Mark Carney: 150,000 firms not ready for no-deal Brexit June 21, 2019 Roughly 150,000 UK businesses are not ready to keep exporting to the EU in the event of a no-deal Brexit, Mark Carney has said. The Bank of England governor said the companies still did not have the necessary paperwork and while many had built up contingency stocks, these would only last “weeks”. Read more: BoE’s [...]
Climate protests get ugly as City waves goodbye to Hammond June 21, 2019 Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. [...]
BoE’s Mark Carney cautiously welcomes Facebook’s new currency Libra June 20, 2019 The Bank of England today said it will treat Facebook’s proposed cryptocurrency Libra with an “open mind”, and announced measures to prepare for the coming “payments revolution”. Read more: Facebook confirms launch of own cryptocurrency In a speech in the City’s Mansion House tonight, the Bank’s governor Mark Carney will praise Libra’s potential to “substantially [...]
Bank of England cuts growth forecast and holds interest rates as no-deal Brexit risk rises June 20, 2019 The Bank of England has decided to keep interest rates unchanged warning that the likelihood of no-deal Brexit was rising and global trade tensions were intensifying. The rate-setting committee, which raised rates to 0.75 per cent in August last year, unanimously voted to hold interest rates, it said today. Read more: Three reasons why the [...]
UK banks need ‘more support’ and tax cuts after being let down over Brexit June 20, 2019 UK banks need more support from government to promote a positive vision and cut taxes on the industry, UK Finance chairman Bob Wigley has said. The trade body chair said government failed to adequately support the finance industry in the Brexit negotiations and called for a new formal body to be set up. Read more: [...]
UK pay rises of 2.5 per cent falls below inflation rate June 20, 2019 UK pay rises stayed flat year on year at 2.5 per cent in the three months to May, according to industry data released today. Employers opted not to increase salary hikes despite rising inflation. Read more: UK unemployment stays at record lows In fact, 87 per cent of the 238 pay rises analysed by Xpert [...]
Facebook cryptocurrency libra could pose regulatory problems, Bank of England deputy governor warns June 20, 2019 Facebook’s plans to launch a new global cryptocurrency called Libra could raise regulatory issues, Bank of England deputy governor Sam Woods warned. “It does seem clear that something like this could be very important from a regulatory point of view,” Woods told a financial conference in Brussels. Read more: Is Facebook’s libra a step towards [...]
Three reasons why the Bank of England won’t raise interest rates June 19, 2019 The Bank of England should keep interest rates on hold tomorrow due to uncertainty over Brexit, global trade tensions, and recent weak UK data, City A.M.’s shadow monetary policy (MPC) has argued. Read more: UK inflation falls to Bank of England target Ongoing uncertainty over how Brexit will turn out, and the increasing chances of [...]
UK inflation rate hits Bank of England target: Will Carney raise rates? June 19, 2019 The UK’s Consumer Prices Index (CPI) inflation rate fell to two per cent in May, in line with the Bank of England’s target, the latest figures show. CPI inflation dropped to within the target range set by Bank boss Mark Carney from 2.1 per cent in April, the Office for National Statistics (ONS) said today. [...]
Facebook confirms launch of own cryptocurrency June 19, 2019 By Gary McFarlane from interactive investor. The social media giant announces its own cryptocurrency, called ‘Libra’ that aims to be ‘global money’. Facebook (NASDAQ:FB) has announced Libra coin, a cryptocurrency that aims to be global money and is set to launch in early 2020. A new app is joining the Facebook family called Calibra (https://calibra.com/), which will act as [...]