Bank of England governor Mark Carney looks ready to remain in post beyond 2018 October 30, 2016 Mark Carney is expected to extend his term at the Bank of England beyond 2018 after a weekend of speculation over his future. The governor is said to be readying himself to make a statement on his future this week and put an end to the uncertainty. Read more: Mark Carney looks set to leave [...]
HSBC in talks with Bank of England to free up £5bn in China, as regulators review capital policy October 30, 2016 HSBC is in talks with the Bank of England to discuss how it might be able to free up £5bn currently locked up in its Chinese business. The bank, which has a sizable amount of business in Asia, could use the money for activities such as funding new loans. The Sunday Times first reported HSBC had [...]
Mark Carney looks set to leave the Bank of England in 2018 October 29, 2016 Bank of England governor Mark Carney is unlikely to take up the three-year extension option on his term at the central bank. He could announce the decision as soon as Thursday. According to The Times, senior City figures who know the governor said they believed it was more likely than not he would choose to [...]
Focus On Bermondsey: River views, great food, warehouse conversions – what more could you want in SE1? October 28, 2016 This ancient town, first mentioned in the Domesday Book as Bermundesy, has had a colourful existence on the south bank of the river Thames. For centuries condemned as a slum, this centrally located area in Zone One has blossomed in the last ten years into one of the most artistic – not to mention delicious [...]
Know your benefit crystallisation event from your pension input period with our A to Z of pensions jargon October 28, 2016 National Pensions Awareness day came and went last month, with no apparent impact on people’s understanding of one of the best ways of saving for retirement. The Bank of England’s media-savvy chief economist Andy Haldane said in May that even he was unable to understand pensions because the system is so complicated. This situation is [...]
Former Co-operative Bank boss admits misconduct October 28, 2016 A former boss of the Co-operative Bank has admitted misconduct and agreed to pay out £20,000 to the Financial Reporting Council (FRC). Barry Tootell, the chief financial officer and chief executive of the Co-Operative Bank between 2009 and 2013, was accused of not exercising due skill, care and diligence in managing the firm for which he [...]
Autumn Statement 2016: What do strong GDP figures mean for Philip Hammond’s first spending spree? October 27, 2016 Next month's Autumn Statement may not be the mighty spending spree some had expected, as today's expectation-beating GDP figures could prompt a rethink inside the Treasury about how far they need to go. Chancellor Philip Hammond has promised a fiscal reset, although growth of 0.5 per cent in the third quarter is significantly up on economists' forecasts and [...]
Following better than expected third quarter GDP figures, have Project Fear’s warnings been disproved? October 27, 2016 David Blake, a professor at Cass Business School, City University London, says Yes. The Treasury’s pre-Brexit scaremongering has been proven so wrong, but it sticks to its original, completely implausible assumptions. Its latest position is that those forecasts were made based on the assumption that Article 50 would be triggered immediately, and that no policy response [...]
What do today’s GDP figures mean for UK interest rates? October 27, 2016 The Bank of England looks set to delay another bout of emergency stimulus next week after this morning’s strong GDP figures. The Office for National Statistics (ONS) said the UK grew by a robust 0.5 per cent this morning, defying already-revised expectations of a 0.3 per cent gain in the first three months after the [...]
Growth smashes expectations and Nissan is investing here, but the pound still marches lower October 27, 2016 Expectation-busting growth figures, a new commitment to build cars in the UK, and diminishing chances of an interest rate cut this year weren't enough to stop the pound falling into familiar patterns today. Sterling suffered its customary afternoon sell-off yet again as the currency lost 0.6 per cent against the dollar, falling below $1.22 in afternoon trading. It [...]