Minister rules out UK Beis Department rebrand to cut out industrial strategy March 8, 2021 A government minister has said that industrial strategy will remain under the remit of Kwasi Kwarteng’s Department for Business Energy and Industrial Strategy (Beis), despite speculation the portfolio will be dropped by the Whitehall department. It was widely reported last week that Kwarteng, the business secretary, had axed the government’s Industrial Strategy Council and that [...]
Britons will not splurge Covid-19 savings on post-lockdown spending spree, says OBR March 8, 2021 Britons will not embark on a post-lockdown spending spree with funds saved during the Covid crisis, according to a senior member of the UK’s budgetary watchdog. The Office for Budget Responsibility’s (OBR) committee member Sir Charlie Bean told MPs today that of the £180bn in excess savings Britons have accumulated during Covid-19, only “a relatively [...]
This IWD, meet the women changing the booze industry March 8, 2021 The world of beer, wine and spirits has also been dominated during our lifetime by men, with phallocentric brands including Jack Daniels and Johnnie Walker aimed squarely at male drinkers. But it wasn’t always so – for thousands of years brewing was undertaken by women. And as we celebrate International Women’s Day (IWD), there are [...]
Financial Services Bill: Time to act March 8, 2021 Crypto AM Parliamentary Special, with Lord Holmes of Richmond MBE who calls for action on the Financial Services Bill.
BoE boss says Covid recession will have fewer long-term effects than previous UK downturns March 8, 2021 The Covid crisis will not have as many long-term economic effects in the UK as previous recessions, according to Bank of England governor Andrew Bailey. Bailey today said his diagnosis of the UK’s economic recovery prospects was “positive, but with large doses of cautionary realism”. The Office for Budget Responsibility (OBR) last week said it [...]
The Week Ahead: ITV, Rolls Royce, Morrison, ECB and UK GDP data March 8, 2021 It’s Monday morning. City A.M. looks ahead at what this week has in store. China Trade for February This morning – The Chinese economy finished 2020 on a strong note, its surplus hitting a record high in December. Exports rose by 18.1 per cent, slightly down from November’s 21.1 per cent but still better than expected, [...]
Ministers in talks over post-Brexit global services deal March 8, 2021 The government is said to be in talks to create a global trade agreement in services in an effort to boost the UK economy after Brexit. Senior ministers and City lobby groups have held discussions over a plan that would allow countries including Britain to export services such as banking, insurance and legal advice to [...]
Pound sterling falls back to near $1.38 on US jobs data surprise March 5, 2021 Pound Sterling rises tempered by strong US economic figures
Best of travel: Rampaging through Dartmoor in an Aston Martin March 5, 2021 To tide us over until we’re able to travel again, we’re republishing classic travel stories from our archives. Today we revisit Adam Hay-Nicholls’ tour through the rugged terrain of Dartmoor in an Aston Martin Vanquish. ••• It’s the tail-end of dusk in Devon and silence is broken. Thundering down the twisting A382 from Exeter to [...]
FCA calls formal end to all Libor rates at the end of the year March 5, 2021 The Financial Conduct Authority announced this morning a formal end to nearly all Libor rates at the end of this year, putting pressure on markets to complete their biggest change in decades. The so-called London Interbank Offered Rate, or Libor, will be replaced by rates compiled by central banks. The change comes after financial institutions [...]