Sajid Javid in ‘row’ with Boris Johnson over advisor sacking August 31, 2019 Chancellor Sajid Javid has “voiced his anger” to Boris Johnson after one of his special advisors was sacked. Sonia Khan was escorted from Downing Street on Thursday by police following a meeting with the Prime Minister’s aide Dominic Cummings concerning government leaks. Read more: BrexitBrexit preparation has cut productivity of UK business says Bank of [...]
No-deal Brexit could hit UK banks’ earnings by 25 per cent, says Citigroup August 30, 2019 US bank Citigroup has estimated that the UK leaving the European Union without a deal could cut UK banks’ earnings by as much as 25 per cent. A no-deal Brexit is likely to reduce revenue of high street lenders as economic growth slows and interest rates remain low, a note to clients from Citi analysts [...]
Brexit prep has cut productivity of UK business, says Bank of England August 30, 2019 The Brexit process has cut the productivity of UK companies by between two and five per cent, research by the Bank of England has found. Much of this drop since the vote to leave the European Union in 2016 is due to falls in businesses’ productivity as managers dedicate several hours per week to Brexit [...]
Mortgage approvals hit two-year high while consumer credit growth remains stagnant August 30, 2019 Mortgage approvals for July hit a two-year high according to official data released on Friday. The Bank of England data revealed that lenders approved 67,306 mortgages last month, up from 66,506 in June. Read more: Londoners pay highest UK house premium to live closer to a station The housing market has endured a slowdown since [...]
Facebook libra: Could regulators crush Mark Zuckerberg’s dream cryptocurrency? August 27, 2019 Mark Zuckerberg’s decision this summer to launch a digital currency – Facebook libra – sparked the interest and concern of regulators around the world. Watchdogs have warned that without tight regulations libra could be used for money laundering and financing terrorism. They have also raised concerns over the potential risks it poses to data protection [...]
UK weather warning: ‘Torrential’ thunderstorms to shatter London heatwave August 27, 2019 Londoners could be in for a shock after the scorching bank holiday heatwave, with the Met Office warning thunderstorms will hit the capital this afternoon. Forecasters have issued a yellow weather warning amid predictions of heavy showers and thunderstorms for the capital and further afield. Read more: What to do about staff skipping work for [...]
Notting Hill Carnival 2019: Police arrest 353 people at annual celebration August 27, 2019 The Metropolitan Police made 353 arrests at Notting Hill Carnival 2019 over the weekend as they warned that a small number of people “attempted to ruin the event” for other revellers. Notting Hill Carnival came to a conclusion yesterday after two days of celebrations in the capital. Read more: Notting Hill Carnival 2019: Everything you [...]
UK economy on course to stagnate in third quarter, says Bank of England governor August 24, 2019 Bank of England governor Mark Carney has said that the UK’s economy is on course to stagnate in the third quarter. He also said that underlying growth looked muted even with Brexit volatility stripped out. Read more: UK will remain ‘energetic partner’ on world stage after Brexit, says Boris Carney said Britain’s economy was “currently [...]
BoE advisor Huw van Steenis appointed UBS’s sustainable finance chief August 23, 2019 UBS has appointed Bank of England adviser and former investment banker Huw van Steenis to chair its new sustainable finance committee and take charge of investor relations. Read more: BoE’s Mark Carney cautiously welcomes Facebook’s new currency Libra Van Steenis was appointed as a senior adviser to BoE governor Mark Carney in May 2018, and [...]
HSBC urges peace amid Hong Kong clashes August 22, 2019 HSBC and Standard Chartered have weighed into the turmoil in Hong Kong today after calling for a peaceful resolution following several months of mass demonstrations. Both banking giants have taken out newspaper adverts in Hong Kong to urge an end to the violent clashes between police and protesters, which were sparked earlier this summer by [...]