Shadow banks: UBS chair tells Davos how regulators have ‘taken their eye off the ball’ January 18, 2023 Colm Kelleher, chair of banking giant UBS, has warned of the need for regulators to spend more time policing so-called shadow banks, or non banks. He made the stark warning during a panel discussion on the risks facing the financial system at the World Economic Forum in Davos. He said regulators had “taken their eye [...]
Corporate insolvencies surge as firms struggle to survive harsh economic climate January 17, 2023 The number of company insolvencies in December 2022 was 76 per cent higher than before the Covid-19 pandemic, new data from the ONS revealed on Tuesday. There were 1,964 company insolvencies in December 2022, 32 per cent higher than the previous year and 76 per cent higher than the 1,119 registered in December 2019. Fladgate’s [...]
We need a Swedish-style civic duty to stop division being baked into our politics for good January 17, 2023 Brexit, immigration, the cost-of-living crisis. All of these are issues which have divided the British public, now we need to find a way to bring people together.
Andrew Bailey says ‘no deal’ was done between government and BoE on post-Brexit rules shake-up January 16, 2023 Andrew Bailey, the governor of the Bank of England, said today there was no backhand deal done between the central bank and the government over a post-Brexit shake up of the UK’s financial rules regime. Responding to questions from MPs during a Treasury Committee meeting today, Bailey, 63, said the Bank “did not trade Solvency [...]
Global business elite ready to pour cash into UK, defying recession warnings January 16, 2023 The world’s business elite are set to pump billions of pounds into the UK economy, defying experts forecasting the country is on course for its toughest recession in a century, a new report out today reveals. The proportion of more than 4,400 global chief executives in 105 countries surveyed by consultancy PwC identifying the UK [...]
Biscuit lovers help lift Fortnum & Mason’s back from the brink January 16, 2023 Fortnum & Mason has returned to profitability following two successive years of losses. The historic British department store and grocer reported an operating profit of £6.1m on sales of £187m when its year ended on 10 July 2022. This marks a dramatic turnaround from the £2.7m loss the luxury food store posted in its previous [...]
US-China tensions, tariff hikes and Russia sanctions force firms to look at ‘onshore’ supply chains January 16, 2023 Logistics executives increasingly believe top companies should look to bring their supply chains closer to home to avoid being impacted by trade wars, sanctions and other global shocks, a new survey has found. Supply chain managers increasingly see ‘onshoring’ and ‘near-shoring’ as a means of hedging against disruption to global trade caused by the Covid-19 [...]
Brexit opportunities? Labour says it will explore ‘full potential’ of life outside EU January 15, 2023 The Government has not explored the “full potential” of what the UK can do outside the EU’s single market, Labour leader Keir Starmer has suggested. Shadow Northern Ireland secretary Peter Kyle claimed his party would aspire to make more of a success of Brexit. Labour leader Sir Keir Starmer meanwhile insisted that leaving the EU [...]
‘Stand up to Brexit purity cult’, Keir Starmer to urge Rishi Sunak in Northern Ireland protocol speech in Belfast January 13, 2023 Rishi Sunak must stand up to the “Brexit purity cult” of Eurosceptics on the Tory benches to find a solution to the Northern Ireland Protocol issues, Sir Keir Starmer will say. The Labour leader will use a speech in Belfast to urge the Prime Minister to take on the European Research Group (ERG) in order [...]
Can Starmer solve Ireland’s Brexit woes? Labour leader visits Belfast today for meeting with Irish premier Varadkar January 12, 2023 Irish premier Leo Varadkar and UK Labour leader Sir Keir Starmer are to travel to Belfast on Thursday as efforts to resolve the dispute over the protocol ramp up. The Taoiseach and Sir Keir are to meet with the main Stormont parties to discuss the deadlock over the post-Brexit protocol, which the DUP party has [...]