EU financial services czar warns City that Brussels won’t bend on rule-taking demands April 22, 2021 The EU is in “no rush” to grant the City of London renewed access to its financial markets post-Brexit, according to a senior Brussels official. Mairead McGuinness, the European Commissioner for financial services, said today that Brussels will “not be recreating access to the single market for the UK as they have chosen to move [...]
City needs EU equivalence deal to function properly, warns asset management chief April 22, 2021 The UK government should step up efforts to secure an equivalence deal for financial services as such an agreement is “very important” for the Square Mile, the CEO of one of the world’s largest asset managers has said. Hanneke Smits, who leads BNY Mellon Investment Managers, urged the government to reach an agreement with the [...]
Investing in undervalued care sector is complex and challenging, warns Advinia’s chairman April 21, 2021 Over the past decade, investors and private equity firms have piled into private health and social care, sensing the potential for high returns. However, as the sector is beset with financial stress brought on by the global financial crisis following the pandemic, a range of healthcare providers, including HC-One, the UK’s largest, have started to [...]
Post-Brexit law change: Cashback without purchase to be allowed across UK April 21, 2021 Corner shops, pubs and cafes will soon be able to offer cashback without people having to make a purchase first. The move comes after the government agreed changes in the House of Lords to the Financial Services Bill, which has almost completed its passage through Parliament. Hailing it as a “welcome step towards protecting access [...]
The hidden impact of Brexit: Supply chains are failing UK trade and construction firms April 20, 2021 Since the reopening of the construction sector in the summer of 2020, confidence has been sky high, with last month’s the highest on record since 2014. According to figures from IHS Markit/CIPS, the growth of output had grown in line with increased commercial, domestic and civil engineering projects. These works have largely come in the form of restarting delayed projects, critically [...]
UK reviews core banking rules as it seeks to bolster the City post-Brexit April 20, 2021 An independent review has been launched into capital and proprietary trading rules that were introduced following the global financial crisis more than a decade ago, as the government seeks to bolster the City of London’s global competitiveness after Brexit. The UK requires banks to “ring-fence” the retail arms of their operations to shield them from [...]
German-British businesses plot increased investment in UK despite Brexit April 19, 2021 More than a third of German-British businesses now plan to increase their investment in the UK over the medium term, a complete turnaround from six months ago. A new survey from the German-British Chamber of Commerce shows that 35 per cent of such firms now think they will raise investment, up from just 5.0 per [...]
Sunday Sitdown: Investors look past political changes as Brexit offers a chance to alter investment regulation, says City veteran April 18, 2021 More than 440 firms in banking and financial services have relocated part of their business, moved employees or set up new entities in the EU following Brexit. Dublin and Paris are the go-to destinations, as banks have moved or plan to move more than £900bn in assets to the EU, equivalent to 10 per cent [...]
UK imports to EU halve in first two months of year April 16, 2021 UK imports to the EU nearly halved in the first two months since Britain left the single market, new figures this morning showed. Imports dropped 47.0 per cent over January and February, while exports of the bloc’s products back across the Channel slipped 20.2 per cent, figures from Eurostat show. As a result of the [...]
EU will pursue legal action over Brexit rules in Northern Ireland for ‘as long as necessary’ April 16, 2021 The EU this morning warned that it would continue to pursue legal action against the UK “for as long as necessary” over post-Brexit trade issues in Northern Ireland. In talks last night, European Commission vice president Maros Sefcovic urged his British counterpart David Frost to pursue jointly agreed solutions to the issues. In a statement [...]