Bank of England: Households will struggle to pay debts if interest rates rise December 6, 2016 UK households could struggle to meet debt repayments if interest rates rise, according to the Bank of England, as it confirmed the conclusions of last week's financial stability report. The Bank said "risk of a further sharp adjustment in fixed income markets remained” owing to the global economic environment. The minutes of the bank's Financial Policy Committee [...]
Financial sector’s tax contribution hits a record £71.4bn December 6, 2016 The tax take from Britain's financial sector has hit record levels, underscoring its economic importance as talks between the government and the City enter a new phase in the run up to Brexit. Fifty financial services firms, largely UK-listed and including the Square Mile's banking titans, paid £71.4bn into HM Treasury's coffers for the year [...]
US regulators have been much harsher than their UK counterparts while European authorities have been even kinder… December 5, 2016 US regulators have slapped fines on banks at four times the level imposed by their UK counterparts in connection with interest rate and foreign exchange manipulation. A total of 12 banks have been fined $9.8bn (£7.7bn) by US authorities over the last four and a half years. This compares with £2bn imposed on 11 lenders by UK authorities. [...]
Experts predict annual record of car sales after fleet demand drives another month of growth December 5, 2016 Britain's businesses fuelled record new car sales for the first 11 months of the year, offsetting another month of falling demand from private car buyers. Sales increased by 2.9 per cent during November compared with 2015 according to the Society of Motor Manufacturers and Traders (SMMT). With 184,101 vehicles registered during the month, a total of [...]
Britain’s got tech talent (for now): Top VC firm warns Brexit risks UK’s crown December 5, 2016 The UK's position as the tech capital of Europe is at risk of being lost to rivals if it fails to secure access to talent and skills in Brexit negotiations, a top investor has warned. Nearly a third of European startups call the UK home, a share that could fall "dramatically" while other countries grow, [...]
Risk and reward: Adam French, co-founder of Scalable Capital, left Goldman to develop an algorithm for matching retail investors with the right ETFs December 5, 2016 For two years, Adam French knew he was leaving Goldman Sachs. “The day I quit was quite liberating – it’s just not that easy to step away from a Goldman job,” says the former trader, and chief executive and co-founder of digital investment management firm Scalable Capital. There was no “eureka moment”, he adds – [...]
New Builds: 600 new homes are set to be built on a site the size of three football pitches in south London December 2, 2016 The Quarry, Bexley A quarrying site that hasn’t been used in 40 years is set to be home to 600 new properties. The first new homes – 80 per cent of which will be modern family houses hoping to attract upsizers – will go on sale in the new year. There will also be a [...]
Four facts about Fintech Connect 2016 you need to know December 2, 2016 Are you a fintech pro? Then you'll know 2016 has been a year that keeps on giving where events are concerned. If you’re going to Fintech Connect Live this week, you’re sure of a big surprise: it promises to be bigger than ever. Why? Because every second you’re there, £634 will be made in fintech in the [...]
City Moves for 2 December 2016 | Who’s switching jobs December 2, 2016 Crowe Clark Whitehill National audit, tax and advisory firm Crowe Clark Whitehill has appointed Jim Gee as head of forensic and counter-fraud services. With more than 25 years’ experience, Jim has worked with clients all over the world in key sectors including healthcare, natural resources and insurance. He joins the firm from PKF Littlejohn. Jim was [...]
Barclays teams up with Creative England on new tech accelerator December 1, 2016 Barclays is teaming up with non-profit entrepreneurial support group Creative England on a new accelerator. The programme is aimed at companies working to apply the likes of gamification, the Internet of Things, and 3D modelling to other sectors that may not be seen as traditionally digital, like healthcare or tourism. The moves comes amid growing [...]