Sizing up Whitehall: a Labour reshuffle must focus on potential ministers July 3, 2023 In his next reshuffle, Keir Starmer must choose where to position his allies keeping in mind they might become his Cabinet if Labour wins the next elections, writes Eliot Wilson
Insurers back Bank of England Brexit Solvency II reforms and new investment push June 30, 2023 Insurers welcomed proposals released yesterday detailing potential post-Brexit reforms to the EU’s Solvency II regime. The EU’s Solvency II regime imposed rules on how much capital insurers had to hold and where it could be invested. Plans to reform the regime were announced last year and are designed to unlock billions in capital from the [...]
FCA moves fast to let firms provide mortgage breathing space June 30, 2023 The City regulator says it has moved quickly to make rulebook changes, to help give households some relief from rising mortgage rates. The Financial Conduct Authority (FCA) said lenders should make the options available to borrowers clear and accessible. Sheldon Mills, executive director for consumers and competition at the FCA, urged homeowners who are struggling [...]
House price growth faces ‘significant drag’ from rate rises but London remains ‘buoyant’ June 30, 2023 House price growth may face “significant drag” from high interest rates as fresh figures show they remained relatively stable in June despite yearly growth being negative. The latest Nationwide House Price Index show house prices remained broadly flat in June, but down 2.5 per cent compared to last year, owing in part to 13 successive [...]
British businesses most optimistic in over a year but London firms sweat over inflation June 30, 2023 British business optimism has climbed to its highest level in over a year despite consumers retreating in response to rising prices and the Bank of England’s aggressive interest rate rises, a survey out today reveals. UK business confidence climbed nine points to 37 per cent in June, taking it up to its highest level since [...]
FTSE 100 close: Interest rate jitters drag down Persimmon and Taylor Wimpey June 29, 2023 London’s FTSE 100 slipped today as investors fretted over central banks keeping interest rates higher for longer. The capital’s premier index dropped 0.38 per cent to 7,471.68 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, fell 0.77 per cent to 18,270.73 points. Losses in [...]
HSBC lifts savings rates after government pressure June 29, 2023 HSBC UK and First Direct have unveiled plans to boost savings rates. Customers with HSBC UK accounts will see some savings interest rates increase from Friday 30 June, alongside a change to increase the higher-paying tier on the bank’s online bonus saver account. Those with an online bonus saver will be able to earn four [...]
How to revive the City? Embrace the ‘Bazball’ spirit, says Lloyd’s of London chair June 29, 2023 The City of London needs to follow the lead of the England cricket team and start playing Bazball, the chair of Lloyds of London said today.
What we were able to change with the Financial Services and Markets Bill – part three June 29, 2023 Part three: Lord Holmes addresses his proposals on artificial intelligence that were not accepted by the Government.
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]