Aviva warns that current saving levels are not sufficient November 15, 2016 Britons need to be saving a whopping six times more than the minimum levels introduced by the government, according to the UK’s largest general insurer. Aviva said that the British public should be setting aside 12.5 per cent of their salary to save for old age. This compares with the current minimum requirement of two per cent under [...]
City Moves for 15 November 2016 | Who’s switching jobs November 15, 2016 Harrods Bank Harrods Bank has appointed Mark Stephens as its new chief executive officer. Mark joins Harrods Bank following seven years at Aldermore Bank, most recently in the role of deputy chief executive and group commercial director. Mark will be responsible for the overall leadership and direction of the bank as it enters an exciting [...]
Britain needs a culture shift if it’s going to lead the world on free trade November 15, 2016 In her most pro-business speech since she came to power, Theresa May last night made a grown-up argument for Britain to promote free trade. This is excellent. But as the Prime Minister knows, it will take a lot more than pro-trade rhetoric to make things happen. Britain will have to take concrete steps at home and [...]
People don’t trust their banks – but capital assurance could change this November 15, 2016 People still don’t trust banks. Post-crisis reforms aimed at improving their reporting, conduct and culture, while increasing resilience, are all now well into their implementation phases. But past scandals, whether to do with mis-selling or improper behaviour, are still affecting banks’ profits, with large fines and even bigger customer settlements. And public perceptions continue to [...]
Public borrowing could overrun by £100bn over the next five years November 15, 2016 Philip Hammond could be on track to overshoot previous public borrowing forecasts by £100bn in total by 2021, a report out today has warned. PwC also found that, if the new chancellor opts to keep the status quo on spending despite June's referendum result, this year's public sector net borrowing will come in at £67bn, around £10bn [...]
Downing Street wants to spend £1 in every £3 on small businesses by 2020 November 15, 2016 Downing Street has recruited 24 bosses from across the UK to help boost public spending with the UK's small businesses. A new small firm panel will help drive the government's new target of 33 per cent of public spending going on businesses with fewer than 250 staff. Last year, small businesses took 27 per cent, [...]
Optimism on the future of the UK economy has plummeted among bosses according to a new survey November 15, 2016 Business leaders are pleading with the government to restore faith in the wider economy next week after a survey showed confidence amongst bosses plummeting through October. While optimism had been growing in the aftermath the summer referendum, new figures from the Institute of Directors show expectations fell dramatically last month. An IoD survey of over [...]
Bosses are demanding a radical shake-up of tax laws to prevent firms facing avoidance charges November 15, 2016 Some of the country's top bosses are demanding a radical shake-up of the UK's tax rules to prevent businesses from being hauled up on charges of avoidance. In a submission to the Treasury ahead of next week's Autumn Statement, the Institute of Directors is calling on the government to create a "white list" for authentic [...]
Europe’s finance chiefs stay positive despite Brexit woes November 15, 2016 Finance chiefs across Europe are worried about Brexit, but remain confident their business has what it takes to make it through the uncertainty, research published today has found. While two-thirds (67 per cent) of those surveyed by Deloitte felt there was a high degree of financial and economic uncertainty facing their business at the moment, a [...]
Prime Minister Theresa May warns weight needs to be given to globalisation worries November 14, 2016 Prime Minister Theresa May warned tonight that political "change is in the air" throughout western democracies, telling an audience in the City: "globalisation in its current form has left too many people behind". Speaking at the Lord Mayor's banquet at the Guildhall, May accepted that liberalism and globalisation continue to have "an overwhelmingly positive impact [...]