By far best-paid in Europe: CEOs in UK make 759 per cent more than their employees November 18, 2021 Chief executives in the UK are on average 759 per cent more than their employees, making the wage gap in Britain the biggest in all major economies. Business leaders in the UK also get paid more than anywhere else in the world, after the United States. On average, CEOs are paid £300,312, whereas the median [...]
Credit to them: TBC Bank revels in hefty net profits amid re-entry to the FTSE 250 November 18, 2021 Georgian TBC Bank has shown signs of recovery with hefty third-quarter net profits after returning to the FTSE 250.
Sterling at highest point against the Euro in 21 months November 17, 2021 The pound is at its highest rate against the euro for nearly two years after data revealed UK inflation is at its highest rate for a decade. Interest rates surged to 4.2 per cent in the year to October, more than double the central bank’s target of two percent and the highest level since December [...]
Barclays faces top investor backlash over Staley exit package November 17, 2021 Barclays is facing a backlash from top shareholders over former chief Jes Staley’s exit package. Investors have voiced their distaste privately at the £2.4m in pay given to Staley after he quit his role as chief executive of the British bank to contest the findings of a probe into whether he inaccurately described his relationship [...]
FCA pushes back on union recognition demands November 17, 2021 The Financial Conduct Authority (FCA) has pushed back on union demands to give official recognition to Unite the Union as the representative of staff at the watchdog. The new Unite general secretary Sharon Graham wrote to the regulator’s CEO Nikhil Rathi ten days ago, alleging that “staff at the Financial Conduct Authority are flooding to [...]
Millions more Brits in debt as debt pile owed to HMRC balloons to £42bn November 17, 2021 Around 2.4m more taxpayers are in debt to HM Revenue and Customs (HMRC) as tax debt is at more than double its pre-pandemic levels, according to a spending watchdog. In fact, tax debt ballooned by £26bn between January 2020 and September of this year. Staffing levels at HMRC are unlikely to be enough to manage [...]
Prince Andrew’s £1.5m loan reportedly paid off by conservative party donor November 16, 2021 One of the conservative party’s top donors reportedly transferred £1.5m to Prince Andrew days after he borrowed a similar amount from a Luxembourg bank. David Rowland sent the money to a London account at Banque Havilland SA in December 2017 which was held by Prince Andrew, Bloomberg News first reported. The wire transfer came from a company [...]
Voyager to launch crypto debit card powered by Mastercard November 16, 2021 A US-listed crypto platform has today announced plans to launch the first crypto-based debit card powered by Mastercard’s payments system. The Voyager debit card will let cardholders instantly spend their crypto assets by automatically converting USDC, a stablecoin pegged to the value of the dollar, to fiat currency in order to transact on the Mastercard [...]
City watchdog gives banks reprieve on LIBOR contracts November 16, 2021 The City watchdog will allow banks and other financial institutions to use a watered down version of a much-lamented interest rate benchmark for existing contracts. Banks will be able to apply the LIBOR benchmark on existing pound and yen denominated contracts which have not been restructured on to a new rate until the end of [...]
Post-Brexit payments space is ‘breeding ground for financial crime as Wild West culture’ looms, warns rising City star November 16, 2021 After the UK left the European Union, a range of payment providers reported so-called IBAN discrimination as a number of companies across Europe began to refuse Euro account bank details if they contained the country code ‘GB’. As a result of Brexit, sending a payment to Eurozone countries resulted in additional charges. Whilst the fee is [...]