No-deal Brexit could cause ‘full-blown’ recession in 2020 July 18, 2019 A no-deal Brexit could plunge Britain into a year-long recession and shrink the economy by two per cent next year, the UK’s public finances watchdog has warned. Britain may already be on the verge of a “full-blown” recession but crashing out of the European Union without a deal would damage growth further, the Office for [...]
MPs demand fresh Brexit analysis from Bank of England and Treasury July 18, 2019 The chair of an influential committee of MPs has called on the Bank of England and the Treasury to provide fresh analysis into the financial impact of different Brexit scenarios. Nicky Morgan, who heads up the Treasury Select Committee in Parliament, has asked Bank of England governor Mark Carney and Treasury permanent secretary Sir Tom [...]
FCA boss Andrew Bailey heckled by victims of financial scandals July 17, 2019 The head of Britain’s financial watchdog was heckled by aggrieved small-scale investors at a public meeting this afternoon, following a spate of corporate controversies that have cast a cloud over the body’s reputation in recent months. Andrew Bailey, the chief executive of the UK’s Financial Conduct Authority, faced a grilling from victims of several high-profile [...]
Arbuthnot profits rise as it targets growth after capital raising July 17, 2019 Arbuthnot Banking Group reported an uptick in profits during the first half of 2019, following a major capital-raising plan to achieve future growth. The historic private and commercial bank, which is listed on London’s Alternative Investment Market (Aim), reported pre-tax profits of £2.9m in the six months to 30 June, rising from £1.2m in the [...]
France joins US and UK in warning over Facebook’s libra July 17, 2019 France has joined the US and UK in saying strong regulations must be in place before Facebook goes ahead with creating its proposed libra digital currency. Read more: US senators grill top exec over Facebook’s libra cryptocurrency The warning came as G7 finance ministers converged on the French town of Chantilly for a two-day meeting [...]
Will the Bank of England raise or cut interest rates after UK inflation data? July 17, 2019 UK inflation has grown at an annual rate of two per cent for the second month in a row, official statistics confirmed today. Read more: UK inflation stays at Bank of England two per cent target The consumer price index (CPI) figure is bang on the Bank of England’s target. It thinks two per cent [...]
Real wages rise as UK inflation stays at two per cent July 17, 2019 The prices in UK shops rose by two per cent in the 12 months to the end of June, official figures have revealed, with clothing and food costs rising most rapidly in the last year. Read more: UK unemployment stays at 45-year low as wages tick up The two per cent consumer price index (CPI) [...]
Tulip tower: Developers will meet to consider appeal after Khan halts project July 16, 2019 Backers of the proposed Tulip tower will meet this week to consider an appeal against Sadiq Khan’s decision to reject their planning application, City A.M. understands. US-based developers the Tulip Project said they were “disappointed” the mayor stopped the project at the final hurdle. They maintained the tower would “generate immediate and longer-term socio-economic benefits [...]
Race begins for IMF top job as Christine Lagarde submits resignation July 16, 2019 Christine Lagarde will leave her post as managing director of the International Monetary Fund (IMF) on 12 September after she today formally submitted her resignation. Read more: IMF chief Christine Lagarde among surprise picks for top EU jobs Lagarde has been chosen to be the next head of the European Central Bank (ECB), and will [...]
UK unemployment stays at 45-year low as wages tick up July 16, 2019 Just 3.8 per cent of working age Britons were out of a job in the three months to the end of May, according to official figures released today, the lowest figure since the mid-1970s. Read more: UK economy ‘close to stagnation’ despite service sector growth High numbers of people in work caused employers to raise [...]