Nearly three in four people say chancellor George Osborne is not up to the job of Prime Minister after Budget March 22, 2016 Nearly three in four people think chancellor George Osborne is not up to the job of Prime Minister, according to new YouGov figures out today. In just the latest post-Budget blow for the chancellor, YouGov found that only eight per cent of people think Osborne would be a good fit for replacing Prime Minister David Cameron. The proportion [...]
Moody’s: Conduct litigation charges for Lloyds, HSBC, Barclays, RBS and Santander UK rose 40 per cent to £15bn last year March 22, 2016 Legal fees and remediation costs for conduct issues will continue to pose downside risks for Britain's biggest banks, Moody's Investors Service is warning today. In a new report out this morning, the credit rating giant said conduct charges are on the rise – and will continue to constrain profitability at the UK's five largest lenders for years [...]
EU referendum: Moody’s says Brexit costs outweigh the benefits and warns of negative effect on UK Plc credit ratings March 22, 2016 A British exit from the European union would result in prolonged uncertainty and put downward pressure on British companies’ credit ratings, Moody’s Investors Service has warned. In two new reports out today, the credit rating giant said that the economic costs of a so-called Brexit would outweigh the potential benefits, with the UK leaving the [...]
30% Club founder Helena Morrissey warns plans to link bonuses to gender equality targets may backfire as Virgin Money boss Jayne-Anne Gadhia publishes women in finance review March 22, 2016 Proposals for bonuses to be tied to the number of senior women at financial institutions have been criticised by top City figures, who say the move threatens to deter women from working in the Square Mile. In a government-backed review out today, Virgin Money chief exec Jayne-Anne Gadhia recommends financial services firms “connect parts of [...]
London mayoral election 2016: Labour candidate Sadiq Khan and Conservative candidate Zac Goldsmith spar as official campaign kicks off March 21, 2016 The front-runners to replace Boris Johnson as mayor of London traded sharp words today, the first official day of the mayoral campaign. With just seven weeks to go until voters head to the polls, Labour candidate Sadiq Khan used a speech in Westminster to say he would be the “British Muslim who takes the fight [...]
Budget 2016: Small business confidence plummets in London as Federation of Small Businesses (FSB) bank on Budget boost March 18, 2016 Confidence among small businesses in Britain is at its lowest level since 2013, with sentiment deteriorating the most in London, according to a new survey out today. The London Small Business Index (LSBI), conducted by the Federation of Small Businesses (FSB), measured net confidence among London businesses at four for the first quarter, down significantly from a score [...]
UK challenger banks: OneSavings Bank, Aldermore, Shawbrook among the lenders seeing a bounce-back March 17, 2016 Challenger banks are bouncing back after months of share price weakness, with the markets rewarding smaller listed lenders for posting double-digit increases in profits, lending and customer numbers. The regulators have handed out licences to 15 new banks since 2013, and City A.M. understands around 10 more are seeking a licence this year. Recent years [...]
Budget 2016: Institute for Fiscal Studies (IFS) director Paul Johnson says chancellor George Osborne “really is running out wriggle room” March 17, 2016 Chancellor George Osborne will likely need to hike taxes or cut spending if he is to meet his self-imposed target of balancing the budget by the end of the decade, the director of the Institute for Fiscal Studies (IFS) has warned. Paul Johnson, who runs the influential think tank, said today that the chancellor has [...]
OneSavings Bank share price jumps 20 per cent after challenger bank reports 52 per cent rise in pre-tax profits March 17, 2016 Shares in the challenger OneSavings Bank closed up more than 20 per cent today after the bank reported a 52 per cent rise in full-year pretax profit, far exceeding analyst expectations. OneSavings, which specialises in residential mortgages and buy-to-let, as well as loans to small and medium-sized enterprises (SMEs), said loans and advances increased 31 per cent to £5.1bn in [...]
Arbuthnot Banking Group share price rises by more than four per cent after posting 52 per cent jump in profits as subsidiary Secure Trust Bank re-affirms interest in Williams & Glyn March 17, 2016 Shares in Arbuthnot Banking Group rose by more than four per cent this morning after the bank reported a 52 per cent rise in annual pretax profits, with performance boosted by growth in its private and retail banking businesses. Arbuthnot said pretax profit rose to £34.2m for the year ended 31 December, up from £22.5m the year [...]
