Bank of England: ‘Progress’ made on Brexit but ‘material risks’ to UK financial system remain June 27, 2018 The Bank of England said today that “progress” has been made to prepare the UK financial sector for Brexit, but warns that “material risks” remain. In its latest financial stability report released today, the bank said that “progress has been made in the UK towards mitigating risks of disruption to the availability of financial services [...]
Funny thing about those inflation fears June 27, 2018 Inflation! A topic that is commonly on everyone’s mind. In February 2018, pundits shrieked rising wages meant that the world economy was overheating. Rising interest rates to come! Analysts blamed price fears for stocks’ decline. Yet one month later, when new data showed no inflation spike, no one cared. Weird! But typical of corrections. Volatility [...]
The Bank of England’s transatlantic flight bill is a mere drop in the ocean June 27, 2018 Eyebrows were raised more than a couple of times during yesterday’s lively grilling of Bank of England officials in Westminster. At one stage Conservative MP Charlie Elphicke quoted an old article from this publication and, contrasting its expectations with the Monetary Policy Committee’s own guidance on interest rates, observed: “It seems that City A.M. is [...]
Bank of England bosses criticised for £390,000 expenses bill June 26, 2018 The expenses bills run up by two of the Bank of England's top officials were today described as "staggering" by an MP. The Bank employs multiple members of its financial policy committee (FPC), which seeks to protect financial stability, who live in America. The central banking bigwigs have run up big expenses bills. Simon Clarke, [...]
Is gold still a safe haven? June 26, 2018 Can gold really act as a safe haven during political or financial crises? This issue has come into focus in 2018 because bullion has failed to deliver so far, even as world stock markets have struggled to reclaim January’s record highs, while tensions with Russia reached Cold War levels. The oil price has meanwhile jumped [...]
Alibaba founder Jack Ma hits out at Bitcoin amid launch of Ant Financial blockchain plan June 26, 2018 Billionaire business magnate Jack Ma has warned against speculating on the Bitcoin market after saying that the virtual currency could be a potential bubble. Ma, who is the founder of technology conglomerate Alibaba, made the remark yesterday as he launched his own “electronic wallet” which would make allow blockchain-based money transfers between Hong Kong and [...]
City hits back at European Banking Authority over Brexit warning June 25, 2018 Senior figures from the City of London today hit back at the European Banking Authority (EBA) after the regulator warned that lenders are not prepared for Brexit. The EBA today said that financial firms in the UK who provide services to clients in the rest of the EU were not adequately prepared for withdrawal, and [...]
We owe it to the next generation to show leadership June 22, 2018 The morning after I attended the Mansion House Banquet, my young daughter asked me what the meeting was about, and what did I think? I explained it was about the Lord Mayor of London hosting an annual dinner for bankers and merchants, and when lots of speeches are made, and where the Chancellor can make [...]
Last Week in the City: Markets Trumped by trade fears June 22, 2018 The week was dominated by trade war fears as Donald Trump said he would slap further tariffs on Chinese goods should there be any retaliatory measures. Despite this, Nasdaq hit a record high, although the Dow Jones Industrial Average erased all its gains in 2018 so far. The FTSE 100 fell 0.5% over the week [...]
Brexit vote two years on: seven charts that tell the story June 22, 2018 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 is scheduled to leave the EU at 23:00 UK time on 29 March [...]