Boom time: Clear Bank founder Nick Ogden on his efforts to start a British banking revolution January 15, 2018 Even in the ancient world of City banking, 250 years is a long time. Yet that was how long the UK has had to wait for a new clearing bank until Nick Ogden launched Clear Bank out of the blue last year. A decades-long consolidation of clearing banks – which provide banking services to other [...]
Sterling rises above $1.38 for the first time since the Brexit vote January 15, 2018 Sterling has climbed above $1.38 for the first time since the Brexit vote this morning. The pound has been boosted by reports saying Spain and the Netherlands are seeking out a soft Brexit, combined with a relatively benign political climate in Westminster. Read more: HS2 “not at risk” after Carillion collapses, government says Meanwhile, consumer [...]
Inflation hit costs British households £24bn in 2017 January 15, 2018 The rising tide of inflation has cost British households an extra £24bn in 2017, with commuters suffering the most, new analysis to be published today will reveal. The increase in inflation seen from 2016 to 2017 cost Britons more than £900 per household, according to Simon-Kucher and Partners, a consultancy. The rise in transport prices [...]
Red alert on Brexit risks to financial services given by City of London Corporation January 14, 2018 Top lobbyists at the City of London Corporation have upped their rating of the risks posed by Brexit, according to their latest audit of the risks facing the Square Mile. The Corporation’s report for a meeting this week of the risk and audit committee shows an updated “red” rating in its corporate risk register, an [...]
Banks expect significant tightening in consumer lending in first quarter says Bank of England survey January 11, 2018 British banks are planning to rein in their lending to consumers further over the first quarter as regulators’ efforts to raise lending standards start to bear fruit. Lenders expect a “significant decrease” in the availability of unsecured credit – such as consumer loans and credit cards – in the first quarter of this year, according [...]
The beauty parade for the next Bank of England Governor has begun January 11, 2018 Not that long ago this column mentioned the fact that speculation over who would succeed Mark Carney as Governor of the Bank of England would begin in earnest this year. Just a few short weeks later and it has already begun. On Tuesday Reuters speculated as to who the possible successors to Mr Carney might [...]
Philip Hammond to EU: Ditch the Brexit punishment and start talking trade January 10, 2018 Philip Hammond will tonight slam the “relative silence” of the EU over our future trading partnership and stress the bloc must ditch any thoughts of “punishing” the UK for Brexit. Speaking at the Die Welt economic summit dinner in Berlin this evening, the chancellor will tell the EU that “it takes two to tango” and [...]
Downing Street calls City chiefs in for latest Brexit meeting January 10, 2018 Securing a Brexit transitional deal will be high up the agenda for the chief executives of some of the City’s biggest firms at a high-level roundtable tomorrow afternoon with Theresa May. Around a dozen senior figures from firms including Goldman Sachs, Barclays and HSBC are expected to meet the Prime Minister, along with chancellor Philip [...]
Brexit job losses may be lower than first feared says City of London Corporation boss January 9, 2018 London financial services job losses after Brexit may be lower than previously thought, according to a top City of London official. Jeremy Browne, the City of London Corporation’s envoy to the EU, said financial services firms’ plans to move jobs out of the UK and into the EU were becoming less drastic than initially thought. [...]
Investment themes to watch in 2018: inflation, ‘value’ and emerging markets January 9, 2018 Inflation, interest rates and politics are big themes for investors in 2018 but how will they affect asset prices? Below, fund managers from Schroders give their perspectives on the year ahead in three 60-second videos. Where to consider investing for 2018 Johanna Kyrklund, global head of multi-asset investing at Schroders, is optimistic for 2018 and [...]