TSB belatedly starts new era after finally leaving Lloyds computer systems behind April 23, 2018 High street challenger bank TSB will belatedly start a new era today as it finally completes a computer migration from its former owner, Lloyds Banking Group. Services for customers were limited over the weekend as the changeover happened. Some functionality is not due to work properly until the end of April, according to TSB’s website [...]
The path to a post-Libor City: Bank of England takes control of substitute benchmark April 23, 2018 The City will today take its next step on the path to a post-Libor future as the Bank of England unveils reforms to the Sonia “risk-free” reference rate, although experts have warned of potential headaches ahead. The Bank of England will take over the running of Sonia, the Sterling Overnight Index Average, from tomorrow, with [...]
Philip Hammond says transition deal has ended fears of Brexit-inspired banker exodus April 21, 2018 Philip Hammond has said the UK and the EU’s agreement on a transition deal has ended fears of bankers flocking to the continent post-Brexit. Speaking at the International Monetary’s Fund’s (IMF) spring conference in Washington, the chancellor struck an optimistic note on the continuing attractiveness of the City of London’s financial sector even after Britain [...]
Melissa Morris wants to save the NHS one billion pounds a year | City A.M. April 20, 2018 Depending on who you ask, the UK’s National Health Service is one of two things. Either, it’s the pride of a nation and envy of the world, which must be protected at all costs. Or, it’s a bureaucratic relic, consistently lagging behind most comparable systems in terms of health outcome, desperate for reform. Since its [...]
Sterling improves as Bank of England hawk Saunders brushes aside Carney’s rate-hike hesitance April 20, 2018 Sterling began to climb from its early morning slide this afternoon, as a more hawkish Bank of England policymaker trampled on governor Mark Carney’s warnings that an interest rate hike might not be imminent. Michael Saunders, speaking at the University of Strathclyde in Glasgow, said he was sticking by his minority decision to raise interest [...]
Sterling continues to slide as May interest rate hike bets shrink after Carney’s hesitant comments April 20, 2018 Sterling has continued to slide against the dollar this morning, as Bank of England Governor Mark Carney dampened expectations yesterday of a May interest rate hike. The pound was on a largely downhill trajectory in early trading, hitting lows of $1.4036 from Monday’s post-Brexit referendum high of $1.4339. Investors were down on the currency after [...]
Customs union back in play as EU rejects UK government’s Irish border proposals April 20, 2018 The UK may have to remain in the customs union in some form, after EU officials rejected the UK’s proposal for avoiding a hard border in Ireland. According to The Telegraph, the government’s proposal suffered a “systematic and forensic annihilation” this week at a meeting between senior EU officials including Michel Barnier’s number two Sabine [...]
Sterling falls as Carney suggests that interest rates might not go up in May April 19, 2018 Bank of England boss Mark Carney has suggested that interest rates may not rise next month, leading sterling to fall against the euro and the dollar. The pound went down 0.75 per cent to €1.14 against the euro and $1.41 against the US dollar as markets reacted to the fact that interest rates might not [...]
Billy Bragg Bank of England lecture: City heavyweights flummoxed by popstar’s lecture April 19, 2018 Economists were left scratching their heads today as eighties popstar and left-wing activist Billy Bragg delivered a lecture at the Bank of England. Bragg took aim at the post-financial crash quantitative easing (QE) programme in a presentation entitled: The Struggle for Accountability in the Digital Age. “While [QE has] undoubtedly saved ordinary citizens from a [...]
Bank of England boss lowers Brexit job loss estimate as he strikes tone of optimism over financial services deal April 19, 2018 One of the Bank of England’s top officials has cut his forecast for the number of job losses the City will endure as a result of Brexit. Deputy governor Sam Woods reiterated his forecast that one-to-two per cent of bank and insurance jobs would move out of London, equivalent to around 5,000-10,000 people. But, speaking [...]