Government launches search for new UKGI chair March 23, 2021 The Treasury has launched a search to replace the outgoing chair of UK Government Investments (UKGI), the Whitehall agency responsible for taxpayer investments. Headhunting firm Odgers Berndtson has kicked off a search to find Robert Swannell’s successor, Sky News reported, with the current UKGI head set to step down after seven years at the helm. [...]
Wall Street opens in the red ahead of Fed chair testimony March 23, 2021 Wall Street ticked into the red this morning as energy and travel stocks slipped, while investors awaited remarks from Federal Reserve chair Jerome Powell on the health of the US economy. Powell will join US Treasury secretary Janet Yellen to provide testimony to US politicians in Congress later today. He is expected to say that the [...]
David Cameron lobbied Bank of England to help failed Greensill Capital March 23, 2021 David Cameron lobbied the Bank of England to help bail out failed finance firm Greensill Capital where he worked as an adviser, it has been revealed. The central bank said the former Prime Minister contacted it on several occasions to try and relax the rules on the emergency Covid Corporate Financing Facility (CCFF) scheme, which [...]
Clean air and recycling dominate London’s top environmental awards March 22, 2021 Firms tackling air pollution and championing recycling have been recognised at the Clean City Awards, the capital’s environmental ‘Oscars’. The financial services sector triumphed, with the Bank of England and Investec PLC praised for their work in tackling environmental issues. The scheme, now in its 26th year, rewards City businesses leading the way in improving their [...]
Covid-19, a year on: The Corporation and the State March 22, 2021 In this series, City A.M. looks back at the last year of the pandemic and Covid restrictions and takes stock of its impact on industries and issues at the heart of British society. Read more: Read the full Covid-19, a year on series here. The state and the market have long been locked in a cautious dance. [...]
Treasury mulls slashing higher-rate tax relief on pensions contributions March 20, 2021 The Treasury is reportedly considering huge cuts to tax relief on pensions contributions amid the spiralling cost of measures brought in during the pandemic. On 23 March, which has been dubbed “tax day”, the Treasury will announce new consultations on proposed taxation reforms, which could include reforms to pension tax. When people pay into their [...]
Hybrid work: flexibility must be at the core of the future of work but not at the expense of culture March 19, 2021 Earlier this week, Bank of England governor Andrew Bailey predicted a “hybrid” model would come to shape the way we work, with employees splitting their time between the home and office. He doesn’t expect working practice to return to pre-Covid. Over the last few years, advances in technology had already made remote working a possibility, [...]
Panic reflation, oil plunge and Bitcoin-led chip shortage March 19, 2021 Market sentiment is mixed this Friday morning. The Powell boost did not last long on the US equities which returned to the reflation setup. Investors sold tech stocks aggressively, sending Nasdaq 3 per cent lower during Thursday’s trading session. The S&P500 shed 1.48 per cent, as Dow Jones (-0.46 per cent) remained somehow resilient to [...]
Winners of the 23rd Awards For Achievement announced! March 18, 2021 23rd Awards For Achievement– Winners announced Women in Banking and Finance today held its 23rd Annual Awards for Achievement, marking its 40th anniversary while celebrating the achievements of four individuals and a team for their work promoting diversity and gender equality in banking and finance. With Citi as headline sponsor, hosted by Kate Thornton, broadcaster [...]
FTSE 100 recovers after Bank of England holds interest rates March 18, 2021 London stocks recovered this afternoon after suffering a drop following the Bank of England’s decision to hold interest rates indicated the pace of Britain’s economic recovery from the Covid-19 pandemic. The BoE kept its stimulus programme unchanged this afternoon ahead of an expected recovery in Britain’s economy later this year, helped by the fast rollout [...]