No-deal Brexit could result in eight per cent hit to UK economy, warns Bank of England November 28, 2018 A no-deal Brexit could cause the UK economy to fall eight per cent in a single year, the Bank of England warned today, leading to crashing house prices and surging unemployment. However, in a boost for the Prime Minister, the Bank said her withdrawal agreement and a close economic relationship with the EU could boost GDP by [...]
DEBATE: Should Margaret Thatcher be considered as the scientist to be featured on the new £50 note? November 28, 2018 Should Margaret Thatcher be considered as the scientist to be featured on the new £50 note? Emma Revell, communications officer at the Centre for Policy Studies, says YES. People will argue that science isn’t what Margaret Thatcher was most known for, and they’d be right. But the same could be said of Roger Bannister, a [...]
Tech outages at financial firms double as watchdog warns of data breach risk November 27, 2018 IT failures at financial institutions have more than doubled in the last year, the Financial Conduct Authority has revealed, as firms fight to update their legacy technology to keep apace with fintech startups. In the 12 months to October, the UK's financial firms reported a 138 per cent increase in technology outages to the FCA, as [...]
Donald Trump dumps on Theresa May’s Brexit deal November 26, 2018 Donald Trump gave Theresa May a Brexit headache on Monday evening, describing the agreement reached between London and Brussels as "great for the EU." The US President also warned the government's proposed deal with the EU could prevent a future trade deal between the UK and US. Trump's comments came as the Prime Minister was [...]
Barclays fights off cyber attack attempts every day, says digital defence head November 26, 2018 Barclays fights off attacks from cyber criminals every single day, according to the head of the bank’s cyber security operations centre. Former Europol cybercrime centre head of operations Paul Gillen told City A.M. that the number of attempts against the lender each day was “substantial”. However, the attacks vary in degree with the most common [...]
EU offers reassurances to the Square Mile that UK clearing can continue post-Brexit November 23, 2018 The EU has begun work to allow UK clearing to continue in the event of a no-deal Brexit, addressing Square Mile fears that the European market could be cut off in March next year. The European Securities and Market’s Authority (ESMA) confirmed today that it will “adopt a temporary and conditional equivalence decision” to minimise [...]
Mark Carney says a no-deal Brexit would be the ‘worst outcome’ for the Bank of England November 20, 2018 Mark Carney today told the Treasury Select Committee that a "no-deal" Brexit would be the "worst outcome" for the Bank of England. The BoE governor said he expected May's draft withdrawal agreement to "support economic outcomes" and welcomed the transition period, which is due to end in 2020. The transition period begins on 29 March 2019 and lasts [...]
Mortgage approvals up for first-time buyers as market moves away from large deposits November 15, 2018 The market share of first-time buyers and small deposit borrowers increased in October as young buyers take advantage of low rates and slowing house price growth. A total of 67,011 mortgages were approved last month, an increase of 2.7 per cent since September and 3.5 per cent above levels in the same month last year. [...]
London house prices: Homes in the capital lose value despite the UK’s resilient property market November 14, 2018 London house prices fell 0.3 per cent in the year to September, according to Office for National Statistics (ONS) data released today. Growth in the capital lagged far behind the UK-wide average, which was 3.5 per cent, a small increase from 3.1 per cent last month. The growth puts the average house price across the country [...]
Business has spoken: The UK cannot afford a no-deal Brexit November 13, 2018 We thoughts that we were heading towards the final furlong – at long last, a Brexit deal – after an interminable period which has seen runners and riders fall and many a twist and turn along the way since the public voted to leave the EU in June 2016. Then the minister Jo Johnson resigned, [...]