How God guided Brexit: Anglicans mostly Brexiteers while Catholics are remainers April 23, 2021 Faith played an important in the UK’s choice to leave Europe, with Anglicans more likely to back Brexit. One in five Brits had religious beliefs that made them more likely to vote Leave and a quarter of voters’ faiths meant they were more likely Remain voters, according to a new study shared with City A.M. [...]
UK will stay financial services leader without EU equivalence deal, says KPMG boss April 23, 2021 If the UK and EU fail to agree an equivalence deal it will not be the end of the world, according to KPMG’s head of FS Karim Haji, who was feeling upbeat about the future of financial services in the UK. Haji, who was made KPMG’s head of FS in June 2019, acknowledged an equivalence [...]
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 [...]