London Zoo’s aviary and an iconic City of London church right by Bank station have been added to the at risk buildings register October 21, 2016 An iconic City of London church and London Zoo's aviary are among the buildings added to the "Heritage At Risk" register by Historic England. The organisation said settlement in the tower of the Church of St Mary Woolnoth, right next to the Lombard Street exit of Bank Station, has caused cracks, while parts of the [...]
French ambassador says London’s financial crown is now fair game for Paris October 20, 2016 France might not be totally thrilled about Brexit but that's not going to stop Paris swooping in on London's financial crown, bankers were warned today. Speaking at a British Bankers' Association conference, her Excellency Sylvie Bermann, French ambassador to the United Kingdom of Great Britain and Northern Ireland, noted France "didn't want the UK to leave because we [...]
Bank of England head of future technologies: Technology can be cure, not cause, of risk October 20, 2016 Technology shouldn't be feared as being the bringer of risk to financial institutions, a key member of Bank of England staff has said today. "We recognise that new technologies can actually reduce risk," said Will Lovell, head of the future technologies division at the Bank of England, while participating in a panel at a British [...]
Brexit more benefit to US than Europe, says Deutsche Bank’s chief economist October 20, 2016 The US has more to gain from the EU taking a hard stance in the Brexit negotiations than the European capitals do, the chief economist of a major international bank has said today. Speaking at a British Bankers' Association (BBA) conference, David Folkerts-Landau, group chief economist and global head of research at Deutsche Bank, warned that, should other [...]
Cutting the apron strings: How Brexit will force British banks to think on their feet October 20, 2016 I do not believe there is some fantasy world out there that if Britain leaves the EU we can somehow be economically better off.” The words of none other than former chancellor George Osborne, prior to Brexit. But despite the initial aftershock, the Bank of England’s latest GDP forecast clearly shows that Britain’s economy hasn’t [...]
Philip Hammond reassures City their concerns over Brexit are being listened to October 19, 2016 Philip Hammond has distanced himself from previous pre-referendum analysis done by the Treasury which suggested there would be an economic shock if the UK were to leave the EU. Appearing before the Treasury select committee this afternoon, the chancellor said that some of the assumptions that were made in the controversial analysis had "already been proved [...]
Eurotunnel gets a boost from weak sterling and remains bullish over Brexit October 19, 2016 It looks like there's light at the end of the Brexit tunnel – at least from Eurotunnel's perspective. The operator of the Channel Tunnel announced that total revenues for the third quarter rose four per cent to €320.3m (£285.4m), compared to the same period in 2015. And it was positive about its prospects going forward, predicting ongoing [...]
The pound’s doing what the pound does best October 19, 2016 Of course it was too good to be true. Yesterday, the FTSE 100 rose and the pound was up by more than one per cent against the dollar and the euro. But those who said such a mighty jump to the giddy highs of $1.23 and €1.12 (compared to $1.48 and €1.30 back in June), [...]
Leaked government documents reveal £75bn cost of hard Brexit October 19, 2016 Theresa May has come under fire for regurgitating pre-referendum economic warnings to claim leaving the EU Customs Union would cost the UK £75bn and inflict travel chaos across the country. According to The Guardian, the Prime Minister has circulated papers to top cabinet colleagues on her Brexit planning committee outlining the potential mutli-billion pound cost of a [...]
The Brexit rally is less fragile than it looks October 19, 2016 The performance of UK shares has generally confounded most strategists. Since the vote to leave the EU in June, UK savers have enjoyed returns of close to 15 per cent. While the weakness of sterling has eaten most of those returns for overseas investors, we are in a much better place than many were predicting in [...]