The fight for the City: Can Labour challenge the orthodoxy of a pro-business Conservative Party March 26, 2021 Free market purists dismiss it as “woke capitalism”. But could a thriving concern in the City for the health of the planet and for social justice pose an opportunity for the Labour Party? The Square Mile is traditionally caricatured as Tory territory – never an entirely accurate assumption, given its young, multicultural workforce with a [...]
BoE: ‘No interest’ in lowering capital requirements for insurers post-Brexit March 16, 2021 The review into Britain’s financial rules post-Brexit will not lead to any “radical departure” or a reduction in capital requirements, the Bank of England (BoE) said today. Brexit has prompted the government to look at insurance capital rules inherited from the EU, with hopes it could lead to fewer requirements. The bank’s Deputy Governor Sam [...]
Nightingale Hospitals were meant to save us, but the £500m idea was dead on arrival March 10, 2021 NHS England announced yesterday that four out of seven Nightingale Hospitals will shut permanently from next month as coronavirus cases and hospitalisations continue to decline. The remaining three, including the site at London’s Excel Centre, will remain open as vaccination centres. The temporary hospitals were swiftly erected in just two weeks last March to deal [...]
Nightclubs blast ‘ridiculous’ Budget amid summer festival warning March 3, 2021 UK nightclubs have hit back at a “ridiculous” lack of support for the sector in today’s Budget amid warnings that time is running out to save this summer’s music festivals. The Night Time Industries Association (NTIA) said chancellor Rishi Sunak had failed to recognise the specific challenges faced by clubs, bars and casinos, many of [...]
Budget 2021: As it happened March 3, 2021 Live updates and links to all our coverage, reactions and analyses as the Chancellor of the Exchequer delivers the government’s Budget later today – at 12.30pm. Please also visit our dedicated Budget 2021 Hub. Wrap-up of the main Budget announcements Here’s a wrap-up of the main announcements made by the chancellor in his spring Budget: [...]
Post-Brexit regulatory changes for the City could free up £95bn, says study February 23, 2021 The UK could free up £95bn for City insurance firms to reinvestment into the economy if the Treasury waters down the EU’s Solvency II regulations post-Brexit, according to a new study. The Association of British Insurers report, researched by accounting firm KPMG, recommends easing the cap on how much capital insurance firms must hold at [...]
BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]
Hotel quarantine to cost £1,750 per person with flouters facing 10 years in jail February 9, 2021 All passengers returning to the UK and Ireland from “red list” countries from Monday must quarantine at a hotel for 10 days at a cost of £1,750 per person, the health secretary has announced. “Any returning citizens will have to quarantine at an assigned hotel room for 10 days —or for longer if they test [...]
Insurance, disrupted: What does the start of 2021 tell us about the industry? January 29, 2021 We waited patiently for the new year. January was meant to be a fresh dawn, with many businesses embarking on transformation programmes to emerge stronger from the pandemic. But, looking at the economic and political events from this month, we see more disruption ahead. Particularly for insurance companies. Before founding OLIVER, I spent 15-years at Commercial [...]
Insurers need to capture the Covid-19 zeitgeist and go beyond expectations January 21, 2021 As a communications professional, you rarely want your client and the words “the Supreme Court” to appear in the same sentence. However, last week, the justices issued a 112-page judgement on the Financial Conduct Authority’s appeal asking for “clarification” on whether insurance companies were required to pay business interruption claims for companies which had been [...]