Government taps former Citigroup boss to lure overseas investors June 6, 2018 Citigroup banker Mark Slaughter has been appointed by the government to spearhead efforts to attract more investment into the UK. The Department for International Trade (DIT) has brought Slaughter on as director general for investment. He is currently Citigroup's global corporate and investment banking vice chairman and will join the department next week, charged with [...]
Brexit white paper delayed until after European Council summit June 5, 2018 A government white paper expected to set out "ambitious and precise" details of the UK's position on Brexit is not expected to be published ahead of the European Council summit this month. The document – which is seen as critical by business groups trying to get a handle on the UK's negotiating position, as well [...]
Brexit latest: No deal as expensive as max fac to business, claims HMRC boss Jon Thompson June 5, 2018 A Brexit no deal would cost businesses around £20bn a year, HMRC boss Jon Thompson has claimed, as he doubled down on the estimates that max fac would do likewise. Speaking to the Treasury Select Committee this morning, Thompson told MPs he was confident in his statements from a fortnight ago that suggested the max [...]
Culture minister Matt Hancock confirms Sky-Fox deal can proceed as long as Sky News is divested June 5, 2018 Culture secretary Matt Hancock has confirmed that the Sky-Fox merger can go ahead, as long as Sky News is divested to Disney or another firm. If an "acceptable form of remedy" can be found, the minister said he would wave it through. Hancock said he agreed with the Competition and Markets Authority (CMA) that there [...]
Government slammed for “shameful” one day debate on key Brexit bill June 4, 2018 The government has been slammed for scheduling less than a day to debate and vote on all the amendments to the EU Withdrawal Bill. A leaked letter from chief whip Julian Smith revealed that the bill will return to the Commons for a series of crunch votes on 12 June. The legislation suffered 15 defeats [...]
Doubts grow over the UK’s preferred post-Brexit model for financial services June 4, 2018 The government's preferred post-Brexit trading model for the City remains uncertain amid growing concerns that Brussels is not prepared to compromise. Mutual recognition, the post-Brexit system heavily promoted by the financial services sector as well as Whitehall, has failed to win the support of EU chief negotiator Michel Barnier. One Square Mile source familiar with [...]
Exclusive: Doubts grow over UK’s preferred post-Brexit model for City June 3, 2018 Uncertainty is growing over the City's preferred post-Brexit trading model for financial services, amid growing concerns that Brussels is not prepared to compromise. Mutual recognition, the post-Brexit system heavily promoted by the financial services sector as well as Whitehall, has failed to win the support of EU chief negotiator Michel Barnier. One Square Mile source familiar with [...]
Exclusive: Cabinet ministers poised to back max fac customs option as Irish border solution breaks Brexit deadlock June 1, 2018 Ministers charged with determining the UK’s position on post-Brexit customs are poised to argue for a modified version of the “max fac” option, after making a breakthrough on the Irish border issue, City A.M. understands. For nearly a month, Cabinet ministers have been analysing the two options – the new customs partnership, or NCP, initially [...]
Exclusive: Cabinet ministers poised to back max fac customs option as Irish border solution breaks Brexit deadlock May 31, 2018 Ministers charged with determining the UK’s position on post-Brexit customs are poised to argue for a modified version of the “max fac” option, after making a breakthrough on the Irish border issue, City A.M. understands. For nearly a month, Cabinet ministers have been analysing the two options – the new customs partnership, or NCP, initially [...]
Donald Tusk slaps down EU commissioner after Italy comments May 29, 2018 European Council President Donald Tusk has slapped down one of the bloc's commissioners for suggesting that Italian voters may be pressured into changing their minds by market movements. Markets across Europe were in flux today, with the so-called fear index the Vix up 17 per cent on the back of political uncertainty unfolding in Italy [...]