UK insurers have more work to do on environmental policies March 31, 2021 Insurers in the UK have more work to do on the environmental and social aspects of ESG, though they are global leaders in governance. The UK is underperforming many of its European peers on environmental processes and reporting across a number of areas, research by Big Four consultancy firm EY has found. EY carried out [...]
Hiring for bankers reaches three-year high March 31, 2021 Recruitment for bankers has hit a three-year high according to new data despite the double whammy of the pandemic and Brexit. Last month Britain’s top banks posted 1163 professional banking vacancies, according to research by Morgan McKinley and Vacancysoft, a 43.9 per cent rise on the same period last year. Overall vacancies in the sector [...]
Greensill: What is the David Cameron lobbying row all about? March 30, 2021 Labour is calling for an inquiry amid reports former Prime Minister David Cameron used his contacts to lobby for support for Greensill Capital through the government’s Covid Corporate Financing Facility. Business secretary Kwasi Kwarteng insists Cameron “did absolutely nothing wrong” in his dealings, adding that “everything was above board” with the former prime minister’s connection [...]
English football clubs turn to MetLife for £117.5m loan after baulking at Bank of England emergency funding conditions March 30, 2021 Championship football clubs have chosen to take a £117.5m loan from US insurer MetLife instead of the Bank of England’s emergency Covid-19 support scheme. The English Football League (EFL), which represents clubs in the second, third and fourth divisions, said it rejected the Bank of England loan due to the conditions imposed. Teams in the [...]
David Cameron ‘did nothing wrong’ in his dealings with Greensill, says Kwasi Kwarteng March 30, 2021 David Cameron “did absolutely nothing wrong” in his dealings with Greensill Capital, according to a senior government minister. Business Secretary Kwasi Kwarteng said “everything was above board” with the former prime minister’s connection to the financial services company which collapsed earlier this month. Speaking on Sky News this morning, Kwarteng said that, with Cameron having [...]
BoE calls on lenders to seek regulatory approval before relocating to EU March 29, 2021 The Bank of England is calling on lenders to seek its approval before relocating to the EU after concerns European regulators are demanding more to move than necessary. The central bank is concerned the European Central Bank’s requests are excessive, the Financial Times reported, and Governor Andrew Bailey has reportedly taken a personal interest in [...]
Bond investors and sustainability: is it all greenwash? March 29, 2021 With issuance of green, social and sustainability bonds expected to hit a record $650 billion this year, Schroders’ Head of Sustainable Credit Saida Eggerstedt tackles the topic of greenwashing. “We are in a boom era for borrowing linked to sustainability criteria,” according to Saida Eggerstedt, Schroders’ Head of Sustainable Credit. In 2020, the global issuance [...]
What 175 years of data tell us about house price affordability in the UK March 29, 2021 What we’ve learned from nearly 200 years of housing data – and is property really a better investment than a pension? We dug into the treasure trove that is the Bank of England’s Millennium of data resource to analyse the history of house prices. We found that the average house in the UK currently costs more than [...]
City Corporation launches consultation on a safer, greener Bank Junction March 29, 2021 The City of London Corporation has today (29 March) launched a public consultation on proposed improvements to Bank Junction, scheduled to coincide with the re-opening of the improved Bank station. Transport for London (TfL) has been upgrading and expanding Bank and Monument stations since April 2016, with works scheduled to be complete by late 2022. [...]
High Court rules LCF bondholders not eligible for compensation March 29, 2021 Bondholders who lost millions when London Capital & Finance collapsed two years ago will not be eligible for compensation, the High Court ruled today. The investment firm collapsed in 2019 leaving 11,6000 bondholders facing losses of up to £267m. The firm was regulated by the City regulator but the bonds were unregulated. The bondholders had [...]