Shawbrook results: Challenger bank says profits jumped 68 per cent thanks to more SME demand for loans November 5, 2015 Shares in challenger bank Shawbrook jumped today after the bank said that its profits are soaring thanks to growing demand from small and medium-sized businesses for loans. Shawbrook, which was founded in 2011 and made its debut on the London Stock Exchange earlier this year, said that its underlying profit rose by 68 per cent during [...]
British Chambers of Commerce: “lazy assumptions” guide MPs’ decisions November 5, 2015 A leading business group has launched an attack on prevailing wisdom in Westminster, saying that “lazy assumptions” guide government decision-making. In a new report out today, the British Chambers of Commerce (BCC) questions popular conceptions about the role of public debt, productivity, education spending, infrastructure projects, trade policies and other business-focused initiatives, saying there is [...]
Resolution Foundation: Treasury could stop tax credit cuts and still run surplus November 5, 2015 The Treasury could reverse plans to cut tax credits and still meet its goal of eliminating the deficit, according to a new report out today from the Resolution Foundation. The report suggests five policy changes that would raise significant revenue for the government, including slowing the rate of increase in the personal allowance by tying [...]
Sinai plane crash: British government grounds all flights to and from Sharm el-Sheikh November 4, 2015 The British government has grounded all flights from Sharm el-Sheikh to the UK, blaming security concerns following the crash of Metrojet flight 9251 to St Petersburg on Saturday. Prime Minister David Cameron chaired a COBR meeting last night, where ministers agreed to temporarily suspend flights to and from Sharm, to work urgently with airlines and the Egyptian authorities to [...]
OneSavings Bank results: challenger bank reports a rise in its loan book November 4, 2015 Challenger OneSavings Bank reported a rise in its loan book for the first three quarters today, saying it continued to expect full-year growth to be a “few percentage points ahead” of the 29 per cent growth delivered last year. The specialist lending and retail savings bank first listed on the London Stock Exchange last year. The [...]
Andrew Tyrie criticises CMA retail banking review November 4, 2015 The chairman of an influential parliamentary committee has sharply criticised the Competition and Markets Authority (CMA) over its retail banking probe, accusing the competition watchdog of "downplay[ing] the problems created by free-in-credit banking". “The public have concluded that they have been ripped off by banks for years, and there is a good deal of evidence [...]
EU referendum: Morgan Stanley and Citi UK bosses issue stark warnings over Brexit November 4, 2015 The City could face severe backlash in the event of a so-called Brexit, senior investment bankers at Morgan Stanley and Citi have warned. “If Britain were to leave Europe you would see a significant backlash against London as a financial centre,” Morgan Stanley International chief executive Colm Kelleher said yesterday. Citi’s UK country officer James [...]
TalkTalk hack: Dido Harding and other execs could face grilling from MPs November 4, 2015 Executives at telecoms giant TalkTalk could face a grilling from MPs later this month as part of an influential parliamentary committee's investigation into the company's latest data breach. MPs on the Culture, Media and Sport committee announced this morning that they are launching an inquiry into the "circumstances surrounding" the recent cyber-attack on Talk Talk's website. The committee [...]
London mayoral election 2016: Labour candidate Sadiq Khan says he would reconsider City Airport November 4, 2015 Labour mayoral candidate Sadiq Khan has suggested that he would reverse Boris Johnson’s decision to block expansion at London City Airport, saying today that as mayor he would “reconsider” plans to enlarge the East London airport. Khan, a former transport minister, said that if elected he would “look again” at the decision “in detail”. “City [...]
Standard Chartered results: Investors are backing Bill Winters while analysts raise red flags November 3, 2015 Standard Chartered may have posted another “disappointing” set of results, but the Asia-focused bank’s biggest investors are enthusiastically backing new chief executive Bill Winters. Winters announced earlier today that he planned to axe 15,000 jobs and raise $5.1bn (£3.3bn) in capital, as the bank posted an operating loss of $139m in the third quarter. Revenue had [...]
