Former City minister: Scrapping bonus cap could have waited ‘a little longer’ September 27, 2022 John Glen, the former City minister, has said the decision to scrap the bankers’ bonus cap should have waited amid a cost of living crisis. Glen told the Following the Rules podcast that the removal of the cap, announced last week by new Chancellor Kwasi Kwarteng, “was something that I would have deferred for a [...]
Sterling crash: Plenty of blame to go round but much of it falls on the Bank September 27, 2022 The British economy has been through a lot in recent years but a full-scale currency crisis still wins points for novelty. But for all the sound and fury of yesterday’s market movements and the so-called sterling crash, the panic is overdone. Much of the blame for yesterday’s excitement lies, rightly, with the government. This newspaper [...]
Brazil threatens UK with WTO action over new deforestation legislation September 27, 2022 The Brazilian government has threatened to challenge proposed UK deforestation legislation at the World Trade Organisation, documents shared with City A.M. this morning reveal. The proposed legislation seeks to prevent ‘large companies’ in the UK from using products grown on illegally deforested land. When asked to disclose submissions by the Brazilian government to its consultations [...]
Russians flee en masse to escape Putin’s mobilisation with few flights out of Moscow costing £10,000 September 27, 2022 Tens of thousands of Russians are fleeing their country to escape the mass military mobilisation that is currently underway. As a result, international flights out of Moscow now cost more than £10,000 per seat for a single ticket. The Kremlin ordered last week that up to 300,000 reservists across Russia should report for duty in [...]
China in grip of debunked coup rumours as Xi Jinping house arrest reports grow with all eyes on General Li Qiaoming September 27, 2022 Social media across China and the rest of Asia continues to be in overdrive today as persistent rumours that president Xi Jinping has been removed in a coup refuse to die down. Local and regional media speculate China’s long-standing leader was removed when he was away in Samarkand while attending the recent SCO summit, on [...]
Starmer says Labour is ‘party of the centre-ground’ as he vows to ‘fight Tories’ on economy September 26, 2022 Sir Keir Starmer will tomorrow say Labour is now the “party of the centre-ground” and will vow to “fight the Tories on the economy”. The Labour leader will say during his party conference speech in Liverpool that he stands for “sound money” and that he will “turn the UK into a growth superpower” if elected [...]
Khan says ‘it is my intention to run and win’ third term as London mayor September 26, 2022 Sadiq Khan has emphatically said it is “still very much my intention to run and win a third term” as London mayor in the latest indication he will try for a historic third election victory. Khan said during at a Labour conference fringe event in Liverpool that he believed in “the London promise” of social [...]
Kwarteng to announce supply side reforms in ‘medium-term fiscal plan’ next month September 26, 2022 Kwasi Kwarteng will announce a package of supply side reforms next month in a “medium-term fiscal plan”, the Treasury has announced. The Treasury said it would include “changes to the planning system, business regulations, childcare, immigration, agricultural productivity, and digital infrastructure”, as well as post-Brexit changes financial services regulation. It will also include details on [...]
Liz Truss urged to ‘remain committed’ to audit reform September 26, 2022 One of the UK’s largest audit sector trade bodies has called on the UK’s new government to set out a “clear timetable” for its plans to overhaul the UK’s audit sector in claiming audit reform will play a vital role in securing long-term economic growth. Writing to UK prime minister Liz Truss, business secretary [...]
Union to ballot 150,000 civil servants on plans for public sector strike September 26, 2022 The public sector workers’ union is set to ballot more than 150,000 civil servants on plans to strike over pay and working conditions. The Public and Commercial Services Union (PCS) said it is urging its members in 214 government departments to vote in favour of taking industrial action, after the UK government set out plans [...]