By: Chris Dorrell

Chris Dorrell is a freelance journalist and City AM contributor. He was previously City AM's banking and then economics reporter. When Chris is not breaking news, he can often be found playing with his band Totally Amorphous.

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Bank of England’s PRA sets out new post Brexit Solvency UK details in bid to unlock investment

June 29, 2023

Britain’s main financial watchdog has set out a raft of changes to the EU’s Solvency II regime to improve the competitiveness of the UK insurance market and unlock investment in the economy. In an announcement this morning, the Prudential Regulation Authority (PRA) provided more detail on how it will make adapt the EU’s Solvency II [...]
Insolvencies set to rise amid ‘perfect storm’ of rising rates and slowing economy, Kroll’s global restructuring lead warns

June 29, 2023

Insolvencies are likely to rise amid a “perfect storm” of rising interest rates, higher costs and a slowing economy. “All the indicators show that insolvencies will rise and I think that our message is that management teams need to be taking advice earlier and recognising the problem earlier,” Sarah Rayment, the new co-lead of global [...]
UK urged to take post Brexit payments lead after EU publishes bold plan

June 28, 2023

The UK payments industry urged regulators and legislators to take a bold approach to new rules following the publication of the EU’s latest proposals. In a landmark set of regulations, the European Union (EU) will deepen and extend open banking, put in place greater fraud protections and give regulators more firepower to enforce the rules. [...]
London jobs at stake as UBS considers cutting over half of Credit Suisse’s workforce

June 28, 2023

UBS is reportedly planning to cut over half of Credit Suisse’s workforce as it completes its takeover of the Swiss bank. The newly merged banking behemoth is planning on reducing its headcount by as much as 35,000 people in an attempt to cut costs, Bloomberg reported. Credit Suisse currently employs around 45,000 people. UBS is [...]
Mulberry profit takes a hit as luxury brand invests in global expansion

June 28, 2023

Mulberry’s pretax profit slumped in the year, despite an uptick in revenue, as increasing costs weighed on performance. In the year to April, the luxury handbag maker reported an underlying profit of £2.5m, down from £14.6m last year. On a reported basis its pretax profit was £13.2m, which took into account impairment reversals on some [...]
Bank of England commits to reducing greenhouse gas emissions 90 per cent by 2040

June 28, 2023

The Bank of England has committed to reducing its greenhouse gas emissions 90 per cent by 2040 as part of its net zero push. In a speech ahead of the publication of the Bank’s climate transition plan, Bank of England COO Ben Stimson said “our central target is to reduce greenhouse gas emissions from our [...]
Loan sharks on the rise with 3m people turning to illegal lenders amid ‘credit vacuum’

June 28, 2023

Over 3m people have turned to illegal lenders in the past three years, demonstrating the size of the “credit vacuum” in the UK’s lending market. According to research conducted by IPSOS for pressure group Fair4All Finance, more and more struggling households are turning to illegal lenders sharks in the absence of regulated firms operating in [...]
Payments watchdog wants open banking to ‘inject more competition’ into card market

June 27, 2023

The UK’s payments regulator today argued that the card market did not have “sufficient competition”, but suggested progress on open banking could open it up to a wave of innovation. Chris Hemsley, managing director of the Payment Systems Regulator (PSR), said the watchdog was looking to find ways of “injecting more competition into this market [...]
Windfall tax revenue set to slump 40 per cent thanks to falling oil and gas prices

June 27, 2023

The sharp fall in the price of oil and gas will lead to a huge drop in revenue from the government’s windfall tax. Announced in November of last year, the energy profits levy hiked an existing tax on oil and gas profits and extended its deadline until 2028. Chancellor Jeremy Hunt estimated that it would [...]
Insolvency fears for UK firms recede despite four-year high in May, new research shows

June 27, 2023

Fears of insolvency are receding among UK firms despite recent data showing liquidations hit a four-year high in May. According to new research from Evelyn Partners, 32 per cent of UK businesses believe there is a risk they will become insolvent in the next 12 months, down significantly on the 47 per cent of firms [...]

Foreign buyers circle ‘undervalued’ UK firms

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The 11 best pies in London to eat during British Pie Week

By: Chris Dorrell

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