Treasury rebuffs calls from City banks for help chasing bad debts from Covid loans November 20, 2020 Treasury rebuffs calls from City banks for help chasing bad debts from Covid loans
Starling becomes first challenger to make a profit November 20, 2020 Starling has become the first of the challenger banks to break even as its rivals record mounting losses, with plans to expand across Europe. Positioned as challengers, digital banks Monzo, Starling and Revolut have faced criticism from investors and the Bank of England for failing to deliver profit. But in a trading update today, Starling [...]
Nationwide profits resilient despite coronavirus hit November 20, 2020 Building society Nationwide reported a resilient performance in the first half year with profits stable, despite a £139m impairment charge. The lender reported a 17 per cent rise in pretax profit from £309m to £361m, despite a £139m provision for loans that may not be repaid due to the pandemic. Net lending for the six [...]
MPs launch inquiry with eye to bolstering City after Brexit November 20, 2020 MPs have launched a major new inquiry aimed at strengthening the role of the City of London as a global financial hub after Britain leaves the EU’s trading arrangements in January. The Treasury Committee of MPs said it will dig into how financial services regulations should be set and scrutinised by lawmakers, and how regulators [...]
Brexit: ECB demands UK banks to move City staff to Europe despite Covid November 18, 2020 The European Central Bank (ECB) has said in no uncertain terms that it expects UK-based lenders to move staff and assets to the Eurozone if they want to keep serving the bloc’s clients after the Brexit transition period. The Bank, which regulates the Eurozone financial system, told banks they could not use coronavirus as an [...]
Standing up for the recovery: an interview with Lloyds Banking Group’s London ambassador November 18, 2020 | Sponsored Ed Thurman has a different perspective – literally – from most people on banking and how the country can recover from the pandemic. Firstly, he holds two very different senior positions at Lloyds Banking Group: managing director for global transaction banking and ‘ambassador for London’. Secondly, he is 6ft7in tall and has spent most of [...]
BoE’s Andy Haldane: Digital currencies could cut risk and boost lending November 18, 2020 Digital currencies could reduce risk in the financial system and aid monetary policy with interest rates close to rock bottom, Bank of England chief economist Andy Haldane has said. Haldane also told The City UK’s annual conference that new technological infrastructure should be considered to help small and medium-sized businesses better access finance after years [...]
Labour’s Anneliese Dodds extends public olive branch to City of London November 17, 2020 Shadow chancellor Anneliese Dodds has today made overtures to the City of London, telling a virtual conference that Labour wants to work with the financial services sector and prevent it from “turning inwards…[and] eschewing responsibility”. Dodds, speaking at a virtual conference for the TheCityUK advocacy group, said Labour understood the value the sector has to [...]
BoE governor Andrew Bailey: Vaccine ‘a big step forward’ for UK economy November 17, 2020 Bank of England governor Andrew Bailey has called the development of seemingly effective coronavirus vaccines “a big step forward” for the economy that could help lower uncertainty and get firms investing again. Speaking at lobby group The City UK’s conference, Bailey said both coronavirus and Brexit had “increased uncertainty” and “restrained investment”. He also said [...]
Relax, the EU needs a last-minute equivalence deal with the City too November 17, 2020 How do things look when it comes to financial services post-Brexit? At first glance, not good. Despite chancellor Rishi Sunak stating that the UK would grant the EU access to its markets, Brussels is claiming it will only allow the City access to European markets if it is “in the EU’s interests”. With less than [...]