Philip Hammond unveils string of measures to bolster growing fintech industry | City A.M. March 22, 2018 Philip Hammond has unveiled a new fintech strategy as the government looks to bolster the growing sector ahead of Brexit. The chancellor this morning unveiled a string of measures, including a move towards automating regulatory compliance which he said would help by “reducing costs for financial services firms and removing a key barrier for fintechs”. [...]
Shadow MPC: The Bank of England should hold interest rates amid hesitantly positive economic data March 22, 2018 Interest rates are widely expected to be kept at their current 0.5 per cent level today, as the Bank of England (BoE)’s monetary policy committee (MPC) meets to deliver its verdict. In the second MPC rate review of this year, due to be announced at midday, the BoE’s policy makers are likely to credit only [...]
A sensible way to play the robotics megatrend March 21, 2018 In the next few decades, chief executives of major global corporations could all become redundant. They will be replaced by robots with highly-developed artificial intelligence, because machines are quicker, more rational and do not get bogged down with silly human emotions. That’s according to Jack Ma, the founder of Chinese internet behemoth Alibaba. Of course, [...]
Small respite for household finances won’t last long March 21, 2018 The fall in Consumer Price Inflation (CPI) in February took a few people by surprise given it had hovered around 3 per cent since November. While a drop had been expected, CPI had not been expected to fall by as much as 0.3 per cent which in economic terms is substantial. While CPI remains above [...]
Pound sterling (GBP) jumps as UK wage growth accelerates though UK unemployment rises again March 21, 2018 Sterling jumped this morning after new figures from the Office for National Statistics said basic wage growth had accelerated. UK unemployment rose by 24,000 to 1.45m in the three months to January, according to the ONS. The rate of unemployment fell from 4.4 per cent to 4.3 per cent, however, while basic wage growth accelerated [...]
Relaxing our misguided drug laws would save lives, money, and London’s nightlife March 20, 2018 The first time I came to London, I was shocked at how the city failed to come alive at night. Sure, it had restaurants, gigs and plays, but those are evening activities. After-hours events, nights out where you didn’t break the bank trying to get home, not so much. We’ve only recently opened up the [...]
The lessons of the financial crisis have not been learned March 19, 2018 Last week, the Financial Conduct Authority (FCA) warned that household debt levels are very close to their 2008 peak and, more worryingly, that many households have borrowed so much that they may be out of their depth. "There are a significant number of households that are in so deep that the slightest sign of rough [...]
Transition agreed: Business groups welcome “milestone” in Brexit talks March 19, 2018 Business groups have praised today’s “milestone” Brexit announcement that the UK and EU have struck a transition deal – but urged negotiators to get urgently stuck into the detail of the future trading relationship. Michel Barnier and David Davis today revealed that a deal had been struck ahead of Thursday’s European Council summit, where it [...]
Pound climbs as Michel Barnier confirms Brexit transition: UK will be able to negotiate trade deals in Single Market, Irish border “backstop” remains March 19, 2018 The UK and EU have agreed a “limited transition period” until 31 December 2020, Michel Barnier has confirmed as he welcomed a “decisive step forward” in Brexit talks. The UK will be able to negotiate and strike trade deals during the period, while also remaining a part of the Single Market and customs union, however [...]
UK fintech: Philip Hammond is launching a strategy for Britain’s fintech sector this week March 19, 2018 Chancellor Philip Hammond is set to launch a fintech strategy this week to bolster the industry in the UK. Hammond is expected to reveal the plan at an international conference on Thursday. According to The Sunday Times, he will say the Financial Services Trade and Investment Board has been asked to pick out two areas [...]