Mark Kleinman’s big predictions for the Square Mile in 2019 January 11, 2019 Sir Martin Sorrell’s WPP exit, Unilever’s HQ U-turn, Melrose’s swoop for GKN: 2018 was a year full of surprises in the City. And while forecasting might be a fool’s errand, here are 10 predictions for the year ahead. •Theresa May will decisively lose next week’s “meaningful vote” on Brexit: that’s not a punt that will [...]
City firms draft in extra staff for crunch Brexit deal vote in preparation for market volatility and investor calls January 11, 2019 The City is bracing itself for next week’s crunch vote on Theresa May’s Brexit deal with banks drafting in extra staff to work through the night responding to market volatility and investor calls. MPs will finally vote on the Prime Minister’s withdrawal agreement on Tuesday after a month's delay, with traders, investors and analysts on [...]
UK banks ‘robust’ enough to cope with no-deal Brexit, S&P Global says January 10, 2019 The UK’s major banks are robust enough to cope with a no-deal Brexit but the sector’s outlook for 2019 will hinge on Britain’s exit from the EU, S&P Global Ratings has said. The financial services firm issued a “broadly stable” rating on the UK banking system but said that view was based on an orderly [...]
Tesco works on stockpiling arrangements in Brexit contingency plans January 10, 2019 Tesco is making arrangements to stockpile goods as part of the supermarket’s Brexit contingency planning, the UK's biggest supermarket confirmed today. The UK’s biggest retailer is working with suppliers to devise plans to hold stock closer to the market, and said that sensible contingency plans are in place. Read more: Tesco sees like-for-like sales boost in [...]
Fintech unicorn Monzo to appoint former Northern Rock boss to banking board January 8, 2019 Digital bank Monzo has appointed the former head of failed bank Northern Rock to its board, as the startup aims for growth in 2019. The fintech firm is to announce Gary Hoffman as its non-executive chairman tomorrow, as first reported by Sky News, replacing Baroness Kingsmill who has chaired Monzo since 2015. Hoffman will bring [...]
UK not looking to delay Article 50, says Brexit secretary Stephen Barclay January 8, 2019 The UK is not looking to extend Article 50, Brexit secretary Stephen Barclay has said, rebuffing reports that officials were seeking to move the 29 March deadline date. The Telegraph reported that British and European officials are discussing the possibility of extending Britain’s formal notice to withdraw from the EU. “The government’s policy is clear [...]
Barclays activist investor calls for vote on boardroom shake-up January 7, 2019 Edward Bramson’s ongoing feud with Barclays escalated this evening after the activist investor said he would seek shareholder approval for a bid to make changes on the board of Britain’s third biggest bank. In a letter to investors through his Sherborne investment arm, which controls a 5.5 per cent stake in the bank, Bramson said [...]
SFO scales back probe into Rolls-Royce January 7, 2019 The Serious Fraud Office (SFO) has dropped its investigation into a number of individuals associated with British engineering giant Rolls-Royce. Sky News originally reported that a number of people who were suspects in the SFO's investigation have been informed that they are no longer under investigation. Rolls-Royce entered into a deferred prosecution agreement (DPA) with the SFO [...]
Theresa May hopeful of more EU reassurances over backstop as MPs vote looms January 7, 2019 Theresa May is hoping to get further reassurances from the EU over her Brexit deal as time ticks down to a crunch vote in Parliament. The Prime Minister confirmed on Monday she is continuing to work with Brussels to secure a guarantee the so-called ‘backstop’ – which effectively keeps the UK in the EU’s customs [...]
UK car sales fall for the second year in a row as Brexit uncertainty dampens demand January 7, 2019 UK car sales have fallen for the second year running, according to figures from an industry trade body released today. Dealerships sold 2.37m new cars in 2018, 6.8 per cent fewer than it managed in 2017, and 12 per cent below 2016’s peak of 2.69m, The Society of Motor Manufacturers and Traders (SMMT) said. The [...]