London airport expansion: 1922 Committee chairman Graham Brady hits out at government over runway delay February 29, 2016 A leading backbencher MP is set to slam the government today over its move to delay a decision to build another runway in London and the southeast. Graham Brady, the Conservative MP who chairs the influential 1922 Committee, is expected to table a so-called Early Day Motion criticising the government over its indecision and urging ministers to deliver a [...]
Budget 2016: Federation of Small Businesses, EEF, British Chambers of Commerce all warn over chancellor George Osborne’s onslaught of business taxes February 29, 2016 Britain's biggest business groups are today calling on chancellor George Osborne to stop increasing taxes on industry at next month's Budget. In its Budget submission out today, the EEF said that Osborne needs to signal to businesses that they will not be the "thin end of an ever-thickening wedge". The EEF, which represents manufacturers, said a "raft [...]
Confederation of British Industry (CBI) wants the government to “give teeth” to Lord Andrew Adonis’s National Infrastructure Commission so it can approve airport expansion and other major projects February 29, 2016 Britain's biggest business group is calling on the government to “give teeth” to a new body set up to oversee large-scale infrastructure projects, warning that the National Infrastructure Commission “cannot afford to be way-laid by politics”. In a new report out today, the Confederation of British Industry (CBI) sets out its recommendations for the commission, which [...]
Barclays results: British bank expected to sell off African operations and pay former chief executive Antony Jenkins a £500k performance bonus as it announces full-year results this week February 28, 2016 Barclays' new chief executive Jes Staley is expected to announce plans to sell off the lender's African business when the British bank reports full-year results for 2015 on Tuesday. It was widely reported over the weekend that Barclays' board decided last week that it made sense strategically for the British bank to exit the continent and refocus [...]
MPs on the Treasury Select Committee want to be able to reject chancellor George Osborne’s appointments to the Financial Conduct Authority (FCA) February 26, 2016 An influential parliamentary committee has called for MPs to be able to veto the appointment and dismissal of the chief executive of the City watchdog, among others. The Treasury Select Committee tabled an amendment to the Bank of England and Financial Services Bill today that would allow MPs to reject the hiring and firing of the [...]
EU referendum: City of London Corporation is one step closer to making the case for remaining in the EU despite member opposition February 25, 2016 The City of London Corporation has moved one step closer to campaigning for Britain to remain in the European Union, despite vocal opposition from many of its members. In a move that sparked outrage among eurosceptic City figures but was welcomed by the pro-EU campaign yesterday afternoon, members of the Corporation's policy and resources committee voted 17-3 [...]
Treasury Select Committee doubles down on concerns over Treasury sale of Northern Rock mortgages to US private equity firm Cerberus Capital February 25, 2016 An influential group of MPs have raised red flags over the sale of £13bn of former Northern Rock mortgages to a US private equity firm, saying the deal may not have delivered good value for taxpayers. In a letter today to Sir Amyas Morse, comptroller and auditor general at the National Audit Office (NAO), Andrew Tyrie, the [...]
High Court dismisses application from Mishcon de Reya over KPMG’s handling of Barclays’s mis-selling of interest rate swaps compensation scheme February 25, 2016 Britain's biggest banks narrowly avoided a major legal challenge today, when a High Court judge dismissed a case relating to the mis-selling of rate swap products. The case could have had far-reaching implications for a multi-billion pound scheme to compensate victims of mis-sold interest rate swaps. But the High Court today dismissed an application from Mishcon de Reya to look [...]
Challenger banks: Moody’s says smaller lenders are poised to compete with Britain’s big banks for a share of the UK mortgage market February 25, 2016 British challenger banks are poised to compete with larger lenders for a share of the mortgage market, Moody’s Investors Service has said. In a new report out today, Moody’s said challengers are likely to use securitisation to compete for a bigger share of the UK mortgage market. “Increasing competition in the mortgage market driven by [...]
EU referendum: Three in four property investors think Brexit would make the UK a worse place to invest in property according to new CBRE poll February 25, 2016 Nearly three in four property investors think Britain leaving the European Union would make the UK a worse place to invest in property, according to a major new report out today. Global property adviser CBRE found that investor sentiment has "hardened" against the UK leaving the EU in recent years, with 2016 showing a sharp drop in [...]
