PM: Brexit deal will allow the City to thrive like ‘never before’ December 24, 2020 Prime Minister Boris Johnson has said that the Brexit deal signed today will allow the City to thrive “like never before.” Asked about how much financial services figured in the deal, Johnson said there was “good language on equivalence.” He hinted that the European Union had pushed back on closer integration in the sector. “It [...]
Sterling hits $1.36 amid relief over Brexit deal December 24, 2020 Sterling extended gains on Thursday and hit $1.36 on the news that a Brexit deal has been agreed. Sterling had this morning been boosted by speculation, rising 0.47 per cent to $1.35, up 0.6% on the day and heading towards the 2-1/2 year high of $1.3625 hit last week. The pound edged up to 90.05 [...]
FTSE falls into the red as Brexit deal wait continues December 24, 2020 The FTSE 100 has fallen into the red as mid morning passes and the UK waits to hear if it has secured a deal with the European Union. At just past 11am London’s main market dropped 0.44 per cent after initially opening on the up. The market opened up 66 per cent this morning, following [...]
Banks amongst winners on FTSE as City waits for trade deal confirmation December 24, 2020 Lloyds Bank and Natwest are amongst those enjoying a Brexit deal boost on the FTSE 100 today. Lloyds is up more than 4 per cent on the last day of trading before Christmas. Natwest is also up. The deal is expected to be announced by Boris Johnson and Ursula von der Leyen within the next [...]
Up the chain: Boris and Ursula try to seal a deal before Christmas December 23, 2020 PM Boris Johnson and European Commission President Ursula von der Leyen are said to be in “close contact” in a last-ditch bid to secure a post-Brexit trade deal. Talks on the future relationship between the UK and the EU have now dragged on for four and a half years. Read more: One final push but [...]
Individuals rush to sell assets as capital gains tax bill rockets to £10.1bn December 23, 2020 The UK’s capital gains tax (CGT) bill has hit £10.1bn, up more than fourfold from £2.5bn a decade earlier, prompting people to sell their assets. Despite the increase of nearly £7.5bn in a decade, more CGT could be demanded from the taxpayer. The Office for Tax Simplification recently recommended the Chancellor increase CGT rates in [...]
BoE’s Chief Wonk: Inflation spike could undermine recovery December 23, 2020 The Bank of England’s Chief Economist Andy Haldane has said that a “laser focus” is needed on inflation amid unprecedented public debt and fiscal stimulus. Haldane fears that markets would only forgive a brief period in which inflation tops the Bank’s 2 per cent target, with any entrenchment seeing yields rise and increasing the cost [...]
Trump brands stimulus deal a disgrace as months of work hang in balance December 23, 2020 US President Donald Trump threw a sizable spanner into the works of a $900bn stimulus deal last night, branding it a disgrace and threatening to veto the whole accord. Amongst the outgoing President’s complaints were that the stimulus bill was part of a package to keep Government funded until Septemver, including arts institutions and the [...]
Brexit: Barnier says progress made but fisheries still holding up deal December 22, 2020 Michel Barnier has told EU Ambassadors that progress has been made towards a Brexit deal, according to multiple reports. However, fisheries remains the key stumbling block and as a result there is now doubt that a deal will be ready in time for the December 31 deadline. Barnier is reported to have said that his [...]
UK Q3 growth revised upwards to 16 per cent but recovery stalls in October December 22, 2020 The UK grew only 0.4 per cent in October as the reintroduction of restrictions across the country took their toll on the economic recovery. In the same release, the Office for National Statistics revised their estimate of GDP growth in Q3, however, to 16 per cent. Read more: UK borrowing hits third highest monthly level [...]