Charlotte Hogg resigns as Bank of England deputy governor after conflict of interest row March 14, 2017 Charlotte Hogg has resigned from her position as deputy governor of the Bank of England after a report by MPs said her competence "falls short of the very high standards required to fulfil the… responsibilities" of deputy governor of the Bank of England. In a statement today the Bank of England said it had accepted her resignation, [...]
Australian investment bank Macquarie sells last of its stake in Thames Water to Canadian and Kuwaiti funds March 14, 2017 Australian investment bank Macquarie has sold its stake in Thames Water to a Canadian pension fund and a Kuwaiti infrastructure investor. Macquarie Infrastructure and Real Assets (MIRA) today announced the sale of its 26.3 per cent interest in Kemble Water Holdings, the holding company of Thames Water. The buyers are Borealis Infrastructure, part of Canada’s OMERS pension fund, and Wren [...]
Asda, Morrisons, Sainsbury’s and Tesco are cutting petrol and diesel prices across the UK by up to 2p March 14, 2017 Asda and Morrisons announced yesterday that they are cutting fuel prices by up to 2p a litre across the country, and now Tesco and Sainsbury's are following suit. This will bring unleaded fuel to a new national price cap of 114.7p per litre at Asda's 301 filling stations, while diesel will cost consumers 116.7p per litre. “Over half our forecourts have already reduced the price of [...]
Scotland will quit the EU regardless of referendum, cabinet minister warns March 14, 2017 Scottish first minister Nicola Sturgeon's plan to hold an independence referendum will not stop Scotland leaving the European Union, a cabinet minister has warned. Sturgeon revealed yesterday that she would seek a vote between Autumn 2018 and Spring 2019, likely before the UK formally exits the EU. However, Scotland secretary David Mundell has today said that any vote would [...]
Ditching First Class and extending high-speed services: Transport secretary Chris Grayling unveils plans to improve Southeastern March 14, 2017 First Class could be ditched and high-speed services extended in new plans unveiled by the government to improve London's commuter trains. The Department for Transport has proposed substantial changes in its proposals for the next Southeastern franchise, currently one of the nation's worst performing rail services. Read more: Auto delay repay? No way, says the company [...]
London mayor Sadiq Khan says hard Brexit won’t benefit Europe as banks would move to New York, Hong Kong and Singapore March 14, 2017 Sadiq Khan has warned his European counterparts that a hard Brexit wouldn't be beneficial to them, as banks would move to New York and Hong Kong, rather than Paris and Frankfurt. "The point I make to my colleagues across Europe is don't assume so-called 'hard Brexit' benefits you," he said, giving evidence to parliament's Brexit select committee on the UK's negotiating [...]
Charlotte Hogg resignation: The Treasury will look for two people to replace her March 14, 2017 The Treasury will split Charlotte Hogg's role in two when it seeks to replace her, City A.M. understands. Hogg, who had just taken on the job of the Bank of England's deputy governor on top of her role as its chief operating officer, resigned today after it emerged she had failed to disclose her brother's job [...]
Gin is in, dumb phones are out: Meet the new ONS basket of goods for measuring inflation March 14, 2017 Poor old Nokia… no sooner has it made a comeback with the surprisingly popular 3310 than bean counters decide such "dumb phones" should be ditched from the shopping basket used to measure how prices are rising in the UK. The Office for National Statistics has revealed its annual update to its basket of goods for measuring inflation, which can be [...]
Prudential share price jumps on news of record operating profit driven by Asian growth March 14, 2017 Prudential shares rose over two per cent in early trading after the FTSE 100 insurer posted record annual operating profits, driven by a seventh year of double-digit growth in Asia. The figures Operating profit on longer-term investments rose by seven per cent to £4.3bn with underlying free surplus generated increasing 18 per cent to £3.6bn. [...]
Charlotte Hogg’s resignation letter to the Bank of England in full March 14, 2017 Charlotte Hogg has resigned from the Bank of England after the Treasury select committee said her failure to inform the Bank about her brother's job meant she was not competent to be deputy governor. Here's her resignation letter to Bank governor Mark Carney and chair of the Bank's supervisory Court in full: Dear Mark [...]