the health insurance market are treated equally - Lord Blunkett

Progress the Government has made with their 'Review of Gaming Machines and Social Responsibility Measures' - Lord Clement-Jones

Debate

Position papers and future partnership papers published by the Government on the UK's future relationship with the EU - Baroness Anelay of St Johns 

Scottish Parliament

Ministerial Statement

European Union Withdrawal Bill

Common Agricultural Policy, A Plan to Stabilise Future Payments

Response to the Report of the Barclay Review of Non-Domestic Rates