New mobile challenger bank Starling Bank gets $70m investment as Pinsent Masons finds 38 per cent of Londoners would consider using payment apps January 11, 2016 A new British bank focused exclusively on current accounts has secured a $70m (£48m) investment from an American investor. Starling Bank, which applied to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) at the end of last year for a banking license, announced the latest funding round today. Commenting on his $70m [...]
Labour leader Jeremy Corbyn says he wants to impose local income taxes as shadow chancellor John McDonnell repeats commitment to restoring 50p top rate January 10, 2016 Labour leader Jeremy Corbyn has reportedly suggested imposing local income taxes, telling a private lunch in Westminster that he wants "genuine regional taxation powers" in England. Corbyn's apparent proposed levy would be on top of existing national income tax and council taxes. According to the Mail on Sunday, Corbyn has yet to specify how much tax regions [...]
Investec: Challenger banks including OneSavings Bank, Aldermore are undervalued as investors are spooked by worries over buy-to-let regulation January 7, 2016 Concerns over increased regulation of the buy-to-let residential property market have prompted investors to undervalue some of Britain’s leading challenger banks, analysts at Investec have claimed. In a new note out today, Investec analysts upgraded their recommendation on OneSavings Bank, a FTSE250-listed lender, from “hold” to “buy” off the back of recent share price fluctuations. [...]
Standard Chartered deputy chief executive Mike Rees steps down January 7, 2016 Standard Chartered deputy group chief executive Mike Rees will step down at the end of April, the bank announced tonight. Rees, who has worked for Standard Chartered for 26 years, will retire on 30 April 2016, stepping down from both his job as deputy group chief executive and his role on the board, the bank said in [...]
Prime Minister David Cameron says he will not rule out imposing a new tax on sugary drinks January 7, 2016 Prime Minister David Cameron has left the door open to putting a new tax on sugary drinks, telling reporters this afternoon that he would not be "in the business of ruling things out" when it comes to tackling obesity. At a press conference in Hungary, Cameron said that while he would like to avoid imposing any [...]
Labour leader Jeremy Corbyn meets with British Chambers of Commerce (BCC) and Confederation of British Industry (CBI) nearly four months after taking the reins of the Labour party January 7, 2016 Jeremy Corbyn is apparently launching a charm offensive to woo British businesses this week, meeting with executives at both the British Chambers of Commerce (BCC) and the Confederation of British Industry for the first time since being selected as Labour leader last September. A BCC spokesman confirmed to City A.M. that Corbyn met privately with BCC director [...]
EU referendum: BMW executives say they want the UK to stay in the EU as Prime Minister David Cameron continues tour of Germany and Hungary January 7, 2016 Bosses at the German car giant BMW warned against Britain leaving the European Union today, as Prime Minister David Cameron toured the car company's manufacturing plant in Munich. Ian Robertson, director of sales at the company, said BMW would "regret" seeing the UK leave the EU. "The UK has the most diverse car industry in [...]
Treasury select committee chairman Andrew Tyrie slams the government over ONS and OBR, saying UK statistics are “scarcely fit for purpose” January 7, 2016 A leading MP has slammed the government over its number-crunching, saying some of the UK's statistics are "scarcely fit for purpose". Andrew Tyrie, who chairs the Treasury select committee, said today that the UK has "fallen behind other countries" when it comes to compiling national statistics. "The ONS has fallen a long way short, lacking intellectual [...]
EU referendum: Barclays, HSBC bosses give evidence to MPs on Britain’s EU membership, say City would “thrive” after Brexit January 6, 2016 The City would retain its status as a global financial centre if British voters back leaving the European Union, a Barclays executive has claimed. Speaking to MPs on the Treasury select committee this afternoon, Mark Astaire, vice chair of the investment banking division at Barclays, said that while London has “thrived” within the European Union, [...]
London businesses performing well despite national slowdown according to new LCCI and CEBR survey January 6, 2016 London businesses are continuing to grow, but are increasingly cautious amid increasing concerns about the domestic and global economy, according to a new report out today from the London Chamber of Commerce and Industry (LCCI) and Centre for Economic and Business Research (CEBR). The report, which included responses from over 500 London business leaders, found [...]
