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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FTSE 100 close: London ends in the red as BoE’s Bailey warns of persistently high inflation

May 17, 2023

London’s FTSE 100 index fell on Wednesday evening as Andrew Bailey warned that the UK would face high inflation for months to come. The capital’s premier index closed down 0.36 per cent at 7,723.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.30 [...]
UBS saw Credit Suisse deal as ‘not desirable’ – and could now take $17bn hit from it

May 17, 2023

UBS estimates it will take a $17bn hit from the takeover of its long time rival Credit Suisse as regulatory filings reveal it never wanted the deal to take place. UBS estimates a negative impact of $13bn from fair value adjustments and $4bn in potential litigation and regulatory costs. UBS executives have previously warned that [...]
US debt ceiling drama – what is it and why does it matter

May 17, 2023

Markets are keeping a close eye on the US debt ceiling debacle – seemingly an attempt by US politicians to tip their own country into default. The debt ceiling is a limit on how much the US government can borrow imposed by Congress. Currently it stands at $31.4trn, although it has been raised 78 times [...]
Use of community lenders rises as cost of living pressures see more refused loans elsewhere

May 17, 2023

Community lenders saw a 22 per cent increase in customers in 2022 as the deteriorating economic environment helped exclude ever larger numbers from the traditional financial sector. According to new figures from Responsible Finance, community development finance institutions (CDFIs) increased total lending by 20 per cent in 2022 to £248m, reaching 94,744 customers. The majority [...]
Crypto ‘more closely resembles gambling than a financial service’, Treasury committee warns government

May 17, 2023

An influential group of lawmakers has argued that consumer cryptocurrencies should be treated like gambling in the government’s upcoming crypto regulations. In a new report on the crypto sector, MPs on the Treasury Select Committee concluded that retail trading in unbacked crypto “more closely resembles gambling than a financial service”. The MPs noted that the [...]
UK banks lead peers in preparation for global Basel rules – but costs are mounting

May 17, 2023

UK banks are leading their global rivals in the implementation of the latest update to international banking standards, according to new research. According to new EY research, all of the UK banks surveyed have put measures in place to comply with the new rules, known as the Basel III reforms. This compared to only 61 per [...]
Insolvencies drop 15 per cent – but experts warn ‘we’re not out of the woods yet’

May 16, 2023

Corporate insolvencies dropped off in April as business confidence seemed to improve but experts warned that the drop may not signal better times ahead. According to new figures from the Insolvency Service, 1,685 companies went insolvent in April 2023, a 15 per cent fall on the same month the previous year. This was also down [...]
Amigo boss resigns as subprime lender continues wind down

May 16, 2023

The chief executive and director of controversial subprime lender Amigo resigned from his role yesterday as the firm continues its wind down. Danny Malone, who joined Amigo last year, will step down after serving his 6-month notice period to ensure “the continuation of the solvent and orderly wind-down of the business”. Malone said he joined [...]
Marston’s pubs: No change in Brits’ appetite for a night out

May 16, 2023

Marston’s recorded a near 11 per cent rise in sales in the first half on the back of its strong drinks sales, a trend that has continued over the past few weeks. Marston’s said the continued strength of drink sales demonstrated the resilience of its community pub estate in spite of the economic environment. In [...]
£233bn stuck in zero-interest accounts as pressure grows on banks to improve advice

May 15, 2023

As banks come under fire for offering “measly” rates to savers, new figures reveal many are leaving hundreds of billions of pounds lying idle in zero-interest accounts. Some £233bn is being held in zero-interest accounts, according to Bank of England Data analysed by asset management firm Bowmore. This is up from the total held in [...]

Peter Mandelson should return five-figure payoff after being sacked, says minister

The real Guinness Six Nations showdown is happening in the pub

How South Wales became one of the UK’s most exciting food destinations

By: Chris Dorrell

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