Switzerland offers 3,500 work permits for Brits post-Brexit November 25, 2020 The Swiss government has allocated up to 3,500 work permits to let employers recruit staff from the UK, which will no longer be covered by Swiss free-movement rules with the EU post-Brexit. Under the system 3,500 British citizens coming to Switzerland for the first time will be allowed to work in the country. “This ensures [...]
EU prepared for no-deal Brexit, says Ursula von der Leyen November 25, 2020 The European Commission cannot guarantee there will be a trade agreement with Britain, EU chief executive Ursula von Der Leyen has said, adding that the bloc is now prepared for a no-deal Brexit. “The next days are going to be decisive. The European Union is well prepared for a no-deal scenario,” von der Leyen told [...]
Virgin Money profit plummets as it takes £501m charge from coronavirus November 25, 2020 Virgin Money has reported a 77 per cent plummet in full-year pre-tax profits as the bank booked a £501m hit from the pandemic. The Clydesdale and Yorkshire Bank owner reported underlying annual pre-tax profits of £124m for the 12 months to 30 September 30 — a sharp from £539m last year. Virgin Money booked a [...]
Retirees to be hit by inflation change in Rishi Sunak spending review November 24, 2020 Rishi Sunak is set to cost investors £100bn by announcing a change to how pensions are calculated in tomorrow’s comprehensive spending review. The Telegraph reports that Sunak is considering linking pension rises to CPI instead of the retail price index, which would mean smaller yearly increases. The change would mean that 10m retirees will receive [...]
We need a British Development Bank to level-up the regions November 24, 2020 Tomorrow, chancellor Rishi Sunak will address the nation and announce the government’s National Infrastructure Strategy. While the focus has primarily been on what infrastructure investments and tax reforms might be on the horizon, there is an opportunity here to think bigger. What Britain needs is a new financing institution, like a British Development Bank, to [...]
City of London to spearhead taskforce to tackle lack of class diversity in finance November 24, 2020 The City of London and the government are today launching a joint taskforce to tackle the lack of class diversity in the UK’s financial services sector. The announcement comes as new research found that nine in ten senior roles in financial services are held by people from richer backgrounds. The report, by social equality advocates [...]
Bank of England investigating leak of QE extension decision November 23, 2020 The Bank of England believes there was a leak of its decision to increase its bond-buying program by £150bn ($200bn) earlier this month. Bank of England governor Andrew Bailey told Westminster’s Treasury Select Committee that the central bank was now investigating how the decision was leaked to The Sun. “What we have to assume is [...]
BoE governor Andrew Bailey: No-deal Brexit worse for UK economy than Covid November 23, 2020 A no-deal Brexit would leave worse long-term economic scarring than the coronavirus, according to Bank of England governor Andrew Bailey.
Global dividends start to make a tentative recovery November 23, 2020 With the impact of the pandemic still lingering, global dividends have dipped again this quarter although there are encouraging signs the worst is now over for investors. Payouts in the third quarter dipped fell by $55bn to $329.8bn, the lowest since 2016, according to Janus Henderson’s latest dividend tracker. The 11 per cent decline was [...]
Rishi Sunak set to raise taxes in spring to pay off Covid debt bill November 22, 2020 Rishi Sunak has signalled that he will raise taxes in the spring of next year to pay off the country’s Covid spending bill. The chancellor told the Sunday Times today that by spring the conutry must start “returning to sustainable public finances”, after spending more than £200bn on the Covid crisis. This year’s deficit is [...]