The FTSE fell sharply at the open as bank stocks slid and Opec spooked oil markets November 28, 2016 The FTSE 100 is recovering slightly after posting a sharp fall at the open on Monday, as oil and bank stocks weighed on the index. The Bank of England is set to announce the results of its stress tests for UK banks on Wednesday. The stress tests investigate how the banks would fare in a [...]
A £60bn bill for Brexit is outweighed heavily by economic gains November 28, 2016 The Autumn Statement provides the building blocks for Britain to be the best enterprise economy in the world. So why then has the Office of Budget Responsibility (OBR) been so pessimistic about growth prospects saying that we will be £60billion worse off? Well first of all, the growth forecasts outstrip all of our EU competitors, [...]
That’s not what we meant: Experts back a Brexit buffer, but fear Mark Carney might have the wrong idea November 27, 2016 Mark Carney has got a partial thumbs up for his Brexit buffer idea. Many in business are concerned Brexit could see them facing a cliff edge scenario, where valuable rights are pulled away from them overnight, and have been calling on government to consider putting transitional arrangements in place. However, the Sunday Times has reported that [...]
What you need to know about the Bank of England’s stress test on Wednesday November 27, 2016 Wednesday will be judgement day for lenders across the UK, as the Bank of England is due to release its most recent set of stress test results. The annual stress test is designed to measure the financial health of the UK's seven major lenders – Barclays, HSBC, Lloyds Banking Group, Nationwide Building Society, the Royal Bank of [...]
The Bank of England’s Brexit strains have been laid bare November 27, 2016 Minutes from a meeting of Bank of England bosses have revealed that the UK's decision to quit the EU has piled on the work for central bankers. The Court of Directors, which oversees the Bank's work, met in September to discuss Brexit, among other issues, with directors asking about funding for extra research. Read More: Mark Carney has [...]
Brexit buffer: Mark Carney pushes to stay in Single Market until at least 2021 November 27, 2016 Mark Carney is working on plans for a Brexit buffer period, to allow the UK to stay in the Single Market for at least two years after leaving the EU. Many in the City have voiced concerns their businesses are facing a cliff edge after the UK leaves the EU, where rights currently enjoyed would be [...]
Executive pay is about to get a major shake-up November 27, 2016 The difference between how much the average worker and their bosses get paid could soon be revealed under new proposals by the government due to be unveiled this week. Prime Minister Theresa May is pushing for reform of executive pay in a year where shareholders of several of the UK's biggest firms have become more outspoken over [...]
Autumn Statement opinion: Will the Chancellor’s ban on fees kill off the high street letting agent? November 25, 2016 Two days on and the property industry is still reeling from the Chancellor Philip Hammond’s decision to ban letting agent fees for tenants almost immediately. It shouldn’t have come as a surprise, given that these fees were banned in Scotland four years ago and the Government has actually been consulting on them for the last [...]
A third of City workers reckon their employers might move abroad because of Brexit November 25, 2016 A third of City workers reckon say their employers might be planning to relocate after the Brexit vote, a new study has found. The survey, by Morgan McKinley, found 31 per cent of those in the Square Mile believe their bosses either definitely are or might be moving parts of their business abroad. Just under [...]
There was a surprise jump in mortgage approvals in October – but it’s not necessarily good news November 24, 2016 House price growth may be suffering, but that hasn't had any effect on mortgage borrowing: figures published today showed the number of mortgages approved jumped to 40,900 in October. That figure is above September's figure of 38,700 – and, crucially, above expectations of 39,000. But the British Bankers' Association, which published the figures, said mortgage [...]