EU referendum: Brexit battle is brewing within City of London Corporation as members call for neutrality in run-up to EU referendum February 25, 2016 The referendum on Britain’s European Union membership is threatening to tear apart an historic City institution, as members of the City of London Corporation dispute whether the Corporation should back the remain or leave campaigns. In an open letter published on Monday in City A.M., more than a dozen City grandees urged the Corporation to [...]
Treasury to put former City banker in charge of selling off Lloyds Banking Group shares and Royal Bank of Scotland (RBS) shares February 24, 2016 Chancellor George Osborne is getting ready to put a former City banker in charge of selling off the government’s shares in Lloyds Banking Group and the Royal Bank of Scotland (RBS). City A.M. understands that Oliver Holbourn, head of capital markets at UK Financial Investments (UKFI) is in line to be named the new chief [...]
Bankers say it will take more than a decade for the banking industry to gain the public’s trust – new survey from Chartered Institute for Securities & Investment (CISI) February 24, 2016 British bankers have admitted they have long way to go before people start liking them again. According to a new survey out today from the Chartered Institute for Securities & Investment (CISI), half of British bankers say it will take more than a decade for the banking industry to gain the public's trust. Nearly one-third say [...]
London mayoral election 2016: Labour mayoral candidate Sadiq Khan publishes his own tax returns after Conservative rival Zac Goldsmith revealed his earlier this week February 24, 2016 Labour mayoral candidate Sadiq Khan has published his personal tax returns, after his Conservative rival Zac Goldsmith revealed his own tax records earlier this week. According to figures provided by Khan's campaign today, the MP for Tooting earned £61,401 as a member of parliament last year, and banked another £1,500 in media appearance fees. He [...]
PMQs today: Prime Minister David Cameron and Labour leader Jeremy Corbyn trade insults about each other’s mothers amid questions over NHS junior doctors February 24, 2016 Prime Minister's Questions (PMQs) descended into something resembling a schoolyard row this afternoon, with Prime Minister David Cameron and Labour leader Jeremy Corbyn swapping insults about each other's mothers. The arguing started when Corbyn pressed Cameron on the ongoing dispute between health secretary Jeremy Hunt and National Health Service (NHS) junior doctors. Corybyn said the government [...]
EU referendum: London firms say the Single Market is the capital’s biggest economic asset – Confederation of British Industry (CBI) and CBRE Group survey February 24, 2016 Nearly all of London's businesses say that access to the European Union’s Single Market is the capital's "single greatest strength", according to a new survey out today. The Confederation of British Industry (CBI) and CBRE polled 200 of the capital's business leaders, finding that three-quarters of businesses have customers – and almost two-thirds of firms have suppliers – in [...]
EU referendum: Scotiabank warns UK GDP growth could slow by up to 5 per cent after Brexit February 23, 2016 Another big bank has warned that leaving the European Union could lead to a major slowdown in British growth. Scotiabank joined the fray today by cautioning that UK GDP growth could slow by between 2 and 5 per cent in the one to two years after a so-called Brexit. But in a note to clients this [...]
Labour shadow business secretary Angela Eagle launches new business advisory council chaired by Uphold chief executive Anthony Watson February 23, 2016 Labour's shadow business secretary Angela Eagle has taken steps to repair her party's relationship with British businesses, by announcing today that she will convene a new group of business leaders to advise Labour politicians. Labour's Business and Enterprise Advisory Council will be chaired by Anthony Watson, who is the president and chief executive of Uphold, a cloud-based fintech firm. According [...]
Budget 2016: Former pensions minister Steve Webb and Royal London warn chancellor George Osborne that pensions changes would amount to “daylight robbery” February 23, 2016 Britain's largest mutual insurer has warned chancellor George Osborne could commit “daylight robbery” in next month’s Budget with major new changes to pensions. In a new report today, Royal London said a pensions ISA or a flat rate of pensions tax relief would hurt existing savers and discourage future saving. A pensions ISA, which was first [...]
London mayoral election 2016: Conservative candidate Zac Goldsmith earned more than £10m in the last five years, paid almost £700k in taxes last year alone February 22, 2016 Conservative mayoral candidate Zac Goldsmith has today published new details about his tax returns for the last five years, after facing tough questions on his previous "non dom" status. According to a letter released by Goldsmith's campaign from PwC (see below), Goldsmith paid £692,870 in income and capital gains taxes last year, and another £4,573.32 in National Insurance [...]
