FCA must act to cap monthly charges on unauthorised bank overdrafts says Labour MP May 23, 2016 Labour MP and Treasury committee member Rachel Reeves has called on the FCA to go beyond the recommendations of the Competion and Markets Authority and install a cap on banks' unauthorised overdraft charges. The CMA last week proposed that banks should be forced to set their own cap on the amounts that they can charge customers [...]
Vote Leave unveils 30-strong expert group to dismiss Brexit fears May 23, 2016 Brexit campaign group Vote Leave has unveiled a group of 30 business leaders, economists and senior politicians to dismiss figures from the Treasury today, which suggest that the UK could see up to 800,000 job losses if it votes for Brexit. In a joint statement, the group argue that a far greater risk is presented [...]
Investors unimpressed by Obama and back Brexit despite stock market fears May 23, 2016 UK personal investors have been unimpressed by politicians in the run-up to the EU referendum and a majority say they will vote for a Brexit, new research has found. The 56 per cent backing for Leave – compared with a 39 per cent vote for Remain – comes despite a majority feeling that a Brexit would [...]
Brexit could cut sterling by 15 per cent and cost 800k jobs, says Treasury May 23, 2016 A vote to leave the European Union could see the UK's economy hit by a recession, a spike in inflation and a rise in unemployment, according to government figures. While business secretary Sajid Javid earlier warned that 500,000 jobs would be at risk, Treasury figures now estimate that in a "severe shock" scenario, unemployment would rise by around [...]
Why it’s time to start taking Donald Trump seriously May 23, 2016 Despite his stunning victory in the Republican primaries, a new conventional wisdom has already settled around Donald Trump’s chances of winning the White House. He can’t do it, we’re told, because he’s an offensive show-off who has alienated women, the well-educated, and non-white voters. While not an inaccurate description, as so often, the conventional wisdom [...]
EU referendum: Why the smallest firms must make EU politics their business May 23, 2016 It’s exactly a month to the day to the EU referendum. It’s also the moment Britain’s army of small businesses have been dreading. For them there’s more than just the most desirable shape of a banana, open borders, the Greek question or Brussels bureaucracy at stake, it’s making a decision about the future of their [...]
EU referendum: Former 10 Downing Street adviser and close ally of Prime Minister David Cameron Steve Hilton backs Brexit May 23, 2016 Steve Hilton, a former No 10 adviser and a close ally of the Prime Minister, says the UK must vote to leave the EU. Hilton blasted the EU as "anti-market, stifling innovation and competition with its statism, corporatism and bureaucracy", in a Daily Mail article. "These are issues that a reformed EU might address," he [...]
Brexit would trigger a recession, says Osborne May 23, 2016 Brexit would launch the UK’s economy into a year-long “DIY recession”, according to new research from the Treasury, with GDP possibly dropping by as much as six per cent. The controversial research published today warns that a vote to leave would represent “an immediate and profound” shock for the economy. Speaking today, George Osborne is expected [...]
Close call: Postal votes to make or break far right’s success in Austria election May 22, 2016 Initial counts for Austria's presidential election indicated a dead heat earlier today, meaning postal votes are likely to play a key role in determining whether the far-right Freedom Party will take power. The forecast from the SORA institute on behalf of broadcaster ORF, which is based on votes cast in polling stations alongside an estimate of postal votes, indicated that the [...]
Now it’s the advisers’ turn to be grilled by MPs over BHS collapse May 22, 2016 The topic of the BHS collapse will be heading back into parliament tomorrow, with a string of advisers from top law and accountancy firms due to be grilled by MPs. Ian Greenstreet, partner at Nabarro, Tony Clare, partner at Deloitte, David Clarke, partner at KPMG, Richard Cousins and Steve Denison, both partners at PwC, Emma King, partner at Eversheds and Owen [...]