Bank of England set to hold rates on Super Thursday February 5, 2018 The Bank of England is set to hold interest rates at 0.5 per cent on Thursday, but rate rises are forecast for later in the year. The bank’s Monetary Policy Committee (MPC) will vote on the rate on so-called Super Thursday, when the bank will also release its quarterly inflation report and release the minutes [...]
What is the Vollged Initiative and does it spell the end of fractional reserve banking? February 5, 2018 | City Talk The 2008 financial crisis jolted many of us out of our comfort zones, leading to the argument for a complete overhaul of the monetary and banking system. This very concept has recently been petitioned in Switzerland. Switzerland, that scion of banking, may vote to end the bedrock philosophy underlying modern finance. More than 100,000 Swiss [...]
Ping pong king Adam Breeden plots stock exchange float in next five years February 5, 2018 Bounce founder Adam Breeden has said he wants to put his company on the London or New York Stock Exchange in the next five years. Breeden, who also co-founded darts bar Flight Club and is bringing a minigolf concept calledPuttshack to London this year, said that the rate at which the business was growing made [...]
Government will let homeowners add two storey extensions with planning reforms to ease housing crisis February 4, 2018 The government has said it will loosen planning rules in a bid to ease the housing crisis, with homeowners being given permission to build upwards. "The answer to building new homes isn’t always an empty plot, or developing on a derelict site," said housing secretary Sajid Javid. Read more: These are the UK's 20 least [...]
Editor’s Notes: The City has its Brexit optimists – are they complacent or correct? February 2, 2018 This week I attended a small dinner at which some of the most significant financial institutions in the City were represented. Over the course of the evening, and to my surprise, it became clear that all but one of the 12 guests was an enthusiastic Brexiteer. Many of them worked at companies whose public interventions [...]
Here’s how much Jeremy Corbyn earned last year February 2, 2018 Jeremy Corbyn and John McDonnell have published their tax returns once again, saying the public won't trust them unless they are open about their tax affairs. Corbyn's take-home pay, which includes his salary, his pay as leader and his pension, came to £136,762. He has no second job, and holds no stocks or shares, and [...]
House prices in UK cities are now less affordable than any time in the last 10 years February 2, 2018 Buying a house in UK cities has reached its least affordable in a decade, new research has shown, after the gap between house prices and average earnings widened further. The average worker in must now spend seven times their earnings to buy a house in a city, figures by Lloyds Bank showed, up from 6.9 [...]
TSB warns of 2018 profit dent from increasing Lloyds outsourcing fees February 2, 2018 Challenger bank TSB today warned that increasing fees to Lloyds for running their computer systems will dent 2018 profits. Statutory profits before tax fell by more than 10 per cent to £162.7m, from the £182m seen last year mainly because of increased outsourcing fees, TSB reported today in a full-year update. The bank, which spun [...]
It’s getting hot out there, and investors need to protect themselves February 2, 2018 | City Talk In a previous incarnation, I was a theoretical astrophysicist. In that role, I worked on a team that tried to parse how much of global warming could be attributed to the sun and how much to human causes. As someone who worked directly with climate change data, I can assure you: Climate change is real. [...]
Dragons’ Den star’s bust corporate finance firm owed almost £2m to employees and advisers, administrators’ report reveals February 1, 2018 The corporate finance firm of former Dragons' Den star Julie Meyer, which was put into administration at the end of last year, owes almost £2m to unpaid employees and advisers, City A.M. can reveal. Ariadne Capital, which was founded and owned by TV personality Julie Meyer, owes £530,692 to 14 current and former employees, according [...]