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Wednesday newspaper round-up: Manchester City, Selfridges, 'British Isa'

Wed 15 Nov 2023 07:11

(Sharecast News) - Manchester City have announced record-breaking revenue for the 2022-23 financial year. The club confirmed income of £712.8m, outstripping the Premier League record £648.4m reported by Manchester United last month. City's figure is up from £613m and the club almost doubled its profit to £80.4m, from £41.7m, despite a large increase in wages. The 2022-23 season was highly successful for City, who won a Premier League, Champions League and FA Cup treble, boosting finances through commercial and broadcast revenue. - Guardian The UK's business and trade secretary has signed a deal to increase trade with Florida, the British government's latest pact with a single American state as it awaits a broader, post-Brexit US free trade agreement. The memorandum of understanding, signed on Tuesday by Kemi Badenoch and the Florida governor, Ron DeSantis, is the seventh deal between the UK and individual US states. - Guardian

A Thai retailer has seized control of Selfridges after a key shareholder in the luxury department store was hit by a cash crunch. Central Group said it has become Selfridges' largest shareholder after converting a €364m (£317m) loan provided to the department store into equity. - Telegraph

Over-65s refusing to downsize are stopping young families getting on the property ladder, says Zoopla. Older homeowners who are staying in homes that are larger than they need are driving a national shortage of three-bedroom homes, according to the property website. - Telegraph

Jeremy Hunt should create a "British Isa" in next week's autumn statement to end a "downward spiral of investment and lower valuations" on London's markets, business leaders have said. In a letter to The Times, a group of investors, brokers, City grandees and chief executives call on the chancellor to launch a dedicated incentive for backers of UK-listed companies that would put the £70 billion invested each year into the tax-efficient savings accounts "to work on behalf of the UK". - The Times

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