Autumn Statement 2016: What do strong GDP figures mean for Philip Hammond’s first spending spree? October 27, 2016 Next month's Autumn Statement may not be the mighty spending spree some had expected, as today's expectation-beating GDP figures could prompt a rethink inside the Treasury about how far they need to go. Chancellor Philip Hammond has promised a fiscal reset, although growth of 0.5 per cent in the third quarter is significantly up on economists' forecasts and [...]
What do today’s GDP figures mean for UK interest rates? October 27, 2016 The Bank of England looks set to delay another bout of emergency stimulus next week after this morning’s strong GDP figures. The Office for National Statistics (ONS) said the UK grew by a robust 0.5 per cent this morning, defying already-revised expectations of a 0.3 per cent gain in the first three months after the [...]
Barclays profits boosted for third quarter but PPI rears its ugly head again October 27, 2016 Barclays has today revealed its profits soared during the third quarter of its year, but its year to date is lagging behind 2015. The figures The banking giant announced statutory pre-tax profits of £837m for the three months to September, up 35 per cent from the £619m it revealed for the same period last year. [...]
Time to remortgage? The rates on two-year fixed deals are very low, but watch out for additional fees October 27, 2016 Brexit has been kind to mortgage holders. As the Bank of England’s interest rate has come down, banks have been able to borrow more cheaply, allowing competition to increase and mortgage rates to fall. Borrowers have been quick to take advantage of the deals on offer; in August, the number of people remortgaging hit a [...]
City Moves for 27 October 2016 | Who’s switching jobs October 27, 2016 JLL Richard Howling is set to become new chief operating officer following Mark Stupples’ decision to try something different after over three decades at JLL UK. After 32 years within the business, and having successfully managed the merger and integration of King Sturge with JLL UK, Mark will be leaving at the end of 2016 [...]
The Big Bang 30 years on: How the City of London has changed since 1986 October 26, 2016 Nothing stands still in the City. The world's financial services powerhouse has seen it all, from boom and bust to bouncebacks and Brexit. Its skyline has changed almost beyond recognition over the last three decades, as have the markets it serves. As we mark the 30th anniversary of the so-called Big Bang, we cannot help [...]
City A.M. Unregulated podcast: Ritz boss Andrew Love on running London’s most luxurious hotel October 26, 2016 Andrew Love is the man tasked with keeping up appearances at London's best-known hotel: the Ritz. He joins the Unregulated team in the Wimborne Room to discuss working with the Barclay brothers, his guests (including their outrageous requests), as well as talking about the changing face of London – and why supercars will never be welcome [...]
Government to ditch £15.7bn worth of Bradford and Bingley mortgage assets October 25, 2016 The government confirmed today it has kicked off the process of selling £15.7bn worth of Bradford and Bingley mortgage assets. The sale, which will be conducted by UK Asset Resolution Limited (UKAR), will allow Bradford and Bingley to repay money it owes to the Financial Services Compensation Scheme, which will, in turn, repay a corresponding loan to the Treasury. [...]
Deutsche Bank share price dips on reports mega $14bn fine settlement has been delayed October 25, 2016 Deutsche Bank's shares dropped again today, as investors digest reports that the bank's settlement of a potential mega fine has been delayed. The German lender's share price is currently down 2.3 per cent at €13.00, having been on a rollercoaster ride ever since it was announced the US Department of Justice (DoJ) could hit it with a fine for as [...]
Libor charges are about evidence, not people, says fraud squad boss David Green October 25, 2016 The fraud squad boss today hit back at criticism his agency, which is currently investigating the Libor scandal, had busied itself with relatively junior bankers when it should be going after the bigger fish. David Green, director of the Serious Fraud Office (SFO), told the Justice Select Committee he and his team were obliged as prosecutors to go where [...]