Growth accelerated in January as UK consumers kept on spending February 10, 2017 The UK economy started the year strongly with an acceleration in January, according to estimates by an influential economic think tank. GDP grew by 0.7 per cent in the three months to January, according to the National Institute of Economic and Social Research (Niesr). That compares to confirmed growth of 0.6 per cent in the [...]
BoE meets CoE: Mark Carney defends the Bank of England’s referendum judgement again and stands up for ethical financial services with the Archbishop of Canterbury February 10, 2017 The governor of the Bank of England Mark Carney has defended the Bank’s role in the EU referendum debate, while saying he is determined to move forward and shape a financial sector fit for a changing Britain. Some pro-Leave campaigners questioned the Bank’s motives when it warned of financial damage if the UK voted to [...]
Focus On Victoria: A £4bn investment in housing, retail and infrastructure is making it a destination in its own right February 10, 2017 If the Queen’s getting a £369m refurbishment of Buckingham Palace, it seems only fair that the neighbourhood surrounding it should get a polish, too. £4bn should just about cover it, and that’s how much has been invested in the area by developer Land Securities over the last five years. Around £700bn of that has gone [...]
Yawn: The FTSE 250 has hit another record high February 10, 2017 The FTSE 250 hit a record high this morning, after investors' interest was piqued by Donald Trump's promise of a "phenomenal" tax announcement. The index sprang to 18,670 points in the minutes after the market opened, pushed higher by chemicals giant Elementis, whose shares jumped 9.5 per cent to 301p after it unveiled plans to [...]
Nationwide blames low interest rates as profits drop – but building society’s results were still ahead of expectations February 10, 2017 Nationwide profits dropped during the nine months to 31 December, with the building society blaming continued low interest rates. The figures Underlying profit before tax dropped by 23 per cent to £866m from £1.13bn in the same period of last year. Statutory profit before tax was down 16 per cent to £946m from £1.12bn – [...]
City Moves for 10 February 2017 – who’s switching jobs? February 10, 2017 Squire Patton Boggs Squire Patton Boggs has appointed Ian Wood as a partner in its global energy and natural resources practice group in the London office. Ian joins the firm from the energy and infrastructure group at King & Wood Mallesons in London, along with senior associate Rebecca Slater from his previous team. Ian has expertise in power [...]
Bank of England governor Mark Carney commits to curbing jargon to win back trust in “dreaded experts” February 9, 2017 Mark Carney has spoken of the need for the Bank of England (BoE) to cut back on technical language to win back public trust, saying “not everyone wants to be steeped in fan charts, modelling and stress testing”. Speaking at a BoE inclusion event tonight, Carney said: “To communicate to both the City and the [...]
Bank of England appoints Charlotte Hogg as deputy governor as hawkish Kristin Forbes prepares to step down February 9, 2017 Charlotte Hogg has been appointed as a deputy governor to the Bank of England as the rate-setting Monetary Policy Committee’s Kristin Forbes prepares to complete her three-year term in June. The Treasury announced the appointment of Hogg to one of the Bank’s top roles for a renewable five-year term, starting on 1 March. Hogg became [...]
Bank of Tokyo-Mitsubishi UFJ and MUFG Securities fined £26m by PRA for not being open February 9, 2017 Financial regulators have imposed £26m of fines on the Bank of Tokyo-Mitsubishi UFJ (BTMU) and MUFG Securities for not cooperating with investigations. The Prudential Regulation Authority (PRA) said the two companies had failed to be “open and cooperative” with the UK financial services regulator after an enforcement action by US authorities. BTMU and MUFG, which [...]
“Our aim certainly is not to punish the UK,” insists Brussels’ financial services commissioner February 8, 2017 Politicians tend to seek the limelight. They court media interest with controversial policy ideas, catchy soundbites and displays of tribal affiliation. But it's people like Valdis Dombrovskis, quiet bureaucrats who do their best to keep beneath the radar and get their job done, who exercise a hidden power. This is particularly true of the European [...]