Government analysis ‘sheds no more light’ on Brexit, says Treasury committee January 9, 2019 Treasury Select Committee chair Nicky Morgan has castigated the government over its Brexit outcome analyses, claiming it has shown the “most optimistic” model without addressing other factors including the short-term impact of leaving the EU. Morgan, who was among the rebel Tories that pushed the government into a historic defeat over no-deal powers yesterday, said [...]
Ex-Virgin Money boss among two women replacing men on Bank of England’s financial policy committee January 3, 2019 Former boss of Virgin Money Dame Jayne-Anne Gadhia has been added to the Bank of England’s financial policy committee alongside the chair of the Banking Standards Board Dame Colette Bowe, chancellor Philip Hammond announced today. The pair will replace Richard Sharp and Martin Taylor, who are stepping down at the end of the first quarter [...]
Theresa May’s survival as Prime Minister will leave an impact long after Brexit December 18, 2018 Nothing has changed. That was the widely held conclusion from Theresa May surviving her no confidence vote last week. The Prime Minister has kicked the can down the road on putting her proposed withdrawal agreement to parliament. But parliamentary arithmetic is unaltered. Her deal, as it stands, still looks dead on arrival. In the absence of [...]
No confidence: This is how Tory MPs plan to vote in tonight’s crucial contest over Theresa May’s future as Prime Minister December 12, 2018 The number of MPs who have declared themselves either in support of or against the leadership of Prime Minister Theresa May is growing. Here's who has said what so far. A vote of no confidence was triggered this morning, after more than 48 MPs sent in letters to Sir Graham Brady who controls the process. The [...]
Chancellor Philip Hammond rules out relaxing regulations to boost finance after Brexit December 11, 2018 London will remain a global financial centre after Brexit, Chancellor Philip Hammond said today as he ruled out relaxing financial regulation. Hammond said Britain will have a safe, transparent and predictable regulation regime, which will be agile enough to cope with changes in business models, Reuters reported. “I reject the idea that laxer regulation makes a [...]
Bank of England slammed over secret Venezuelan gold summit December 6, 2018 The Bank of England (BoE) has come under fire following reports of a clandestine meeting with senior representatives of Venezuelan dictator Nicolas Maduro. The BoE is due to meet high-ranking Venezuelan officials in London tomorrow to discuss the return of gold worth $550m stored in the bank’s vaults, according to sources. Today it emerged MP [...]
Philip Hammond confirms he will borrow more and look at tax changes in ‘no deal’ December 5, 2018 Philip Hammond has confirmed the government would be forced to borrow billions more and consider tax changes to counter the economic impact of no deal. Appearing before the Treasury Select Committee on Wednesday, the Chancellor said the onus would be on the government to keep blood in the veins of the economy as the Bank of [...]
Bank of England delays cyber stress test as it focuses on Brexit December 5, 2018 The Bank of England (BoE) will delay work on a cyber stress test for banks as it focuses on Brexit preparations, according to minutes published today. The BoE’s financial policy committee (FPC) said it will put off a scheme to test how banks react to cyber attacks, which was due to launch early next year. [...]
The City is the goose that lays the golden eggs December 3, 2018 The Financial Conduct Authority has taken its boldest step yet into the debate about banks' Brexit contingency plans. In a letter to lenders the City watchdog warned that it will not accept “steps being taken which could expose clients or markets to unacceptable risks.” Specifically, the FCA warns that they will intervene if they suspect [...]
Heed Hammond’s warning: We must not be prisoners of change December 3, 2018 Britain has become a single issue nation. So all-consuming have the ins and outs of Brexit become that the national debate seems incapable of concentrating on anything else. Which was why it was so surprising when Philip Hammond spoke to a small business audience last week and didn’t drop the B-word once. In so doing, [...]