DEBATE: Was Gordon Brown right to sell off the government’s gold reserves 20 years ago? May 8, 2019 Was Gordon Brown right to sell off the government’s gold reserves 20 years ago? Tim Focas, director of financial services for Westminster think tank Parliament Street, says YES. While Gordon Brown could have sold at a better price, for the vast majority of governments across established economies, there is no real point to holding gold. [...]
KPMG stung with £5m fine for Co-op Bank audit failures as breakup talks roll on May 8, 2019 KPMG has been hit with a £5m fine for misconduct relating to an audit of Co-op Bank. Audit partner Andrew Walker was also fined £125,000, with both “severely reprimanded” by the Financial Reporting Council (FRC). Read more: Watchdog slaps KPMG with £6m fine over insurance audit The Big Four audit giant and Walker admitted their [...]
Warm-weather pub trips boost tepid consumer spending growth in April May 8, 2019 Consumer spending growth slowed in April but was boosted by last month’s sunshine, resulting in double-digit growth in the amount spent at restaurants and pubs, according to the latest data from Barclaycard. Read more: Confidence hits new low but spending climbs amid sunny weather Overall consumer spending grew 2.5 per cent in April compared to [...]
Bank of England boss warns against weakening regulation post Brexit but suggests less rigid regime May 7, 2019 Weakening regulation after Brexit could lead to financial stability risks, the Bank of England’s deputy governor Sir Jon Cunliffe has warned. The Bank’s financial stability boss said the UK could be at risk if regulation was cut or if its financial services sector remained in the same structure as the EU but without a say [...]
Fix Brexit, unlock investment – and maybe we can all work a little less May 7, 2019 Did you enjoy your day off yesterday? Nice, wasn’t it, coming so soon after the extended Easter break? Plus there’s another bank holiday in just three weeks from now. Happy days. Square Mile workaholics aside, most of us would prefer to have a little more leisure and a little less time in the office – and [...]
‘Zombie firms’ dragging down UK economy, warns KPMG May 6, 2019 Increasing numbers of underperforming “zombie firms” are acting as a drag on the UK economy and raising the risk of contagion during an economic crisis, professional services firm KPMG has warned today. Read more: UK economy 'treading water' as services sector struggles Up to 14 per cent of listed UK companies showed zombie symptoms of [...]
Climate change protesters glue themselves to London City Hall May 3, 2019 Protesters have targeted London City Hall today in an alleged act of dissent against Sadiq Khan’s climate change policies. Read more: Climate change protesters target Bank of England rate-setters Conservative London Assembly member and local councillor Susan Hall tweeted an image of two people this morning, with their hands glued to the doors of the [...]
Pennies saved as Philip Hammond sets up committee to protect access to cash May 3, 2019 Cash machines will be protected by a new government-led committee, Philip Hammond will announce today as he unveils a new taskforce to safeguard access to physical money. The Treasury-led group will coordinate work across the country to ensure people can still get to their cash in an increasingly digital payment focused economy. The Chancellor will [...]
Bank of England upgrades UK growth forecast as household spending boosts economy May 2, 2019 The Bank of England once again voted to keep interest rates on hold today, as it painted a picture of an economy propped up by household spending as Brexit uncertainty continues. Read more: City A.M.'s shadow MPC votes to hold interest rates despite recent growth Threadneedle Street also upgraded Britain's 2019 economic growth forecast to 1.5 [...]
Climate change protesters target Bank of England MPC meeting May 2, 2019 Climate activists protested outside the Bank of England this morning calling for the institution to go green, ahead of the release of its inflation report this afternoon. Demonstrators from Positive Money and Fossil Free London urged the central bank to make its quantitative easing programme environmentally friendly by stopping asset purchases in high-carbon sectors and [...]