UK life insurers to have ‘tens of billions’ freed up by scrapping EU’s Solvency II regulation February 25, 2022 UK life insurers will be freed up to invest “tens of billions” of pounds more after the decision to scrap the EU’s Solvency II regulation post-Brexit, City minister John Glen has said. Glen, writing in City A.M., today said changes to the much-maligned EU regulation will unleash investment into “growth-supporting infrastructure like wind farms and [...]
John Glen: How I’m going to reform EU’s Solvency II post-Brexit February 25, 2022 This government has been clear about its vision for turning the UK into the most open and dynamic financial services sector on the planet. We understand the crucial contribution the sector already makes to this country and are determined, post-Brexit, that it fulfil its huge potential. A big part of that will be about unleashing [...]
Worst January since 2009 for UK automotive production February 25, 2022 Last month was the worst January since 2009 for the UK automotive production, figures from the Society of Motor Manufacturers and Traders (SMMT) showed. Car production fell 20.1 per cent to 68,790 units – 17,262 vehicles down compared with the same time last year. Domestic and overseas production slumped to 30.8 and 17.5 per cent, [...]
Profit margins hit hard as pricing strategies struggle to keep pace with supply chain issues, Covid and Brexit February 24, 2022 A vast majority of UK businesses are struggling to manage market fluctuations caused by supply issues, Covid-19 and Brexit and UK organisations lose out on £451,000 every year on lost productivity, thereby hitting profit margins, according to new data shared with City A.M. this afternoon. A recent study conducted by Forrester Consulting on behalf of intelligent pricing [...]
Johnson wanted to build a bridge to Ireland but can’t build enough homes February 24, 2022 Of all the mistakes made during the Referendum campaign by Team Remain, former Chancellor George Osborne was guilty of a whopper in May 2016. A month before people cast their vote, the Tory numbers man warned that Brexit could knock 18 per cent off house prices. At least one younger commuter on the train home [...]
Labour: Starmer to take swipe at Corbyn’s economic legacy in Huddersfield speech February 23, 2022 Sir Keir Starmer will further outline what Labour’s economic policies would look like in government and take a shot at the direction of the party under former leader Jeremy Corbyn in a keynote speech tomorrow. Starmer will say that a Labour government will ensure “Britain will once again grow” and “build an economy of prosperity, [...]
Brexit Multiverse of Madness: ‘Jacob Rees-Mogg is hoping for the reality-bending powers of Marvel’s Dr Strange’ February 23, 2022 The new Brexit Opportunities Minister, Jacob Rees-Mogg, has said that Brexit is ‘already a success’ and ‘the evidence that Brexit has caused trade drops is few and far between’. City A.M. spoke to one of the UK’s biggest international delivery firms and their response was “He said that? Well, not in our universe.” In fact, [...]
‘Rule of Origin’ Brexit rule starts to bite: UK customs duties jump 64 per cent in a year to record £4.5bn February 23, 2022 Customs duties paid by UK businesses have jumped 64 per cent to a record £4.5bn in the year to 31 January 2022, up from £2.9bn in the previous 12 months, according to new research shared with City A.M. this afternoon. The rise comes as post-Brexit increases in customs duties begin to bite for UK businesses [...]
Insurance bosses ready wave of investment after Solvency II shake-up February 22, 2022 Britain’s insurance giants have welcomed government plans to shake-up EU-era solvency rules as they prepare to unleash a wave of investment across the UK.
Farmers sound alarm as more than 40,000 pigs are culled and meat thrown away due to Brexit and pandemic February 22, 2022 An estimated 200,000 pigs are backed up on farms because of a lack of skilled butchers to process them, while 40,000 animals have already been culled and their meat thrown away, farmers said this morning. Farming needs “certainty, commitment and consistency” from the Government to avoid more crises like the one engulfing the pig industry, [...]