UK GDP falls in Q1 but Sunak confident in recovery after March rebound May 12, 2021 Britain’s economy grew by a stronger-than-expected 2.1 per cent in March, picking up speed in what Chancellor Rishi Sunak expects to be a sharp economic comeback. The monthly growth beat economists’ predictions of a 1.3 per cent leap, the Office for National Statistics said this morning. “Despite a difficult start to this year, economic growth [...]
Brexit hit: City of London suffers £2.3 trillion derivatives loss in a single month May 11, 2021 The City of London suffered a loss of £2.3 trillion in a single month in its lucrative derivatives trading market, with Wall Street trading platforms the ones that benefitted. U.S. swap-execution facilities pulled in more trades across euros, pounds and dollars in March while London experienced an exodus compared to last July, while venues in [...]
Lex Greensill apologises for Greensill Capital collapse as he faces ‘fraudster’ allegations May 11, 2021 Lex Greensill has apologised for the collapse of Greensill Capital and has blamed it on the firm’s insurance provider Tokio Marine pulling its coverage in March this year. Speaking to a Westminster committee today, Greensill said that “I bear complete responsibility for the collapse of Greensill Capital”, while also apologising to its clients and the [...]
FCA launches formal probe into Greensill’s UK operations May 11, 2021 The City regulator has launched a formal investigation into the UK operations of collapsed supply chain firm Greensill Capital as part of wider global probes. The Financial Conduct Authority’s chief executive Nikhil Rathi gave the first confirmation the regulator is investigating Greensill seen it collapsed into administration in March. Greensill Capital was the brainchild of [...]
JP Morgan’s UK staff set to return to office from next month May 11, 2021 JP Morgan has told its UK staff that more of them will return to the office from next month as restrictions start to ease. The American bank told staff to prepare for a “consistent schedule” which combines both remote and office working but offices will operate at maximum 50 per cent of capacity, according to [...]
Extinction Refinancing: Banks are the next generation of climate activists withholding funding for carbon-heavy businesses May 11, 2021 Banks are unlikely to be the first group that comes to mind when thinking of climate activists. Although there is now immense and growing pressure on every area of the financial community to drive down emissions and lead the transition to a low-carbon economy, banks often seem to face the most scrutiny. A massive 92 [...]
‘Can I give you lunch?’ David Cameron sent more than 40 messages to ministers and officials to lobby for Greensill May 11, 2021 David Cameron complained that a decision to exclude failed Greensill Capital from a government bailout programme was “bonkers” and “nuts” in a spray of more than 40 texts and emails to ministers and officials, new documents today revealed. Evidence compiled by the Treasury Select Committee for an inquiry show Cameron messaged ministers, Treasury civil servants [...]
Zumo launches virtual Visa debit card May 11, 2021 Zumo, the Edinburgh-based crypto wallet, has today announced the launch of its Zumo virtual card in partnership with Modulr.
Natwest boss Alison Rose: I’m optimistic about this nation of SMEs May 11, 2021 The economic consequences of the pandemic have been severe, not least on the UK’s smallest businesses, but for Natwest boss Alison Rose it has shown just how resilient the country’s SMEs are. Rose, who was appointed chief executive towards the end of 2019, has spent the majority of her tenure tackling the impact of the [...]
Myth-Busting: Money printing must create inflation May 11, 2021 London ranks ninth on the UBS Global Real Estate Bubble Index for residential properties. Like in many other countries, property prices in the United Kingdom reached an all-time high in 2020. A global pandemic with sudden mass unemployment should have forced UK citizens to sell their homes, but the furlough policies, stamp duty holidays, and record-low interest rates [...]