Bank of England to set targets for to prevent tech failures June 14, 2018 The Bank of England (BoE) has said it will set targets for banks and other financial companies to meet to prevent and manage cyber attacks or major IT failures. The Financial Policy Committee, the branch of the BoE that deals with systemic risks in the UK financial system, is developing guidelines to deal with operational [...]
Inflation holds steady in spite of rise in fuel prices June 13, 2018 Inflation held steady in May thanks to rising fuel prices, but falling price pressure in other parts of the basket used to measure inflation may give the Bank of England pause as it looks to hike interest rates. Consumer price index (CPI) inflation rose to an annual rate of 2.4 per cent in May, unchanged [...]
Stale wage growth should warn the Tories away from any new tax hikes June 13, 2018 As reliable as the chiming clock that wakes you for work each morning, the UK’s latest labour market figures sounded a familiar alarm yesterday. On the one hand, Britain’s so called jobs miracle showed no sign of fading. With 32.39m people in work – up nearly half a million from a year ago – the [...]
Higher oil prices to boost UK inflation with ECB and Federal Reserve in tightening mood June 10, 2018 Higher oil prices are expected to cause a rebound in UK inflation, adding to expectations that the Bank of England will carry out the rate hike it delayed in May in the coming months. Consumer price index inflation will bounce back in May to a yearly rate of 2.6 per cent in data published on [...]
RBS boss Ross McEwan is ‘confident’ the bank will pass stress tests and could have news on a dividend by August June 7, 2018 Royal Bank of Scotland (RBS)’s chief executive Ross McEwan has today given a strong hint that the bank will be able to resume paying dividends within just a few months. McEwan, who took the helm of the bailed-out bank in 2013, said at a conference organised by Goldman Sachs in Frankfurt today that he is [...]
Wages and domestic inflation pressure to rise says Bank of England boss June 7, 2018 Wages for British workers will rise further in the coming months, stoking inflationary pressures, a top Bank of England policymaker said today, in a sign the central bank still has its sights set on an interest rate hike. Sir Dave Ramsden, a member of the rate-setting monetary policy committee (MPC), said that he expects wage [...]
UK house prices edge up in May after April slump – Halifax June 7, 2018 The UK housing market remains subdued, however, house prices in the three months to May were 1.9 per cent higher than the same period a year earlier, according to survey by UK bank Halifax. On a monthly basis, prices rose by 1.5 per cent in May, partially reversing the 3.1 per cent decline in April. [...]
Samsung selling Commerzbank’s £425m London HQ near Bank of England June 5, 2018 Samsung Life Insurance, the South Korean investment manager, is selling the London headquarters of Germany’s Commerzbank for £425m. Samsung is being advised by DWS in the sale of the 400,000 square foot (sq ft) building at 30 Gresham Street, which sits not far from the Bank of England and overlooks the Guildhall. Originally constructed by [...]
Samsung selling Commerzbank’s £425m London HQ June 5, 2018 Samsung Life Insurance, the South Korean investment manager, is selling the London headquarters of Germany's Commerzbank for £425m. Samsung is being advised by DWS in the sale of the 400,000 square foot (sq ft) building at 30 Gresham Street, which sits not far from the Bank of England and overlooks the Guildhall. Originally constructed by [...]
Doubts grow over the UK’s preferred post-Brexit model for financial services June 4, 2018 The government's preferred post-Brexit trading model for the City remains uncertain amid growing concerns that Brussels is not prepared to compromise. Mutual recognition, the post-Brexit system heavily promoted by the financial services sector as well as Whitehall, has failed to win the support of EU chief negotiator Michel Barnier. One Square Mile source familiar with [...]