May you leave us alone? Mark Carney says Bank of England won’t be instructed by politicians October 15, 2016 Mark Carney has said the Bank of England will not be told what to do by politicians. Speaking shortly after Prime Minister Theresa May questioned the impact of quantitative easing policies, the Bank’s governor said on Friday that his job is sometimes made more difficult by comments from the political world. Read more: Theresa May [...]
Sterling is all over the place today October 14, 2016 The pound spent the morning lurching wildly around as threatening comments from European jostled with a rather more soothing tone from Bank of England governor Mark Carney. Although sterling fell as low as $1.2171, as the morning wore on it rose to $1.2240, 0.1 per cent down against the dollar. Meanwhile, it headed into positive [...]
Donald Tusk tells the UK: It’s hard Brexit or no Brexit October 13, 2016 Top EU policymaker Donald Tusk has told the UK there is no possibility of a so-called "soft Brexit". Tusk, president of the European Council, said this afternoon "the only real alternative to a hard Brexit is no Brexit" as he appeared to shut the door on the option of the UK and the EU striking a [...]
How low can it go? Sterling falls against the dollar and the euro again October 13, 2016 If anyone thought yesterday's rise in sterling was anything more than a fluke, today convinced them otherwise: the pound fell against both the dollar and the euro in early trading. Sterling stayed firmly below $1.22 in early trading, falling 0.3 per cent against the dollar to $1.269 – and after briefly edging closer to €1.11 [...]
The woman behind the Brexit row: Gina Miller tells City A.M. why she took the government to task over Article 50 October 13, 2016 Gina Miller's high-profile court case over the triggering of Article 50 – the process by which the UK would start to leave the EU – begins today (Thursday 13 October). Miller's action is one of many brought after the public voted in June for Britain to leave the European Union, but hers has become the bellwether case. Constitutional law, [...]
There’s no return from triggering Article 50, court hears October 13, 2016 There's "no going back" for the UK once it triggers Article 50, a court has been told today. At a case in the Royal Courts of Justice to debate the legal process of the UK's departure from the EU, Lord Pannick QC highlighted that the wording of Article 50 does not envision any provisional or [...]
Bank of England warns: EU cannot replace the City October 12, 2016 London's financial services firms would rather head across the Atlantic to New York than relocate across the Channel if forced to leave London, a Bank of England deputy governor said yesterday, as diplomatic figures suggest that Europe would shoot itself in the foot if it drives a hard bargain with the City over Brexit. Jon [...]
Labour’s new shadow City minister has vowed to build bridges with the City and defy the sceptics October 12, 2016 Labour's new shadow City minister has vowed to build bridges with the financial and professional services sector in defiance of sceptics who do not see the party as a natural ally of the City. City A.M. first revealed the appointment of Jonathan Reynolds last month, although the Greater Manchester MP only began the role this week. [...]
Secure Trust Bank share price finishes slightly up during first day on main market October 12, 2016 Shares in Secure Trust Bank finished slightly up today, marking a positive end to its first day of trading on London's main market. The challenger bank, which listed on the London Stock Exchange's AIM market in November 2011, announced plans to shift from the junior market last month. The company has not raised any funds or issued [...]
BoE deputy governor: London’s financial services firms could go to New York October 12, 2016 A top official at the Bank of England has warned New York could poach some of London's financial services firms if the UK does not secure a good Brexit deal. Jon Cunliffe, deputy governor with responsibility for financial stability, said while the threat from European financial hubs like Frankfurt, Paris or Amsterdam was unlikely to [...]