Government’s analysis of Brexit no help to MPs, Treasury committee finds December 11, 2018 The government’s own analysis of Brexit is effectively meaningless as it doesn’t scrutinise the implications of the backstop or the most likely trade deal outcomes, according to MPs. The Treasury Select Committee claim analysis of the withdrawal agreement and political declaration secured by Theresa May last month should not be used by MPs to help [...]
Royal London chief executive to step down by the end of 2019 December 11, 2018 Life insurer Royal London’s chief executive Phil Loney is set to step down by the end of 2019, the company said today. Loney is standing down to concentrate on charity work in the international development sector and helping people with learning difficulties. He joined the insurance and pensions mutual in 2011 during which time it [...]
Wage growth reaches decade-high as UK jobs rate soars to record levels December 11, 2018 UK wages are now growing faster than any time since around the end of 2016, as workers received their biggest pay rise in a decade in the three months to October. Data published today by the Office for National Statistics (ONS) revealed average weekly earnings rose an annual 3.3 per cent in the three months to October, [...]
New mortgage commitments climb in third quarter of 2018 December 11, 2018 New mortgage commitments in the third quarter of 2018 were 4.7 per cent higher than last year, according to new statistics from the Bank of England. Meanwhile, the value of residential property mortgage loans jumped to £1,43bn in the third quarter, rising 3.2 per cent on the same period a year ago. The share of new lending [...]
Royal London to appoint Standard Life Aberdeen board member Kevin Parry as chairman December 10, 2018 Royal London will appoint Standard Life Aberdeen board member Kevin Parry as its chairman this week. The company is set to announce that Parry will replace former Bank of England deputy governor Rupert Pennant-Rea, who has been in the role for five years, Sky News reported. The appointment will see Parry step down from his role [...]
EU urged to provide clarity over clearing as patience wears thin ahead of Brexit December 10, 2018 UK clearing houses and industry groups are growing increasingly impatient with the EU over the future of trillions of pounds worth of derivative contracts after Brexit. Trade groups have written to the European Commission “urgently requesting” legal certainty that EU-based firms will still be able to use London clearing houses in the event of a [...]
Just Group soars on favourable new Bank capital rules December 10, 2018 Shares in pensions provider Just Group rose as much as 27 per cent this morning, following the release of the Bank of England’s final decision on equity release mortgages (ERMs), which the company welcomed as offering “greater clarity” for its future operations. Both Just and Barclays analysts said new rules released by the Bank’s Prudential [...]
UK house price growth slumps to six-year low December 7, 2018 UK house prices grew by their weakest rate in almost six years last month, according to figures released today. Boasting just 0.3 per cent growth in the three months to the end of November compared to the same period last year, house prices fell to their lowest growth since December 2012, according to Halifax. House [...]
Editor’s Notes: The Bank of England must protect its independence December 7, 2018 Former chair of the US Federal Reserve Janet Yellen once said “the principle that a central bank should be independent from the government is unassailable.” Donald Trump probably thinks unassailable means you can’t sell it, but even if he understood Yellan’s point he seems determined to ignore it. His broadsides against Fed policy are quite [...]
Bank of England slammed over secret Venezuelan gold summit December 6, 2018 The Bank of England (BoE) has come under fire following reports of a clandestine meeting with senior representatives of Venezuelan dictator Nicolas Maduro. The BoE is due to meet high-ranking Venezuelan officials in London tomorrow to discuss the return of gold worth $550m stored in the bank’s vaults, according to sources. Today it emerged MP [...]