Rishi Sunak’s deputy says targeted relief an option after furlough scheme ends July 28, 2020 Treasury minister Steve Barclay has ruled out extending the government’s furlough scheme past October, but left the door open for targeted relief to some sectors. The scheme is due to end on 31 October, with government payments decreased in September and October. Barclay said today that there would be no extension to the scheme, echoing [...]
Treasury unveils plan to speed up delivery of government projects July 28, 2020 Treasury minister Steve Barclay has unveiled the government’s plan to make his department “the new radicals” and transform Whitehall’s decision making processes. Barclay told centre-right think tank Onward today that the Treasury would become more like a Silicon Valley company by ensuring public sector projects operate at greater speed and by using better data to [...]
SpaceX investor pours $50m into London tech startup Complyadvantage July 28, 2020 Fintech startup Complyadvantage has closed a $50m series C round, as it seeks to disrupt the way global banks tackle financial crime. The round was led by the Ontario Teachers’ Pension Plan Board, which has CA$207.4bn in net assets. It made the investment through its innovation arm, which invests in late-stage tech companies. Existing investors [...]
The Financial Promotion of Cryptoassets – Keeping the Virtual Cat Out of the Regulatory Bag? July 28, 2020 It is a sign of the times that a consultation by the UK’s financial regulators that does not mention COVID-19 is a rarity. However, apart from a single passing nod to the pandemic, HM Treasury launched two consultations last week on proposals to alter how financial promotions are regulated in the UK. Whilst the Cryptoassets [...]
Boris Johnson and Rishi Sunak to make Treasury ‘new radicals’ in spending shake up July 26, 2020 Boris Johnson and Rishi Sunak are set to transform the Treasury’s approach to public spending by prioritising high-risk, high-growth projects. Chief secretary to the Treasury Steve Barclay will give a speech next week that outlines plans to operate the Treasury like a Silicon Valley firm by choosing projects that “move quickly, start small and fail [...]
BA owner IAG mulls €2.75bn raise by ‘end of summer’ July 24, 2020 British Airways owner IAG is mulling for a share issue worth up to £2.75bn (£2.4bn) at the end of the summer. The plans to raise equity come as the airline group takes steps to shore up its finances in light of the coronavirus pandemic, which has battered the global aviation sector. In a regulatory notice [...]
Barclays’ bailout talks peppered with sexist language, court hears July 23, 2020 Barclays bankers seeking credit crisis-era emergency funding used sexist and disparaging language when discussing the businesswoman whose firm led a £3.25bn investment in the bank in 2008, according to court documents. Stephen Jones, a former Barclays banker who resigned as CEO of British bank lobby group UK Finance in June over historic remarks about Amanda [...]
Kibo Energy subsidiary seeks London IPO by end of the year July 23, 2020 Sloane Developments, the UK-based subsidiary of Irish firm Kibo Energy, is seeking a London IPO by the end of the financial year. The company, which will change its name to Mast Energy Developments (MED), is aiming for admission to the London Stock Exchange’s standard list. MED’s IPO is just the second floatation to be announced [...]
Contact tracing is a legal minefield for businesses July 17, 2020 In the age of Big Data, where the always-on digital assistant and ever more intrusive geo-tracking technology reign, it is perhaps inevitable that our efforts to control Covid-19 seem to depend on developing technology to monitor individuals’ movements. Every wave of innovation that has birthed these technologies has brought with it fresh regulatory concern. The [...]
Barclays gave Roger Jenkins £50m payoff after Qatar deal July 13, 2020 Barclays paid its Middle East head Roger Jenkins £50m when he left in 2009, a court has heard. Jenkins, who is on his third day of questioning at a civil trial in London, was discussing his compensation after he helped to secure a lifeline investment from Qatari investors. The bumper payoff was in addition to [...]