£50 banknote isn’t going anywhere says Bank of England chief cashier February 28, 2017 The £50 note will not be withdrawn any time soon, according to the Bank of England’s (BoE) chief cashier. Victoria Cleland also did not rule out the possibility of issuing new polymer £50 notes, in an interview with Bloomberg. She pointed to the lower usage of the distinctive red “bullseye” notes as the reason it [...]
Quids out: The Treasury wants you to spend your pound coins before it’s too late February 28, 2017 With mere weeks to go before the launch of the new, 12-sided £1 coin, the Treasury has warned the nation it must either use its pound coins – or lose them. The new £1 launches on 28 March – but all old coins need to be spent by 15 October, the Treasury said today. The Royal Mint is [...]
Transitional arrangements after Brexit could take 18 months or more, says Charlotte Hogg, the new Bank of England deputy governor February 28, 2017 The Bank of England (BoE)'s new deputy governor Charlotte Hogg today said UK banks will need 12 to 18 months at least to make transitional arrangements after certainty on Brexit negotiations is reached. Appearing before the Treasury Select Committee, Hogg said banks will need additional time after the two-year negotiations are reached to change their business models in terms [...]
Ministers must show they are pro-business by tackling costs in the Budget February 27, 2017 Momentum behind the post-Brexit consumer-spending boom appears to be slowing. As City A.M. reports today, a GfK poll found that UK consumers’ confidence took a turn for the worse this month, with the index slipping a point to a score of minus six. It would be easy to dismiss the dip as mere jitters but [...]
Blockchain for banks is a “long way off” says influential central banker February 27, 2017 Blockchain fintech has a “long way to go” to satisfy financial regulators, according to an influential board member of the European Central Bank (ECB). Benoit Coeure said the underlying distributed ledger technology could pose new risks to the financial system, including legal and operational obstacles. Coeure said: “Distributed technology could become a game-changer for payment, [...]
Businesses place trust in UK economy as consumers brace for inflation February 27, 2017 Businesses remain confident in the UK economy’s prospects despite consumers bracing for the impact of inflation, according to a long-running survey by the European Commission (EC). Confidence in the economy “markedly improved” to a 14-month high across industry and consumers, according to the survey, but expectations of rising inflation reached their highest point since January [...]
The Bank of England has admitted to a Michael Fish moment – but economists have plenty to learn from weather forecasters February 27, 2017 So British economists are like the nation's most notorious weatherman when it comes to Brexit? That's what the Bank of England (BoE) has reasserted before the Commons Treasury Select Committee. The nation's number crunchers, said BoE chief economist Andy Haldane, mostly thought Britain's economy would crumble and growth would go into reverse following a Yes vote in last year's EU referendum. [...]
Rickie Fowler’s Honda Classic win is a timely reminder that he belongs in the top bracket February 27, 2017 It feels like a while ago that Rickie Fowler responded to being voted one of the most overrated players on the PGA Tour by his peers with a burst of impressive victories. Fowler started by winning the Players Championship in May 2015. He followed it up at the Scottish Open a couple of months later [...]
Top German central banker Andreas Dombret says he wants a “pragmatic” Brexit February 27, 2017 A top German banking executive has said he wants a "pragmatic" Brexit, playing down claims that other member states are looking to punish the UK for voting to leave the EU. Various cities across the EU have been vying to steal away pieces of London's financial sector, as many in the industry fret about what access rights [...]
City Moves for 27 February 2017 – who’s switching jobs? February 27, 2017 Today's City Moves cover legal eagles, market strategy and insurance. Take a look at these movers and shakers: Dorsey & Whitney LLP Employment law specialist Bob Cordran has joined international law firm Dorsey & Whitney’s London office as a partner. Bob, formerly a partner at Marriott Harrison LLP, is an experienced employment lawyer who has [...]