Trussonomics will certainly challenge the dull orthodoxy of declinism September 21, 2022 Is Britain gripped by the orthodoxy of managed decline? It does appear so. Yesterday saw the Institute of Fiscal Studies, the respected economic wonk shop, bemoan Liz Truss’ tax cuts as piling on debt in a time of poor economic growth. Another, the Institute for Public Policy Research, has rubbished the idea that tax cuts [...]
Scrapping bankers’ bonus cap is only a signal, but it is a signal nonetheless September 21, 2022 AN UNPOPULAR politician is usually a short-lived phenomenon. It appears Liz Truss is hoping that by the time the impacts of her unpopular decisions will be felt, the benefits will be so obvious the electorate will forget their initial teeth-gnashing. She may well be right. Even this column would accept that removing the bankers’ bonus [...]
Liz Truss refuses to rule out scrapping the bankers’ bonus cap September 20, 2022 Liz Truss has today warned that not all her policies will be “popular” as she refuses to rule out scrapping the bankers’ bonus cap. The Prime Minister told journalists in New York that “what is important to me, what is important to the chancellor, is that people have more opportunities, there is more investment, there [...]
Exclusive: Banks cleaning up their act as City sees steep drop in bullying and sexual harassment September 20, 2022 Banks, insurers and other financial services firms have come under pressure from the City watchdog, the Financial Conduct Authority (FCA), in recent years to crack down on personal misconduct by individuals in regulated firms, and it seems these efforts are starting to pay off. City A.M. can reveal this morning that London’s financial services space [...]
TSB not for sale, chief of Spanish owner insists September 19, 2022 The chief of Spanish bank Banco Sabadell has dismissed speculation the firm is mulling ditching UK lender TSB. Cesar Gonzalez-Bueno, chief executive of Banco Sabadell, told reporters at an event today “there is no intention to sell” TSB. The push back comes after Edi Truell, a veteran City investor, is reportedly considering setting up an [...]
Rising fintech star explains why banks are rushing to jump on the lucrative BNPL bandwagon September 19, 2022 Virgin Money recently confirmed plans to enter Britain’s buy now, pay later (BNPL) market. The banking player is the latest player to start offering BNPL products, which generally can help people to spread the cost of purchases without adding to their overall cost. Earlier this year, another bank, NatWest, said that it planned to enter [...]
City exclusive: Brits leave Europeans trailing in digital banking September 18, 2022 Brits are significantly ahead of other Europeans in their embrace of digital forms of banking. New research, shared exclusively with City A.M. this morning, shows that people in the UK are nearly twice as likely as other Europeans to prefer applying for financial products and services online via website or app, including through online chat [...]
British savers handed September boost as rates climb to highest level in a decade September 17, 2022 A new market analysis shared with City A.M. this weekend shows that the average rates being offered on some savings accounts have reached their highest level in nearly a decade. At 0.84 per cent, the average easy access rate is at its highest since a rate of 0.87 per cent was recorded in December 2012. [...]
Weekend exclusive: Challenger banks stifled by excessive regulation, warns OakNorth chief September 17, 2022 UK challenger banks are being bogged down by a need to jump through the same regulatory hoops as their larger high street rivals, the chief of digital lender OakNorth said today.
London hedge fund trader hiding in Dubai told to pay staggering £1.1bn to Danish taxman September 16, 2022 A British hedge fund manager and financier was slapped with a tax bill of more than £1bn. The man, accused by Denmark of masterminding a massive tax fraud, has been ordered by a Dubai court to pay Copenhagen’s tax authority £1.1bn, court filings show. The order by the Dubai Court of Appeal against Sanjay Shah [...]