Mark Carney accuses politicians of a “massive blame-deflection exercise” and warns City firms to hold off leaving UK November 15, 2016 Mark Carney today defended central bank policies in front of MPs, saying that politicians blaming inequality on the actions of central bankers were engaged in a “massive blame-deflection exercise”, while also warning firms not to leave the City because of Brexit. The Bank of England governor held firm on the bank’s forecast of inflation above [...]
Mark Carney just confirmed when he will step down from the Bank of England November 15, 2016 Bank of England governor Mark Carney has confirmed he will step down from his post as governor of the Bank of England at the end of June 2019. In an appearance in front of the Treasury Select Committee today, Carney confirmed he will step down on 30 June even if Article 50 is delayed, adding [...]
UK property prices went up in September as new buyer enquiries rose – but new sales listings went into decline November 15, 2016 Property prices continued to rise in September, as new buyer enquiries increased modestly – but the number of new homes being listed for sale dropped. The average price of a property in the UK was £217,888 in September, with official statistics showing prices went up 7.7 per cent on an annual basis. Property prices rose 0.2 [...]
Metro Bank, Deloitte and Setl are testing a blockchain-based contactless card November 15, 2016 Metro Bank, Deloitte and blockchain startup Setl have created a card for making simple contactless payments such as buying a morning coffee, using the distributed ledger technology (DLT) in a trial that's understood to be the first of its kind. The card has been tested by 100 people as part of the City watchdog's fintech sandbox [...]
Nutmeg raises £30m in latest funding round, the largest of its kind for fintech since Brexit vote November 14, 2016 Nutmeg announced today it has drummed up £30m in its latest round of funding, the largest raise in the fintech sector since the Brexit vote. The fintech pioneer will use the money from the funding round, which was lead by Hong Kong based independent financial advisory firm Convoy, to expand its product offering and rapidly grow [...]
London banks are falling for Frankfurt, according to this German official November 14, 2016 Financial firms are eyeing up their opportunities in Frankfurt following the summer's Brexit vote, an official from Germany's finance ministry has said today. There have been numerous reports of banks tidying up their contingency planning, as businesses consider whether they need to move some of their operations out of London to make sure they can continue [...]
Most fintech employees don’t value diversity in the workplace November 14, 2016 Fintech might be shaking up the financial industry with disruptive innovation, but new research suggests it hasn’t been so ahead of the crowd on diversity in the workplace. In fact fintech employees place the lowest value on diversity in the workplace of all financial services workers, according to recruitment firm Astbury Marsden. The survey of [...]
Businesses give thumbs up to fourth quarter so far November 14, 2016 Businesses across the country have reported a strong October, as they enter the final stretch of a somewhat unpredictable year. The Lloyds Bank Regional Purchasing Managers' Index (PMI) survey, which was released today, found the UK's PMI had reached a nine-month high of 54.8, up from 53.9 in September, as demand floods in from overseas buyers looking [...]
Inflation reaches two year high, as economists warn that the days of cheap food are over November 14, 2016 Inflation is set to reach a two-year high of 1.2 per cent this week, as consumers feel the effect of rising food costs and the weaker pound. Economists have predicted that inflation will continue to trend up over the next year, above the two per cent target set by the Bank of England. In fact, [...]
Channel Tunnel worth £91.4bn in UK/EU trade, as analysts allay Brexit fears November 13, 2016 The Channel Tunnel is responsible for £91.4bn in imports and exports each year, as analysts predict that this trade link will continue to benefit the UK economy, regardless of Brexit. In a report entitled Economic Footprint of the Channel Tunnel, Ernst and Young researched the total economic value of the 22-year-old Tunnel, and found that it [...]