Helicopter money: large-scale cash handouts are no panacea for economies May 18, 2021 As the Indian variant threatens a third wave of coronavirus and government deficits reach new heights, the notion of so-called helicopter money has been touted as a panacea for Central Banks. Economists on payroll are falling over themselves to claim it is the ultimate weapon to boost economist growth and avoid deflation. Trouble is, it [...]
City investors dump hospitality stocks despite pubs welcoming customers back indoors May 17, 2021 England’s pubs welcomed customers back inside for the first time in months today, but investors in the City of London were less taken by the sector’s future. Worries about a possible spread of the Indian variant of Covid-19 made shareholders sell their pub stocks. Wetherspoon, Marston’s, City Pub Group and Fuller, Smith & Turner were [...]
Wall Street slips as banking stocks and stronger pound weigh on FTSE 100 May 17, 2021 Wall Street opened lower this afternoon, reversing a strong recovery late last week as investors turned their attention back to inflation worries. The Dow Jones slipped 0.02 per cent and the S&P 500 opened lower by 0.09 per cent, while the tech-heavy Nasdaq dropped 0.46 per cent at the opening bell. It came after London’s [...]
Sterling holds ground as Britain navigates its way out of lockdown May 17, 2021 Sterling held on to recent gains against the dollar today as Britain lifted several lockdown restrictions and took a big step towards reopening its economy. The pound has gained against the dollar for two weeks straight and consolidated near the $1.41 mark this morning. Cafes, bars and restaurants will reopen for indoor service today and [...]
Sanjeev Gupta pulls funding for troubled Wyelands Bank May 14, 2021 Sanjeev Gupta’s Wyelands Bank is set to be sold or would-up after its accounts revealed that repayments on 80 per cent of its loan book were overdue. The move, reported by The Times, came after the Bank of England ordered Wyelands to repay £194m to its retail depositors in March. The bank said yesterday that [...]
Downing Street hits out at EU ‘threat’ to City over financial services deal May 14, 2021 Britain has criticised the European Union after reports that France may halt negotiations on financial services following a row about fishing rights. French President Emmanuel Macron has been looking to pressure Britain into granting European fisherman access to European waters. Tensions were high a few weeks ago after a dispute over licences led to more [...]
Too late for UK-EU ‘fish for finance deal, say City of London Corporation May 13, 2021 It is too late for the UK to strike a “fish for finance deal” with Brussels to ensure the City gets renewed access to the EU, according to a top City of London Corporation official. Nick Collier, managing director of the City of London Corporation in Brussels, said at a Best for Britain event today [...]
David Cameron denies speaking to Lex Greensill about future job while Prime Minister May 13, 2021 David Cameron has denied he spoke with Lex Greensill about one day working for his supply chain finance firm while he was Prime Minister. Greensill, an Australian former investment banker, worked as an adviser in the Cabinet Office from 2011 while Cameron was Prime Minister. Cameron went on to work for now failed Greensill Capital [...]
BoE’s Bailey: Inflation pressure will not last May 13, 2021 Bank of England governor Andrew Bailey reckons factors pushing up inflation in the coming months will not persist, but nevertheless the Bank will keep a watchful eye on the situation. “So the really big question is: ‘Is [higher inflation] going to persist or not?’ Bailey said at an event with members of the public organised [...]
David Cameron says he was paid ‘generous amounts’ by failed Greensill Capital May 13, 2021 David Cameron has told MPs today that he was paid a “generous amount” by failed Greensill Capital and that he did not think the firm was in trouble when he lobbied a slew of ministers and officials on behalf of the firm. Cameron told Westminster’s Treasury Select Committee that his almost 60 emails, texts and [...]