Business groups: Post-Brexit immigration system must suit firms January 24, 2020 Britain’s biggest business groups have offered the government their help in designing the post-Brexit immigration system amid fears that a more closed-off system could hurt UK firms. They warned that the new system must provide “access to the labour and skills needed to support the economy” in an open letter to home secretary Priti Patel. [...]
Russian parliament gives Putin reforms green light in first vote January 23, 2020 Russia’s lower house of parliament has unanimously backed the constitutional shake-up proposed by Vladimir Putin last week, paving the way for reforms that could cement the President’s power after he steps down from his current post. All 432 lawmakers in the lower house assented to the reforms, with no votes against or abstentions. The vote [...]
ECB launches major policy review as it holds rates January 23, 2020 The new European Central Bank (ECB) president Christine Lagarde has launched a major policy review at the Eurozone institution that could change its central aims. It came as the ECB’s governing council kept interest rates on hold at a record-low level and maintained the Bank’s massive bond-buying programme in a bid to inject life into [...]
Chancellor launches search for next head of budget watchdog January 23, 2020 Chancellor Sajid Javid has launched the search for the next head of the UK’s budget watchdog, the Office for Budget Responsibility (OBR), as the term of the current chair Robert Chote draws to an end. The OBR was formed in 2010 by newly-elected chancellor George Osborne to ensure the government stuck to its spending and [...]
US Treasury secretary says UK trade deal to be struck this year January 23, 2020 US Treasury secretary Steve Mnuchin has said he expects to wrap up a trade deal with the UK within the year, a day after he slammed a proposed British digital services tax as “discriminatory”. The US’s commerce secretary Wilbur Ross, who was speaking at the same event at the World Economic Forum in Davos, Switzerland, [...]
Tighten scrutiny of City regulators after Brexit, major report says January 23, 2020 The government should increase the scrutiny of financial regulators once Britain leaves the EU and ensure UK rules take into account international finance standards, a major report into post-Brexit regulation has said. The report, from the International Regulatory Strategy Group (IRSG) and law firm Linklaters, said that after Brexit the UK’s financial regulation system will [...]
Donald Trump threatens high EU car tariffs if deal is not reached January 22, 2020 US President Donald Trump has threatened to slap “very high” tariffs on car imports from the European Union unless it strikes a trade deal, accusing the bloc of being “tougher than China” to deal with. In an unexpected press conference at the World Economic Forum in Davos, Switzerland, Trump trained his sights on the EU, [...]
Close Brothers shares fall on subdued trading update January 22, 2020 Shares in UK merchant bank Close Brothers have dropped after a trading update showed economic weakness taking a toll on its banking division and it said that costs are likely to grow. The update – which covered the five months to 31 December – said the lender’s loan book remained flat, while modest growth in [...]
UK factory optimism hits six-year high after election January 22, 2020 Optimism in the UK’s factory sector surged to an almost six-year high in the three months to January, survey data has shown, in a sign that the British economic sentiment picked up following the December General Election. The sector’s performance over the period was weak, however, with output once again falling as car factories slowed [...]
UK borrowing falls ahead of spring Budget January 22, 2020 The UK government borrowed less than expected in December, official data has shown, as chancellor Sajid Javid prepares to boost spending in his March Budget. Borrowing in December was £4.8bn, less than expected and down £0.2bn compared to the same month a year earlier, the Office for National Statistics (ONS) said. Yet for the financial [...]
