Here we go again: Sterling falls as markets show their nerves ahead of Carney meeting October 25, 2016 It seems markets' nerves have become too much to bear ahead of an appearance by Mark Carney before a committee in the House of Lords later today – while the chancellor didn't give them much cause for confidence. The pound fell 1.1 per cent against the dollar, to $1.2009, in mid-afternoon trading – its lowest since the so-called flash crash [...]
Before the bell: What you need to know before the US market open October 25, 2016 Apple sales are expected to fall sharply and Twitter is planning another round of job cuts. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing higher ahead of the open, though only slightly. The S&P is up by 0.09 per cent, the Nasdaq is 0.14 per [...]
City Moves for 25 October 2016 | Who’s switching jobs October 25, 2016 Travelodge Hotel chain Travelodge has appointed Hannah Thomson to the position of people director. She will take up her new role from 1 November. Hannah will report directly to the chief executive Peter Gowers and joins the Travelodge operating board. Hannah began her career with the John Lewis Partnership businesses, John Lewis and Waitrose, where she held a range of roles in [...]
As the next interest rate decision approaches: Why the UK needs Bank of England governor Mark Carney to stay in place for Brexit October 25, 2016 Next Thursday, all eyes will be on the Bank of England's monetary policy committee meeting and quarterly inflation report, when growth forecasts are revised. Always closely watched, this time it really is a SuperThursday. November had been pencilled in for a potential rate cut, and BoE governor Mark Carney is under intense scrutiny from two [...]
Box-ticking watchdogs accused of allowing UK to sleepwalk into another financial crisis October 25, 2016 The UK risks stumbling into another financial crisis, a report out today warns, slamming the watchdogs for being more fixated with ticking boxes than bolstering important regulation. The report from Cass Business School for New City Agenda noted that, while the Bank of England, Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) had responded to the 2008 [...]
Many Britons have a considerable interest in taking out a Lifetime Isa October 24, 2016 Londoners are keen to enrol in a Lifetime Isa (Lisa), with almost three-quarters wanting to use them to save for the future according to the latest research. If they could, 72 per cent of residents under the age of 40 in the capital would open a Lisa, with over one-third (37 per cent) ready to open one straight away. Although [...]
Manufacturing exports surge on weak sterling but higher costs are on the horizon October 24, 2016 Manufacturing exports have jumped to their highest level in two and a half years in a Brexit boost for the sector following the dramatic slide in the value of sterling. The CBI's Industrial Trends survey also found UK firms were the most competitive they have ever been up against their European counterparts since the introduction [...]
Treasury names Katharine Braddick as replacement for Charles Roxburgh as financial services head October 24, 2016 Katharine Braddick has been appointed as the new director general for financial services, the Treasury has announced. She replaces Charles Roxburgh, who was appointed as the second permanent secretary to the Treasury in June. Braddick, who was formerly the director for international and EU financial services, joined the department from the Bank of England in 2014. Read [...]
Official GDP figures to show UK economy defying Brexit recession warnings October 23, 2016 The UK economy is set show by just how much it outperformed pre-referendum forecasts later this week, when official growth figures for the crucial third quarter are published. Economists expect the Office for National Statistics (ONS) to find the UK grew by a robust 0.3 per cent between the end of June and the end of September. [...]
Top industry representative warns banks could start leaving London before Christmas October 23, 2016 London's biggest banks could start leaving the capital within the next few months, according to one of the Square Mile's most important figures. Anthony Browne, head of the British Bankers' Association (BBA), which represents the interests of UK-based lenders and investment banks, told The Guardian banks have already started contingency planning and the process of moving [...]