Small businesses owed over £40bn in late payments, as Labour leader Jeremy Corbyn slams larger firms for not playing fair April 11, 2017 More than half (52 per cent) of Britain’s smallest businesses are owed £44.6bn in late payments between them, research out today warns, just as Jeremy Corbyn has vowed to declare “war” on larger firms who make late payments to their suppliers. The survey by Zurich of more than 1,000 small-and-medium sized business owners discovered more [...]
Crossrail 2 boss Michèle Dix expects government decision to keep project on track next month April 10, 2017 The boss of Crossrail 2 is hoping to get the go-ahead to push on with the £30bn project by next month. Crossrail 2 managing director Michèle Dix said there is “very good cross-party support up and down the route”, and she was hoping the government will give Crossrail 2’s business case and funding plan the [...]
Labour Brexiteer John Mills’ £18,500 donation to Ukip is to be investigated by the Electoral Commission after a complaint from Labour MEP Seb Dance April 10, 2017 Ukip and millionaire Labour donor John Mills are facing an investigation by the Electoral Commission over an £18,500 cheque he made out to the eurosceptic party during the Brexit campaign. JML founder Mills, who ran Labour’s Leave campaign, which was backed by the likes of Vauxhall MP Kate Hoey, handed over the cash to Ukip [...]
FCA investigates Barclays boss Jes Staley: Here’s how four City analysts reacted April 10, 2017 Confusion reigned in the City this morning, after the Financial Conduct Authority (FCA) said it was investigating Barclays chief executive Jes Staley over his attempt to identify a whistleblower at the bank. It was reported that Staley may even lose a hefty chunk of his bonus as a result. Investors weren’t sure what to make [...]
Barclays share price dips as FCA probes chief executive Jes Staley over a whistleblower case while the lender cuts his annual bonus April 10, 2017 City watchdogs are set to probe Barclays’ chief executive Jes Staley after he attempted to identify a whistleblower at the bank. Barclays said it will issue a formal reprimand and will make a “very significant” adjustment to Staley’s bonus. The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) will probe Barclays’ boss after [...]
How will Trump, Brexit and populism influence fintech? What you need to know ahead of the Innovate Finance Global Summit April 10, 2017 With Article 50 triggered and the UK’s impending exit of the single market, a new US president, and a raft of European elections in 2017, the number one question I am asked is how Brexit, Trump and populism affect fintech. Here are my verdicts on these issues: BREXIT Brexit impacts UK fintech in three areas: [...]
What’s the biggest opportunity for UK fintech after Brexit? Here’s what those in the know say ahead of the Innovate Finance Global Summit April 10, 2017 Six experts give their opinion on what the biggest opportunity for UK fintech us after the vote to leave the EU. Mike Laven, CEO Currencycloud Continued international investment in UK businesses, such as ours, indicates faith that the UK continues to be the epicentre of fintech. Entrepreneurs are the masters of dealing with a changing [...]
Airbnb, Amazon, peer to peer lending and universities: There’s a simple reason why no sector is immune from radical change April 10, 2017 If you were to ask an economist why financial institutions or food retailers exist, I wonder if the answer would go beyond that which would be offered by a random person travelling on the Tube. Answers might include “to provide bank loans, insurance and savings products” and, in the case of food retailers, “to provide [...]
Labour leader Jeremy Corbyn’s plan for a £10 minimum wage by 2020 questioned by business groups April 10, 2017 Labour leader Jeremy Corbyn will today push for an hourly £10 minimum wage by 2020, launching the policy with a speech at Luton Football Club. Under current forecasts, the national living wage will reach £8.75 over the same period. “We know that where work pays, living standards rise and reliance on benefits falls,” Corbyn is [...]
Trouble in store: More pain on the way for UK retail April 10, 2017 A triple-blow of tax hikes, rising costs and a squeeze on consumer spending is threatening to wipe out thousands of British retailers, with a string of familiar high street names expected to fall into administration this year. Nearly 23,000 retailers were under significant financial stress at the end of the first quarter according to insolvency [...]