Fintechs have a solution post-Brexit – now we must embrace the uncertainty March 16, 2017 With Article 50 set to be triggered imminently, the process of Britain leaving the EU is finally about to begin, with all that entails. Theresa May has set out plans for a Brexit that looks on the harder side of “hard”, worrying bankers and entrepreneurs alike. While fintech firms don’t welcome the prospect of regulatory [...]
The idea that London will be replaced as Europe’s financial centre is completely potty March 16, 2017 It's now almost nine months since the referendum, and Article 50 is about to be invoked. Readers of this column will be familiar with my arguments as to why a unilateral free trade Brexit is the optimal exit strategy, because of the gain to consumers in the short term and to consumers and producers in the [...]
A trio of challenger energy firms have come out in favour of a new price cap March 16, 2017 A trio of challengers to the Big Six energy firms have come out in favour of new pricing restrictions as parliament debates market reform. The House of Commons will spend six hours debating the energy market today, with a former Tory minister leading the calls for an intervention. Ex-cabinet office minister John Penrose is calling on [...]
The UK’s former EU commissioner says businesses should be able to contribute more to Brexit plans March 16, 2017 The UK’s former European Commissioner has called on employers to do more to support the development of Brexit plans ahead of the formal launch of negotiations. Lord Hill, who resigned after the referendum, is hosting a London conference for firms next month alongside Sir Paul Marshall, chairman of City hedge fund Marshall Wace. Speaking to City [...]
MPs are demanding an investigation of trading patterns around ONS data March 16, 2017 MPs are demanding the City watchdog probes suspicious market movements around the release of official government statistics. Reports this week have highlighted unusual fluctuations in both foreign exchange and bond markets around the release of economic data, such as that relating to retail sales. One analysis found eight occasions over the last year in which the [...]
Conservative election spending is under investigation by prosecutors March 15, 2017 Files from 12 police forces relating to allegations of electoral fraud have been handed to the Crown Prosecution Service. Prosecutors are investigating claims that more than 20 Conservative MPs broke stringent spending limits during the 2015 general election. If charged, they could be challenged by their political opponents to a rerun. Read more: By-election results: [...]
Donald Trump’s second travel ban has been blocked nationwide March 15, 2017 A federal judge in Hawaii has blocked Donald Trump's second travel ban nationwide with a temporary restraining order. The last-minute order put an emergency hold on the US President's ban, which was meant to take effect tomorrow. Trump's revised executive order removed Iraq from the list of countries barred from entering the US, among other changes. The new measures were designed [...]
Was Philip Hammond right to U-turn on his national insurance hike for the self-employed? March 15, 2017 Julian Jessop, chief economist at the Institute of Economic Affairs, says Yes. It is increasingly hard to justify why the self-employed should pay much lower national insurance contributions (NICs) than those who work for others. Nonetheless, this distortion should have been tackled as part of a fundamental rethink of the tax and benefit system, rather [...]
International trade secretary Liam Fox: The cabinet is still divided over migration figures March 15, 2017 International trade secretary Liam Fox has revealed the continuing divides at the heart of Prime Minister Theresa May's cabinet over migration numbers. Foreign secretary Boris Johnson has previously rejected government policy on migration statistics, arguing student numbers should be excluded. But Downing Street has rejected any change to the way the numbers are compiled. Today, Fox [...]
How nine City experts reacted to Philip Hammond’s NIC u-turn March 15, 2017 It's official: Philip Hammond has bowed to criticism and scrapped his controversial plans to hike National Insurance Contributions for the self-employed. Reactions from have varied, from confusion to outright glee. Here's how nine of the City's most important organisations reacted. Read more: Hammond's U-turn on National Insurance hike plans – read his letter in full [...]