HSBC calls for “calm consideration” following Brexit vote, as profits slide thanks to uncertain environment August 3, 2016 HSBC has today revealed its pre-tax profits have fallen 29 per cent during its first half of 2016, while suggesting it will be taking a cautious but calm approach to the Brexit vote. The figures The bank reported profits before tax for the first six months of the year of $9.7bn (£7.3bn), down 28.7 per cent from $13.6bn, calling it [...]
Men retiring this year can expect incomes that are a third greater than women August 3, 2016 The gender gap in retirement incomes has widened in 2016 despite women's incomes reaching record highs. Average annual retirement income for men is £19,850 – a third higher than women's – according to research by insurance giant Prudential. The average retirement income of £14,450 for women has grown steadily since the survey began in 2008. Although the gender income gap has almost [...]
Think tank warns of 50-50 chance of post-Brexit recession August 3, 2016 The government will borrow an extra £47 billion between now and the end of the decade as a result of the UK's decision to leave the European Union, economists have warned. The new economic outlook from the National Institute of Economic and Social Reserach (Niesr) also said there was a 50-50 chance of the UK economy [...]
City braced for rate cut as construction data and banking woes unsettle markets August 3, 2016 The FTSE 100 fell to a two-week low of 6,645.40 yesterday, spooked by a double whammy of gloomy UK construction data and faltering bank stocks. Official data shows that UK construction has shrunk at its fastest pace in seven years. Markets are now bracing themselves for tomorrow’s Bank of England policy meeting, at which governor Mark [...]
Financial sector’s problems put front and centre by Brexit vote August 3, 2016 The UK's decision to split from the EU has brought problems lurking in the City to the foreground, research out today warns. The report by TheCityUK highlighted five key areas – strengthening global connections, driving national growth, expanding service areas, increasing innovation and developing talent – where the financial and professional services sector now needs the ante [...]
Bank of England stress tests “worse than useless” according to free market think tank August 3, 2016 The Bank of England's stress-testing regime is “worse than useless” according to a new report from free market think tank the Adam Smith Institute. The tests gave the UK's banking system a clean bill of health in 2015, but the think tank argues that the regime is riven with fundamental flaws. And days after alarm bells were [...]
Labour leadership challenger Owen Smith has proposed new limits on private sector pay for government contractors August 3, 2016 Labour leadership candidate Owen Smith is facing questions over his proposals for a new “high pay commission” to explore new pay ceilings for the private sector. In a speech today, Smith will promise to explore whether to install maximum pay ratios between top and average earners for private firms doing public sector work. While he has yet [...]
Vitol boss Ian Taylor says he doesn’t want to be on David Cameron’s “cronies” honours list August 2, 2016 The boss of energy giant Vitol Ian Taylor has tonight written to Theresa May and former prime minister David Cameron to request his name be withdrawn from consideration for an honour on Cameron's resignation list. The Conservative party donor had been tipped to receive an honour from Cameron, along with others who have been thrust into the spotlight as [...]
Fenchurch Street Station evacuated following reports of man with knife on c2c Rail train August 2, 2016 Fenchurch Street Station was evacuated during rush hour this evening, disrupting hundreds of commuters' journeys from the central London terminus. British Transport Police officers were called to the station at 6.37pm "following reports of a robbery on board a train". Armed police then evacuated the station and carried out a full search of the train, which had [...]
Regulator urges trustees to exercise caution amid spiralling pension deficits August 2, 2016 British companies are facing the prospect of significant cash top-ups on defined benefit pensions schemes after more evidence was released today that deficits are at record highs. Pension deficits for Britain's 350 largest listed companies increased from £119bn to £139bn during the month of July alone according to data prepared by pension specialist Mercer. The survey also [...]