Currency markets aren’t prepared for a Donald Trump victory October 27, 2016 We are less than a fortnight away from the culmination of arguably the most divisive US presidential campaign in history and currency markets are currently preparing themselves for another political spasm. Needless to say, in the same way that sterling was used as a pressure point in the run up to the EU referendum and [...]
No kidding: Christine Lagarde, head of the IMF, warns that Brexit uncertainty is bad for the economy October 27, 2016 Christine Lagarde, head of the International Monetary Foundation, has warned that the uncertainty surrounding the UK's vote to leave the EU is bad for the economy. Speaking to Bloomberg this morning, she said businesses needed to know whether they would lose their access to passporting across the market when the UK leaves the bloc. The uncertainty [...]
Whiplash-gate: we’re all paying for the unscrupulous few, say motoring experts October 27, 2016 Car insurance premiums are spiralling out of control due to a "whiplash epidemic" according to data released by motoring organisation the AA. The average cost of annual car cover is now £82 higher than a year ago, a 17 per cent year-on-year increase. Alongside spurious whiplash claims, the AA said that recent increases in insurance premium [...]
Get ready for a more mature Autumn Statement – which might mean you get ignored October 27, 2016 All Autumn Statements are political, but some Autumn Statements are more political than others. Under George Osborne, we have become used to very political Budgets and Autumn Statements. The former chancellor consistently engaged the media with policy tweaks – from pensioner bonds to corporate tax cuts. The changes were generally small, but their appeal to [...]
Sadiq Khan is to blast the government for “shrugging off” the City’s Brexit fears October 27, 2016 London mayor Sadiq Khan will tomorrow hit out at the government's “blase” approach to Brexit for the City, and accuse Theresa May of “shrugging off” concerns on recruitment and passporting. Speaking at the City of London corporation dinner, Khan will say that Brexit represents the biggest impact on the City since the Big Bang, 30 [...]
Lord mayor Jeffrey Mountevans says the EU benefits from a strong City of London October 27, 2016 A strong City of London can also help safeguard the Europe's financial services markets, lord mayor Jeffrey Mountevans has argued. Speaking at the annual City banquet at the Mansion House last night, Mountevans said the EU would gain from the City being protected during Brexit talks. As part of a wide-ranging speech that also saw [...]
The Big Bang 30 years on: How the City of London has changed since 1986 October 26, 2016 Nothing stands still in the City. The world's financial services powerhouse has seen it all, from boom and bust to bouncebacks and Brexit. Its skyline has changed almost beyond recognition over the last three decades, as have the markets it serves. As we mark the 30th anniversary of the so-called Big Bang, we cannot help [...]
The chair of parliament’s new Brexit watchdog says it is “very likely” the UK will get a free trade deal with the EU October 26, 2016 The UK will “very likely” be able to secure a free trade deal with the EU according to the leader of parliament's new Brexit watchdog, although transition arrangements must also be struck. Speaking in public for the first time as the chair of the Brexit Select Commitee, Hilary Benn said a free trade deal for [...]
Restoring Britain’s reputation for liberal economic policy must be the priority in the coming Autumn Statement October 26, 2016 The forthcoming Autumn Statement brings to mind the old quote from Bill Clinton’s adviser James Carville about wanting to be reincarnated as the bond market – because then he could intimidate everyone. Philip Hammond, the new chancellor, should beware the so-called bond vigilantes. The chancellor is looking for innovative ways to shift the cost of [...]
Lost UK influence over EU financial services regulation could come back to bite the City October 26, 2016 Theresa May’s suggestion at the European Council meeting in Brussels last week that the UK would continue to play a role in EU institutions and their respective decision-making processes post-Brexit was met with thinly disguised incredulity by European leaders. Manfred Weber, leader of the European People’s Party in the European Parliament, commented after the meeting: [...]