Investec: Lloyds Banking Group will post a £2.3bn profit this week October 25, 2015 Lloyds Banking Group is expected to post a rise in quarterly profits on Wednesday, in its first set of results since chancellor George Osborne announced that retail investors would be able to buy shares of the bailed-out bank at a discount next year. Citing “modest revenue growth, lower costs and potentially no charge at all for [...]
Business groups warn that UK gender pay gap can’t be eradicated with “box-ticking” October 25, 2015 The government has announced new requirements for big businesses aimed at getting rid of the gender pay gap “in a generation”. Under new rules set out by Prime Minister David Cameron and equalities minister Nicky Morgan yesterday, large employers will now be required to publish information about bonuses paid to men and women as part [...]
UK GDP Q3 2015: Economists say growth could slip to 0.5pc and manufacturing and construction are to blame for slowdown October 25, 2015 Growth figures out this week are expected to show that the UK economy is slowing down due to weaker construction and manufacturing output. Economists say gross domestic product (GDP) increased by either 0.5 per cent or 0.6 per cent in the third quarter, compared to 0.7 per cent in the second quarter. The first quarter [...]
EU referendum: Prime Minister David Cameron says no second vote October 25, 2015 Prime Minister David Cameron has dismissed suggestions that a “leave” vote in the European Union referendum could lead to a second vote, with Downing Street aides saying that another referendum is not in the cards. One senior aide was quoted over the weekend saying: “The Prime Minister is clear that is simply not going to happen. [...]
China state visit: Xi Jingping visits Manchester City Football academy and announces new flights October 23, 2015 Chinese President Xi Jingping will wrap up his four-day state visit to Britain in Manchester today, where he and Prime Minister David Cameron will announce more business deals, including new direct flights from Manchester Airport to China. The UK government estimates the new flight path will add £50m to Manchester’s economy. Other partnerships set to [...]
Industry groups split over new report from CMA on retail banking sector October 22, 2015 Multiple industry groups have hit out at the Competition and Markets Authority (CMA)’s provisional recommendations for the retail banking sector, saying “more needs to be done”. British Chambers of Commerce (BCC) director general John Longworth said businesses will be “disappointed” with the CMA’s proposals, accusing the competition watchdog of “effectively endorsing a status quo that [...]
Challengers say CMA retail banks review does not go far enough October 22, 2015 Bosses at Britain’s smaller challenger banks are questioning the Competition and Markets Authority (CMA), saying that watchdog’s latest report “does not go anywhere near far enough” in boosting competitiveness in the retail banking sector. TSB chief executive Paul Pester said the CMA’s provisional findings, first published this morning, were a “solid first start” but there [...]
Andrew Tyrie slams CMA over free banking “con trick” October 22, 2015 A leading Tory MP has slammed the new Competition and Markets Authority (CMA) report on retail banking, saying its conclusions are “going to take a lot of justifying”. Andrew Tyrie, who chairs the Treasury Select Committee, said free-if-in-credit (FIIC) accounts are a “con trick” and it was “disappointing” that the CMA decided not to end [...]
HSBC is mulling moving its headquarters to America rather than Asia October 22, 2015 Britain's biggest bank is considering moving its headquarters to the United States, rather than Hong Kong, it has been revealed. HSBC first announced in April that it was reviewing whether to relocate from London, when the bank’s chairman Douglas Flint told shareholders at the annual meeting that the bank’s board had “asked management to commence work [...]
Shadow chancellor John McDonnell welcomes CMA report despite no big bank break-up October 22, 2015 In a surprising move, chancellor John McDonnell said he “welcomed” the Competition and Markets Authority (CMA) report today, despite the CMA’s decision to rule out forcing the break-up of banks. Former Labour leader Ed Miliband had pushed for a total restructuring of the banking sector, pledging in 2014 to break up the biggest British banks in [...]
