FCA chief Andrew Bailey says Woodford debacle a failure of rules not regulation June 25, 2019 Andrew Bailey, the head of Britain’s Financial Conduct Authority (FCA), said the dramatic suspension of Neil Woodford’s flagship fund was due to a failure of rules rather than of regulation. Read more: Hargreaves Lansdpwm execs to defer bonuses amid Woodford fund troubles Speaking in front of the Treasury Committee, Bailey said that Woodford was “using [...]
BMW to hit electric vehicles target two years early June 25, 2019 BMW is set to meet its target to create 25 electric vehicle models by 2025 two years ahead of schedule. The German car maker announced this morning it will reach the quota by 2023, with more than half of those models being fully-electric compared to hybrid or combustion engine. “We are moving up a gear [...]
City voices anger at John McDonnell’s ‘financial totalitarianism’ climate change plans June 25, 2019 Shadow chancellor John McDonnell sent shockwaves through the Square Mile last night amid warnings that his plans to tackle climate change could undermine the entire financial system. In a speech to trade body UK Finance, McDonnell promised a future Labour government would delist companies with poor green credentials from the London Stock Exchange. Read more: [...]
Large UK firms lagging behind on technology adoption, warn CBI and Oracle June 25, 2019 Large UK companies are adding to the country’s productivity crisis by failing to adopt new technologies which could boost their output, the Confederation of British Industry (CBI) and US computer firm Oracle have said. Read more: UK employers warn of mass job losses in digital revolution If just one in 100 business adopted a new [...]
Brexit three years on: markets and the economy in six charts June 24, 2019 On 23 June 2016, the UK public voted on whether or not to stay in the European Union (EU). Many expected the UK to remain in the EU, but by a majority of 52% to 48% the Leave campaign won. The UK was scheduled to leave the EU at 23:00 UK time on 29 March [...]
Consumer spending to outperform economy as a whole but challenges lie ahead June 24, 2019 Consumer spending is forecasted to outperform the economy as a whole in the next year, but growth in households’ real disposable income is set to slow down after a spike in 2018. The EY ITEM Club has predicted that consumer spending will rise 1.6 per cent in 2019 and 1.7 per cent in 2020, falling [...]
UK employers warn of mass job losses in digital revolution June 24, 2019 New technology and automation mean as many as 40 per cent of jobs are expected to change significantly or become redundant in the next five years, the Open University (OU) has said. Read more: Former City minister calls for action on skills shortages Nearly 90 per cent of organisations admit their staff lack digital skills, [...]
Tusk accuses UK of ‘wasting time’ amid Tory leadership race June 21, 2019 EU chief Donald Tusk has slammed the UK for “wasting” the extension to the Brexit deadline as the Conservative Party gears up for the final stage of the leadership race. Read more: EU ‘dreams’ of UK U-turn on Brexit decision, says Donald Tusk The European Council president said he was not happy with the situation [...]
Ex-Barclays boss John Varley cleared of Qatar fraud charges June 21, 2019 Former Barclays chief executive John Varley has been cleared of fraud charges related to Qatari cash injections that helped the bank avoid a state bailout in 2008. Judges at the Court of Appeal ruled that the Serious Fraud Office’s case against Varley was insufficient to proceed. Read more: Ex-Barclays boss says £322m Qatar payment ‘not [...]
Mark Field suspended after grabbing Mansion House protester by neck June 21, 2019 City MP Mark Field has been suspended as a minister after a video circulated that showed him grabbing a climate change protester by the neck. Police are investigating third-part reports of assault at the event at Mansion House last night. Greenpeace has accused the foreign officer minister of assaulting a female protester. Activists disrupted the [...]