Government vows to appeal after High Court rules Article 50 cannot be triggered without Parliamentary vote November 3, 2016 The government has vowed to appeal after a High Court judge ruled the Brexit process cannot be started until Parliament has given its backing. The ruling, handed out today, means Theresa May cannot trigger Article 50 without approval from MPs. A spokesman said the government was "disappointed" by the judgement. "The country voted to leave [...]
Chancellor should use Autumn Statement to boost business confidence, as British Chambers of Commerce finds trade hopes are beginning to flounder November 1, 2016 The British Chambers of Commerce (BCC) is today calling on Philip Hammond to use his first Autumn Statement to boost business confidence, after its figures found overseas trade hopes were beginning to slip away. While its latest Quarterly International Trade Outlook, which it produces alongside DHL, found exporters had benefited from the recent slump in sterling, [...]
Treasury launches new scheme to help small businesses secure financing November 1, 2016 A new government scheme to help small businesses turned down for loans find alternative means of finance launches today. Under the Treasury's bank referral scheme, RBS, Lloyds, HSBC, Barclays, Santander, Clydesdale and Yorkshire Bank, Bank of Ireland, Danske Bank and First Trust Bank will be obliged to offer to pass on details of businesses they are declining [...]
UK’s financial services sector goes from strength to strength as City trade surplus jumps to a record high November 1, 2016 The UK's financial services sector has boomed to its highest level of trade surplus yet, highlighting the importance of maintaining and developing the City's trade ties post-Brexit. The level of trade surplus in the financial sector jumped $283m (£185m) to reach $97bn (£63.4bn) in 2015, according to a TheCityUK report. The lobby group said the financial sector surplus is [...]
Jose Manuel Barroso’s Goldman Sachs role is ok with EU October 31, 2016 The EU has given the thumbs up to former European Commission president Jose Manuel Barroso's new role at Goldman Sachs. The EU's Ad Hoc Ethical Committee has issued a statement saying, while the move to the investment banking giant may not have been the wisest career choice Barroso could have made, it did not breach EU ethics rules. [...]
Language of love: France boosts efforts to woo London bankers October 31, 2016 France has increased its efforts to win over British businesses in the aftermath of the Brexit vote. Many have been worried some of the financial services giants in London may exit the capital as the UK departs from the EU, especially if the government fails to secure passporting rights, or a viable alternative, as part of [...]
South African rand rises sharply as charges against finance minister dropped October 31, 2016 The South African rand has risen sharply against the dollar on news fraud charges have been dropped against the country's finance minister. According to various reports, the charges were dropped against Pravin Gordhan just days before he was due to appear in court. The rand is currently trading at 1 rand to $0.0735, compared with $0.0728 before [...]
No Brexit blues for upbeat housebuilders, despite concerns around skills shortages and costs of materials October 31, 2016 Housebuilders are refusing to be knocked back by any Brexit blues, as the industry remains optimistic on what the future holds, research out today has found. Lloyds Bank Commercial Banking found average five-year investment plans had increased by around 17 per cent over the last year, despite over a third (36 per cent) in the sector confessing [...]
RBS bosses have fingers crossed it will be cleared over small business unit activities October 30, 2016 Bosses at the Royal Bank of Scotland feel confident the City watchdog is about to clear it over allegations it pushed small businesses to breaking point for its own profits. RBS has long been accused of purposely pushing small businesses into its Global Restructuring Group (GRG), which let the lender to benefit from additional fees, [...]
