Major UK banks pass ‘worst case scenario’ no-deal Brexit stress tests November 28, 2018 All of the UK’s major banks passed a beefed-up stress test as the Bank of England heralded the resilience of the UK financial system, it was revealed today. The seven banks – Nationwide, Santander UK, HSBC, Standard Chartered, Lloyds, Barclays, and RBS – had three and half times the capital ratio than before the global [...]
No-deal Brexit could result in eight per cent hit to UK economy, warns Bank of England November 28, 2018 A no-deal Brexit could cause the UK economy to fall eight per cent in a single year, the Bank of England warned today, leading to crashing house prices and surging unemployment. However, in a boost for the Prime Minister, the Bank said her withdrawal agreement and a close economic relationship with the EU could boost GDP by [...]
UK braces itself for a battering from Storm Diana as winds approach 70mph November 28, 2018 Brits are set to endure a downpour and buffeting winds as Storm Diana hits the UK today. The Met Office issued yellow weather warnings for western part of the UK this morning, with delays expected to public transport and routes carrying large vehicles from gales of up to 70mph. Severe rainfall will affect other parts [...]
Hammond: Prime Minister’s Brexit deal minimises economic costs November 28, 2018 Chancellor Philip Hammond defended the Prime Minister’s Brexit deal this morning, claiming it comes at a very small economic cost. Hammond also warned that a no-deal Brexit would be far more expensive than the withdrawal agreement negotiated by Theresa May. May’s deal faces a crucial vote in parliament on 11 December, and Hammond warned the [...]
Watchdog warns Experian-Clearscore merger would stifle competition November 28, 2018 Experian’s merger with credit score rival Clearscore could harm competition in the credit checking sector, a watchdog warned today. The proposed tie-up would “stifle product development”, hurting people trying to make sense of their finances, according to the Competition and Markets Authority (CMA). “Our investigation has shown that this is a fast-paced and evolving market, [...]
Ofcom reveals price cap for 118 directory enquiry service calls after charges hit £20 for a 90-second call November 28, 2018 Ofcom revealed plans today to cap the price of directory enquiry calls to protect consumers from high prices. The regulator said some services charge almost £20 for a 90-second phone call, while the popular 118 118 service charges £11.23 for a call of that duration. The telecoms watchdog will cap prices for 118 services at [...]
British academic Matthew Hedges lands back in London after seven-month detention in UAE November 27, 2018 Matthew Hedges, the British academic freed by the United Arab Emirates (UAE) yesterday after being sentenced to 25 years in jail as a spy, landed back in London this morning. The 31-year-old PhD student thanked the Foreign Office and the British embassy for securing his release, and thanked his wife, Daniela Tejada, who has spent [...]
Broker AJ Bell’s IPO could give it a £675m market cap November 27, 2018 Investment platform AJ Bell’s upcoming stock market debut could value the firm at up to £675m, it revealed today. The company announced a price range between £1.54 and £1.66 per ordinary share this morning, putting its initial public offering (IPO) value at between £626m and £675m, far higher than previous estimates of £500m. Chief executive [...]
Theresa May challenges Corbyn to Brexit TV debate on eve of parliament’s vote November 27, 2018 Theresa May has thrown down the gauntlet to her Labour rival over Brexit, challenging Jeremy Corbyn to a televised debate. The Prime Minister claimed the Labour leader hasn’t got a plan for Brexit, despite criticising the deal she is trying to win support for ahead of a crucial parliamentary vote next month. “I am willing [...]
Why the EU’s approval of May’s Brexit deal failed to give sterling a boost November 26, 2018 Sterling failed to get a significant boost from the EU rubber-stamping the Prime Minister’s draft Brexit deal over the weekend, with markets awaiting the outcome of a crucial parliamentary vote next month. While EU leaders voted in favour of Theresa May’s Brexit agreement despite the threat of a Spanish veto over the future of Gibraltar, [...]
