Brussels pushes to freeze out London banks in post-Brexit crackdown November 22, 2021 The EU is planning on freezing out London banks by clamping down on the network of national arrangements that allow non-EU banks to sell services to the bloc. Brussels is pushing to cut off avenues for banks operating outside the region to conduct cross-border transactions. The news was first reported by the Financial Times. The [...]
CBI chief: Spectre of inflation is ‘very real’ and larger than we thought November 22, 2021 The chief of the influential business group the Confederation of British Industry (CBI) has warned that inflation is “very real” and is threatening to squeeze British firms. Speaking at the CBI’s annual conference, the group’s director general Tony Danker warned that pay hikes will “spill over” into prices, intensifying the cost of living crisis pinching [...]
LV= slaps down paltry Bain deal payday speculation November 22, 2021 Insurer LV= has slapped down reports of paltry pay outs to members from the proposed tie up with US private equity giant Bain. The City insurer, founded in 1843, has characterised reports that members will receive £100 from the deal with Bain as a wholly “misleading comparison”. Instead, with-profit members will receive the majority of [...]
London markets boosted by rallying bank stocks as rate hike bets lift sentiment toward sector November 22, 2021 A rally among banks boosted London markets this morning as sentiment toward the sector improved on strengthening prospects of the Bank of England hiking rates. The capital’s premier FTSE 100 index climbed 0.49 per cent 7,258.91 points, while the mid-cap FTSE 250 added 0.30 per cent to 23,561.92 points. The likes of Barclays, NatWest and [...]
Weak oversight led to Greensill Capital putting millions of taxpayers’ money at risk November 20, 2021 Weak internal controls at the state-owned bank overseeing Covid-19 loan schemes led to Greensill Capital putting millions of pounds of taxpayers’ money at risk. A probe by the Public Accounts Committee, a group of MPs that scrutinise the government’s spending, found the British Business Bank, the state-owned bank that oversaw the Covid-19 emergency loan schemes, [...]
Buoyant mining stocks boost FTSE 100 November 19, 2021 A rally among mining stocks boosted London’s premier FTSE 100 index this morning. The capital’s premier index added 0.23 per cent to reach 7,272.35 points, while the mid-cap FTSE 250 index edged back 0.08 per cent to 23,556.93 points. A rally among mining stocks boosted London’s premier FTSE 100 index this morning. The capital’s premier [...]
Government borrows £18.8bn in October as debt to GDP remains elevated November 19, 2021 The government borrowed the second highest amount of money on record in October as the pandemic continues to hit the public finances. The government borrowed £18.8bn in October, the second highest monthly figure since record began in 1993. The borrowing figure was much higher than expected. Experts had expected public sector borrowing to fall to [...]
Second-hand shopping lifts retail sales above pre-pandemic levels November 19, 2021 Retail sales jumped over the last month as consumers flocked to charity shops, according to data from the Office for National Statistics published today. Retail sales jumped 0.8 per cent over the last month and soared above pre-pandemic levels. Spending at second hand clothes stores climbed over the last month, driving overall retail sales higher [...]
Rush to buy Christmas presents lifts Brits’ optimism November 19, 2021 A rush to buy Christmas presents early to avoid being stung by potential shortages has lifted Brits’ confidence. Shoppers are ready to pounce on big ticket purchases at Black Friday and over the festive period, research by GfK has found. Intention to splurge on expensive products jumped seven percentage points over the last month, climbing [...]
Soaring inflation and tax hikes to squeeze UK economy November 18, 2021 TAX hikes, soaring inflation and an end to pandemic-related government support is souring the UK economy’s prospects, according to City analysts. Brits’ spending power will be eroded by the intensifying cost of living crisis, restricting their ability to splash the cash and drive the economy, analysts at Deutsche Bank warned today. Inflation is accelerating at [...]