UN Security Council urged to do more as George Osborne vows to choke off funding for Isis December 17, 2015 In an unprecedented move, chancellor George Osborne met with finance ministers from members of the UN Security Council in New York today as part of an international effort to choke off sources of funding for the so-called Islamic State (Isis) and other terrorist groups. But while the meeting – the first of finance ministers since [...]
Treasury is considering giving more powers to Bank of England over the buy-to-let market December 17, 2015 The Treasury is looking for feedback on giving the Bank of England more powers to control the housing market. Treasury officials announced today that they have opened a new consultation on the powers the Bank should have over the UK buy-to-let mortgage market in particular. The Bank's financial policy committee (FPC) is responsible for identifying, monitoring [...]
IMF chief Christine Lagarde ordered to face trial over Bernard Tapie affair December 17, 2015 International Monetary Fund (IMF) chief executive Christine Lagarde has been ordered by a French court to face trial for alleged negligence over her handling of a controversial €400m payout to French business tycoon Bernard Tapie during her time as finance minister. The case will be heard by France’s Court of Justice of the Republic, a court spokesperson confirmed, although [...]
Christmas came early: Here are all of the gifts foreign leaders gave Prime Minister David Cameron this year December 17, 2015 Two rugs, alcohol, a glass art platter and bronze coins: these are just some of the presents Prime Minister David Cameron has received from foreign leaders this year. Government papers published today reveal that Cameron received more than a dozen gifts from foreign leaders between April and September of this year. Too bad he can't [...]
EU referendum: What Jean-Claude Juncker and other business figures have said ahead of tonight’s EU negotiation summit dinner December 17, 2015 President of the European Commission Jean-Claude Juncker said morning that the EU was looking for a "fair deal" with Britain, just ahead of Prime Minister David Cameron's two-day meeting with leaders, including a summit dinner tonight. & @JunckerEU "We want a fair deal with Britain and it has to be a fair deal for the other 27 too" — Faisal [...]
Government publishes Lord Strathclyde review following House of Lords vote on tax credit cuts December 17, 2015 The House of Commons should be given the final say on all secondary legislation, a leading peer has recommended. In a highly-anticipated report published today, Lord Strathclyde recommended creating a new procedure allowing the House of Lords to ask the House of Commons to "think again" on certain pieces of legislation, but giving the final say to the elected House of Commons. In [...]
EU referendum: British Chambers of Commerce (BCC) and Confederation of British Industry (CBI) put pressure on David Cameron ahead of EU summit December 17, 2015 Britain's biggest business groups are putting pressure on Prime Minister David Cameron today as he heads to Brussels for a two-day meeting of European Union leaders. British Chambers of Commerce (BCC) director-general John Longworth said the summit “may prove a tipping point” in Cameron’s efforts to secure EU reforms. “Many business leaders are judging the [...]
Top MPs ask for assurance on the sale of Northern Rock assets December 16, 2015 A group of senior MPs has asked for more details on what the sale of assets of Northern Rock mean to those with mortgages from the failed bank. A US private equity group, Cerberus Capital Management, bought the government’s £13bn portfolio of Northern Rock mortgages in November. Andrew Tyrie MP, chairman of the Treasury Select [...]
London airport expansion: 50+ business leaders including Michael Spencer, Sir Martin Sorrell and Martin Gilbert tell David Cameron to “get a grip” December 16, 2015 More than 50 business leaders, including dozens of chairmen and chief executives of blue-chips, will hit out at the government tomorrow over its failure to make a decision on airport expansion. In an open letter to be sent to Prime Minister David Cameron, ICAP chief executive Michael Spencer, WPP chief executive Sir Martin Sorrell and Aberdeen [...]
Andrew Tyrie warns Lord Strathclyde over House of Lords vote on tax credit cuts December 16, 2015 An influential group of MPs has issued a stark warning to peers not to interfere in tax and spend policies. In a letter to Lord Strathclyde on behalf of the Treasury committee, committee chair Andrew Tyrie said that the “exclusive authority of the House of Commons in matters of taxation and expenditure” must be protected. “Only [...]