New Chancellor Nadhim Zahawi in spat with Bank of England’s Andrew Bailey: ‘I’m just setting out my stall as prime minister!’ July 12, 2022 Chancellor Nadhim Zahawi insisted this morning it was appropriate for him to set out tax proposals during his Tory leadership race after criticism from Bank of England Governor Andrew Bailey. He told BBC Breakfast this a.m.: “I’m just setting out my stall as prime minister! And I have fully costed these pledges, and I’ll be [...]
Markets have bigger things to worry about than a change in Number 10 July 12, 2022 Markets tend to be one step ahead of everyone else. Investors are always trying to identify new risks and limit their exposure to events that hurt stock markets. That forward-looking ethos probably explains why they ignored the upheaval in Number 10 last week. Boris Johnson’s position has looked wobbly for a while. Investors priced in [...]
Rail union bosses who called for biggest train strike in 25 years take home £280,000 in pay and perks July 12, 2022 With the transport unions having voted on the ‘biggest rail strike in 25 years’, it has been revealed that two Aslef trade union bosses had a combined total remuneration of £281,601 in 2021. Aslef’s general secretary, Mick Whelan, took home £151,371 in total remuneration in 2021. While Aslef’s Assistant General Secretary, Simon Weller, received £130,230 in the same year, the TaxPayers’ Alliance said [...]
Doceo’s Weekly 360 – the week’s news and views in the words of the companies and the professionals July 11, 2022 A unique mandate Fourth Annual Report from fintech investor Augmentum Fintech (AUGM). Chairman Neil England wrote: “The Company’s portfolio of investments has again performed very well with an increase in Net Asset Value (NAV) per share after performance fee of 19.0%. However, the share price and total shareholder return do not reflect the strong performance [...]
Week ahead: City eyes new economy figures and Bank governor Bailey comments July 10, 2022 The City will turn its gaze to fresh GDP figures published this week for signs that the UK is already in the teeth of a recession in a busy week of data announcements. London’s premier FTSE 100 index shook off the turmoil in Downing Street to climb 0.38 per cent and finish the week at [...]
Solvency II reforms will not be a ‘free lunch’ for insurance sector, Bank of England says July 8, 2022 The Bank of England (BoE) has said its post-Brexit shakeup of the rules that govern the UK’s insurance industry will not be a “free lunch” for the sector, that puts policyholders at risk. In a speech on Friday, Sam Woods, chief executive of the BoE’s Prudential Regulation Authority (PRA) said policyholders must be protected as [...]
Savings rates still too low to tempt regular investors to move more money into cash July 8, 2022 Regular UK investors believe savings rates are still not high enough to tempt them to move more money into cash. Just 35% say they have put more of their investments into cash accounts since the Bank of England started hiking the base rate in December last year with five increases taking it from 0.1% to [...]
London markets ignore Johnson exit as banks lead FTSE 100 higher July 7, 2022 London markets today shrugged off prime minister Boris Johnson bowing to days of pressure and ministerial resignations and quitting office. The capital’s premier index jumped 1.14 per cent to 7,189.08 points, while the domestically-focused mid-cap FTSE 250 index, climbed 1.51 per cent to 18,875.53 points. Investors have been muted to the upheaval at Westminster over [...]
Fund managers call for FCA blockchain taskforce in plans for ‘Investment Fund 3.0’ July 7, 2022 The UK’s top investment body called on government and regulators to harness the benefit of cryptocurrencies and decentralised finance today, as it claimed the industry was on the cusp of a “major technological transformation”.
Finding opportunities in stagflationary times July 7, 2022 Slowing growth and rising inflation is a negative combination for both equity and bond markets. Nevertheless, there are opportunities emerging for global equity investors. This has been a challenging year for equities. Russia’s invasion of Ukraine has led to soaring energy and commodity prices, a global stock market slump and elevated volatility. Recession appears likely, [...]