‘Legitimacy crisis’: Bank of England needs new policies and more transparency, says report October 22, 2019 The Bank of England needs major reform to maintain the public’s trust, including the creation of a credit policy and a new approach to choosing the next governor, research and campaign group Positive Money has said. Read more: Bank of England’s Mark Carney defends move not to publish governor shortlist However, some economists have pushed [...]
MPs demand parliament’s pension fund divests from fossil fuels October 22, 2019 Three hundred MPs are calling on the trustees of the £700m Parliamentary Pension Fund to end their investments in fossil fuel companies. The cross-party initiative has the support of the leaders of Labour, the Liberal Democrats and the SNP as well as senior Conservatives. It comes as the fund’s trustees are preparing to announce a [...]
Standard Chartered boss ‘to take pay cut’ after investor revolt October 21, 2019 The boss of Standard Chartered is reportedly planning to take a pay cut in an effort to pull the curtain down on one of the firm’s largest corporate fallouts in recent years. Chief executive Bill Winters is preparing to accept a voluntary cut in pay following a shareholder rebellion over the bank’s remuneration policy, according [...]
One in four UK households now predict the Bank of England to cut interest rates October 21, 2019 The number of households expecting the Bank of England (BoE) to cut interest rates has risen to its highest level since the Brexit referendum, survey data showed today, as Britons remain downbeat about their financial health over the coming months. Read more: Bank of England deputy suggests Brexit deal could see rates rise Households are [...]
UK firms urged to review reward schemes October 20, 2019 British companies should reconsider their use of long-term incentive plans in favour of restricted share awards, according to recommendations by a management think-tank. Long term incentive plans are designed to boost performance, however the system has faced criticism as the rewards are often not tied to a company’s share price. Read more: Berkeley Group faces [...]
Serious Fraud Office shut down Libor rigging investigation October 19, 2019 The Serious Fraud Office (SFO) has shut down an investigation into the rigging of Libor. Libor is the benchmark interest rate that tracks the cost of borrowing cash. The decision comes despite evidence implicating the Bank of England, the BBC reports. Read more: Regulators say firms must not wait to move away from Libor The [...]
Extinction Rebellion activist dressed as Boris Johnson scales Big Ben scaffolding October 18, 2019 An Extinction Rebellion protester has started free climbing up the scaffolding of Big Ben as the protests draw to a close today. The climber flew two Extinction Rebellion banners from the London landmark “to highlight government inaction on the climate and ecological emergency”. Read more: Extinction Rebellion protesters block Oxford Circus junction The climate change [...]
Three charts that show how MPs could vote on Brexit deal October 18, 2019 The House of Commons will sit on a Saturday tomorrow for the first time since the Falklands War, as MPs face a crunch vote on whether to back Boris Johnson’s Brexit deal. The Prime Minister may have got the deal past European Commission president Jean Claude Juncker, but his support in Parliament is on a [...]
Bank of England deputy suggests Brexit deal could see rates rise October 18, 2019 Deputy Bank of England governor Dave Ramsden has said he thinks gradually increasing interest rates could still be the right path if Britain achieves a smooth exit from the European Union. Read more: PM Johnson scrambles to save Brexit deal ahead of key Saturday vote Threadneedle Street has repeatedly struck a more hawkish tone than [...]
Can cryptocurrencies wean the world off the US dollar? October 17, 2019 There has been a huge shift in the global economy over the past 60 years. The US is still one of the biggest economic forces around the globe, but its influence on the world stage has waned as emerging economies have developed. The US accounted for as much of 40 per cent of the world’s gross [...]