UK watchdogs propose major fund redemption changes December 16, 2019 The UK’s financial watchdogs have said funds with hard-to-sell assets should ensure investors cannot withdraw their money at very short notice or should offer a lower price for redemptions. The proposal came as part of a review into the sector following the failure of the flagship fund run by the once-lauded investor Neil Woodford, which [...]
OBR: Accounting changes push up UK borrowing by £20bn a year December 16, 2019 The UK’s budget watchdog has said that government borrowing will increase by around £20bn a year due to accounting changes, highlighting the fine line chancellor Sajid Javid will have to tread to meet his new spending rules. The Office for Budget Responsibility’s updated forecasts (OBR) showed that the budget deficit – the difference between spending [...]
Metro Bank launches cash delivery service to woo smaller firms December 16, 2019 Struggling high-street lender Metro Bank has launched a new on-demand cash collection and delivery service in a bid to attract the UK’s small and medium-sized businesses. The challenger bank has today started accepting registrations for the service, called MCash, that it said could help the 4.2m smaller UK firms that rely on physical money. Read [...]
Former trade bosses question Boris Johnson’s 2020 EU deal claims December 16, 2019 Four former trade and business secretaries have criticised Boris Johnson’s claims that he can strike a comprehensive trade deal with the European Union by the end of 2020. In interviews with City A.M., Sir Vince Cable, Lord Michael Heseltine, Lord Peter Mandelson and Lord John Hutton – all ex-presidents of the Board of Trade – [...]
A deal by (next) Christmas? Ex-trade bosses weigh up PM’s claims December 16, 2019 No delays, no excuses. That was the mantra of Boris Johnson’s hugely successful election campaign. At its heart was an ambitious commitment to get a trade deal with the European Union wrapped up by the end of the transition period – 31 December 2020. The private view of Brussels bosses is not optimistic. “Eleven months [...]
US stock markets rise as Donald Trump says China deal ‘VERY’ close December 12, 2019 New York’s stock markets have opened higher after President Donald Trump tweeted that the US is “VERY close to a BIG DEAL” with China. The excited Twitter outburst marks a turnaround from Trump’s views of the situation last week, when he said he would happily wait until after the late-2020 US presidential elections to strike [...]
Not a hawk or dove but ‘an owl’: Christine Lagarde holds rates at first meeting December 12, 2019 Christine Lagarde has begun her rein at the European Central Bank (ECB) with a promise not to be a hawk, nor a dove, but an owl, “associated with a little bit of wisdom”. The pledge came as the ECB kept interest rates on hold at record lows and downgraded its 2020 growth forecast for the [...]
European stocks creep higher ahead of General Election December 12, 2019 European shares edged higher this morning as investors await the result of a momentous British election, as well as the outcome of Christine Lagarde’s first policy meeting as head of the European Central Bank (ECB). The Conservatives are expected to win a majority of seats in the next parliament, but a poll released last night [...]
Rics: Political chaos pushes London house prices down in November December 12, 2019 Political uncertainty held back London house prices in November, a new survey has shown, with gauges of demand and sales stuck in negative territory. Property company owners are hoping that today’s General Election will provide a clearer political and economic picture that could boost the struggling market. Falling prices have lessened London’s affordability problems, however. [...]
Election 2019: Sterling rises as traders await vote December 11, 2019 Sterling has risen against the dollar ahead of tomorrow’s General Election, recovering the ground it lost yesterday after a closely-watched poll halved the Conservative party’s expected majority. The rise continues the growth spurt sterling has been through since the start of December, which has been driven by polls predicting a Tory election victory. Traders by [...]
