Analysis: After the Silicon Valley Bank collapse, is it time for tighter liquidity rules? April 7, 2023 Experts have suggested that the global banking system needs tighter liquidity rules after the largest bank run in history felled Silicon Valley Bank (SVB) last month. The impact of mobile banking, new technologies and social media means it is easier than ever to move money around. More than $42bn flowed out of SVB in just [...]
A new tax year has started, here’s what you should be doing April 5, 2023 Savers have welcomed in a new tax year, starting Thursday 6 April. These include putting savings into tax free accounts such as Isas; the annual contributions limit for Isas will remain frozen in the 2023/24 tax year, from April 6, at £20,000. Sarah Coles, head of personal finance at financial services provider Hargreaves Lansdown, said: [...]
UK economy: Flat services sector could ease fears of more interest rate hikes although recession fears still loom April 5, 2023 The British services sector continued its recovery from recent woes as it expanded again in March, although more slowly than in February meaning recession still stalks the UK economy. The S&P Global/CIPS UK services PMI survey showed a reading of 52.9 last month, down from a score of 53.5 in February. Experts had forecast that [...]
From international trade to interest rates, macroeconomics is in yet another tail spin April 5, 2023 Last week, anti-Brexit campaigners started complaining about the minuscule economic benefit of joining the CPTPP, but almost no one shaking a fist knows a thing about microeconomics, writes Paul Ormerod
Bank needs to ‘see the job through’ on inflation, says Pill – but divisions remain April 4, 2023 The chief economist at the Bank of England, Huw Pill, has suggested that more work is needed to tame price rises because there is a danger of high inflation becoming embedded in the UK economy. “The onus remains on ensuring enough monetary tightening is delivered to ‘see the job through’ and sustainably return inflation to [...]
Gupta-linked bank Wyelands escapes £8.5m fine for series of failures April 4, 2023 The Bank of England has said it would have fined Sanjeev Gupta-connected bank Wyelands more than £8.5 million for a plethora of failures at the winding-down lender. Wyelands was far too exposed to just one client in the form of Gupta’s group of companies – which bought the bank in 2016 – the Bank of [...]
CBI: Business group postpones all external events after fresh sexual misconduct claims April 4, 2023 The Confederation of British Industry (CBI), one of the UK’s biggest business groups, has postponed all external events after fresh allegations over sexual misconduct. The group will postpone events including its annual dinner, which is regularly attended by the Chancellor and was due to host Bank of England governor Andrew Bailey this year. It had [...]
London fintech Clearbank triples revenues to £58m as firms flee to BOE-backed safety April 4, 2023 London fintech Clearbank has revealed its revenues tripled to £58m last year as financial firms rushed to the firm amid market turmoil and sharp rate hikes.
Nigel Lawson and the City: If you seek his monument, look around April 4, 2023 The modern City of London simply would not exist without the reforms driven through by the late Nigel Lawson
Let’s face it: Profiteering is feeding the inflation beast, not just pay rises April 4, 2023 Inflation is a pernicious beast that is plainly bad for people and businesses. It can ease governments’ debt burdens by (artificially) boosting tax revenues, but that can lead to severe bouts of price rises that, often, lead to societal decay. So it’s easy to see why policymakers in the UK are sweating over the rate [...]