Jeremy Hunt warns no deal likelihood increasing by the day – and issues veiled threat of deregulation July 31, 2018 The likelihood of the UK crashing out of the European Union without a deal is “increasing by the day”, foreign secretary Jeremy Hunt has warned. He also issued a veiled threat that the government could loosen regulation for financial services to ensure the City continued to "thrive". The former health secretary, who was parachuted into [...]
UK government tells Brussels it can control financial services market access after Brexit July 31, 2018 The UK government appears to have backed down over its position regarding the post-Brexit model for the City, just weeks after it dropped its demand for mutual recognition. The UK government's Brexit white paper had laid out its call for an "expanded equivalence" model after leaving the EU, describing it as a “reciprocal recognition of [...]
Number 10 rubbishes reports that army is on Brexit standby July 30, 2018 Number 10 has rubbished reports that the army has been put on standby in case the UK crashes out of the European Union without a deal. The Sunday Times this weekend claimed the military were ready to be deployed in the event of a no deal Brexit, with helicopters and army trucks prepared to transport [...]
Carney says Brexit planning takes up 50 per cent of his time July 30, 2018 Bank of England (BoE) governor Mark Carney said that Brexit takes up “50 per cent of my time now” according to an interview published today. Carney made clear that while Brexit planning means now less time for other things, the Bank has a responsibility to “manage through the downside if there is a disorderly outcome”, [...]
Shadow chancellor John McDonnell warns City: ‘People want change… get used to it’ July 30, 2018 It’s fair to say that John McDonnell does not see the world in quite the same light as most City workers. During the first Budget after he became shadow chancellor, McDonnell quoted from Chairman Mao’s Little Red Book, before flinging it at his then-counterpart George Osborne. Years earlier, he was caught on camera saying he [...]
Exclusive: The government is working on a social care insurance scheme following last year’s ‘dementia tax’ row July 25, 2018 The government is working on a new plan to address the escalating cost of social care, as it tries to shrug off the spectre of its proposed “dementia tax” – a policy that provoked a furore during the Conservatives’ disastrous 2017 General Election campaign. City A.M. understands that a set of proposals are being readied [...]
Brexit secretary Dominic Raab admits food will need to be stockpiled – but stresses there will be “adequate” supply July 24, 2018 Brexit secretary Dominic Raab has admitted food will have to be stockpiled in the event of a hard Brexit – but insisted there will be "adequate food supply". During a terse grilling by the Brexit Select Committee, Raab stressed he would not "drip feed out" information, pointing to the "series of technical notices" that are [...]
Prime Minister Theresa May confirms she, not Dominic Raab, is leading Brexit negotiations July 24, 2018 Theresa May has confirmed that Brexit secretary Dominic Raab will not be in charge of the talks in Brussels, issuing a statement saying she is taking the lead from now on. The Prime Minister's written statement, issued just a couple of hours before summer recess began, and under the vague headline of "a machinery of [...]
Insurance giant Aviva sells Friends Provident for £340m to International Financial Group subsidiary July 19, 2018 Insurance giant Aviva will sell its loss-making Friends Provident arm to International Financial Group for £340m, the firm announced this morning. The sale follows a strategic review of Friends Provident International Limited (FPIL), which made a post-tax loss of £2m last year and remitted no cash back to the parent company, Aviva said. The sale [...]
EU publishes its no Brexit deal guidelines July 19, 2018 The European Commission has published its guidance over what countries, businesses and individuals should do to prepare for a no deal ahead of Brexit day next March. As revealed by City A.M. yesterday, the Commission is calling on all parties to step up preparations on the back of what was agreed at the European Council [...]