Train operators given ‘revised mandate’ for latest union talks, Mark Harper says January 15, 2023 Train company bosses will be working with a “revised mandate” which could include a better pay offer as they enter the latest round of talks with unions, the transport secretary has suggested. Mark Harper said train operators have been given his “permission” to make a new offer to the trade unions. The minister claimed he [...]
Why UK banks are not going to cause another financial crisis January 15, 2023 UK banks are better prepared to withstand a jump in home loan defaults, cooling fears of a repeat of the financial crisis, analysts have told City A.M. Strict affordability rules implemented after the 2008 banking crash have strengthened lenders’ loan books, meaning they are well insulated from a potential rise in defaults caused by last [...]
Exclusive: The WhatsApp scandal in banking and its place in the City January 15, 2023 The unprecedented fine from the SEC, exacted on 16 Wall Street banking giants in 2022, caused ripples on both sides of the pond last year. The collective $1.8bn in punishments doled out to a group consisting of names such as Barclays, Citigroup, Goldman Sachs, and Morgan Stanley, was executed as staff were found to have discussed deals [...]
More strikes: 100,000 civil servants WILL walk out next month after talks with government dubbed ‘total farce’ January 13, 2023 A strike by 100,000 civil servants is to go ahead next month after talks with the Government aimed at resolving a bitter dispute over pay, jobs and conditions were dubbed a “total farce”. Cabinet Office Minister Jeremy Quin met with union leaders to discuss growing industrial unrest after weeks of stoppages across the country, including [...]
Analysis: A growing economy and falling energy bills, the stars could be aligning January 13, 2023 Britain might narrowly avoid a technical recession, energy prices could be falling , and mortgage borrowing costs might not be as crippling. Sascha O’Sullivan looks at the good news.
Open banking enters ‘new phase’ after CMA rules six major banks fulfil requirements January 12, 2023 Open banking has entered a “new phase” after the Competition and Markets Authority (CMA) determined that the six largest banks in the UK have implemented the requirements of the open banking roadmap. The open banking trustee advised the CMA on Monday that Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander had implemented the remaining roadmap items. [...]
Mark Kleinman: My bold predictions for 2023 in the City – from Natwest to Spurs January 11, 2023 After the political and economic events of 2022, the idea of being able to predict anything with confidence seems even more outlandish than usual. Nevertheless, with the UK economy precariously balanced less than two years before a general election, these seem – in early January – to be sensible bets for UK plc in 2023. [...]
Number of cash withdrawals in the UK rises for first time in 13 years January 11, 2023 Cash usage increased for the first time in 13 years in 2022, according to fresh data from Nationwide, as Brits responded to the cost-of-living crisis by budgeting with physical money. “For the first time in years we are seeing a natural rise in cash withdrawals as people return to using cash to help avoid getting [...]
How recession in the US is expected to affect bank earnings this week January 11, 2023 US earnings season kicks off later this week with a string of results from some of the country’s largest banks. JP Morgan, Citi Group, Wells Fargo and Bank of America will all release results on Friday in an interesting environment – to say the least. While higher interest rates have led to record levels of [...]
Explainer-in-brief: What’s inside the anti-strike laws the government is introducing today? January 10, 2023 Today the government proved it wasn’t prepared to abandon its carrot and stick approach to the unions just yet, bringing in anti-strike legislation. Business secretary Grant Shapps said there was a “duty to protect the public access to essential public services”, and called it a “common sense approach”. The rules will mandate that critical industries [...]