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 live: London index boosted by Shell ahead of today’s Bank of England rate decision

February 2, 2023

The FTSE 100 opened higher on Thursday morning, boosted by a strong performance from Shell, as investors awaited the latest interest rate decision from the Bank of England later today. Governor Andrew Bailey is expected to increase interest rates by 50bps to a post-financial crisis high of four per cent later today, although there is [...]
Warning of ‘marked slowdown’ in mortgage lending from Santander UK chief as bank’s profit creeps up two per cent

February 2, 2023

Santander UK’s net mortgage lending climbed higher in 2022, helping to boost profits, but its CEO warned that the bank would have to navigate “a marked slowdown” in mortgage lending in 2023. The Spanish bank’s net mortgage lending increased to £9.8bn from £7.5bn last year helping pretax profit creep up two per cent. CEO Mark [...]
Architects of UK financial rules question direction of Edinburgh reforms

February 1, 2023

Two leading architects of the UK’s financial regulations today questioned the idea of giving regulators a competitiveness mandate and warned that reforms to Solvency II could expose the financial sector to greater risks. In a Treasury committee hearing today, John Vickers, chair of the independent banking commission, doubted the idea of giving financial regulators a [...]
UK crypto hub ambitions at risk if it does not pass new rules quickly, experts warn

February 1, 2023

The government’s new plans to “robustly regulate” cryptoassets garnered mixed reactions from the crypto industry today, with experts saying that while the proposals were welcome there were still huge questions about the timeline for when they might come into effect. Nick Taylor from Luno, a crypto exchange, described the launch of the consultation as “a [...]
London’s fintech boom ‘would have happened with or without Brexit’, Lord Mayor says

February 1, 2023

London’s fintech boom “would have happened with or without Brexit”, Lord Mayor Nicholas Lyons said today, adding that the so-called Edinburgh reforms will help the City power the UK’s future economic growth. Lyons said the City achieved its reputation as a thriving hub for fintech success “independently of Brexit”. He stressed, however, that Brexit still [...]
Virgin Money has customer boom as higher interest rates benefit Branson’s bank

February 1, 2023

Virgin Money’s customer base continued to grow in the first quarter of its financial year as the challenger bank said it expects to benefit from higher interest rates for the remainder of the year. There were around 27,000 new personal current accounts opened in the period, 44 per cent more than last year. This, the [...]
City will be shaken up by AI – so we asked ChatGPT for an equities strategy

February 1, 2023

Artificial intelligence and machine learning is set to transform trading over the next three years, a JP Morgan survey shows, as traders anticipate the potential for new technologies to shake up trading floors. Over half of traders surveyed in JP Morgan’s eTrading survey predicted that AI and machine learning will be the most influential technology [...]
Brexit ‘starting to bite’ three years on but City holds out hope for Edinburgh reforms

February 1, 2023

City figures are yet to be convinced by the benefits of Brexit three years down the line, but hold out hope that the government’s Edinburgh reforms could turbocharge growth in the sector over the next few years. While the City has avoided a mass exodus of jobs and maintained its status as one of Europe’s [...]
Crypto: Government is considering ‘world first’ regulatory regime in UK bid to become digital asset hub

January 31, 2023

The government has set out plans to “robustly regulate” the crypto asset industry as it seeks to become a cryptocurrrency hub despite the problems faced by the industry last year. The proposals include rules for crypto trading platforms and a “world-first” regime for crypto lending, as the government seeks to “embrace technological change”. Proposals will [...]
UBS posts profits of £1.4bn as banking giant reaps rewards of cost cutting and a reported client exodus from rival Credit Suisse

January 31, 2023

UBS beat analysts’ profit estimates as a drop in expenses and a significant influx of new assets helped offset a fall in revenue. UBS’s profits rose 23 per cent to $1.7bn (£1.4bn) in the fourth quarter of the year, ahead of an estimated $1.3bn. Net interest income at the Swiss lender fell year-on-year compared to [...]

OpenAI rewrites Pentagon AI deal following backlash

English cricket facing tragedy if ECB doesn’t change, warns county boss

Psst… This is how to ski Les 3 Vallées without the crowds

By: Chris Dorrell

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