Solvency II regulations to go in first sign of post-Brexit shake-up February 21, 2022 The Government has unveiled plans to slash regulation in the insurance sector and allow Britain’s insurance giants to unleash a flood of funding into UK infrastructure projects, in a major shakeup to EU-era financial rules. Speaking to insurance bosses last night, City Minister John Glen said the Government will overhaul 2016 Solvency II regulation which [...]
Iain Duncan Smith: Government has done ‘sweet FA’ to cut EU red tape February 21, 2022 Former Tory leader Sir Iain Duncan Smith has said that the government has done “sweet FA” to make the most of the post-Brexit landscape. In an interview with the Telegraph, Sir Iain said that the UK has huge opportunities in finance and medical research, which the government is not seizing. He said that we must [...]
While looking for Brexit opportunities: Jacob Rees-Mogg profits directly from Chinese pharma and Russian gas investments February 21, 2022 The government’s new minister for Brexit opportunities, Jacob Rees-Mogg, is directly profiting from significant investments in a pharmaceutical company in China as well as a Russian gas company, according to reports. Somerset Capital, in which Rees-Mogg holds a 12 per cent stake, reportedly invested £5.7m on behalf of clients in a company that potentially faces [...]
Khan’s mayoralty is an audition for Labour leader – but it’s at our expense February 21, 2022 Today was supposed to be an important day for the administration of London. The Crystal, the new home of City Hall in Newham, Royal Docks, was due to open and inaugurate a fresh chapter in our governance: a slimmed-down, more efficient headquarters for the mayor and the London Assembly in the east of the capital. [...]
Bitcoin’s playing it cool while the world overheats February 18, 2022 It looks like Bitcoin is keeping its head, while all around are losing theirs, says Jason Deane in his weekly report.
UK reaches agreement with £8.4 trillion Asia-Pacific free trade club February 18, 2022 The UK has reached an agreement with Asian free trade partnership Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Nearly a part of the £8.4 trillion club, the UK will now enter the market access phase of negotiations with the free trade area. It comes ahead of international trade secretary Anne-Marie Trevelyan’s trip to Indonesia, Japan and [...]
UK looks to ink post-Brexit trade deals with individual US states February 18, 2022 The UK will reportedly ink a trade deal with individual US states, in a bid to get the ball rolling on a more ambitious, country-wide, agreement. It follows president Joe Biden saying that the post-Brexit pact was not a priority for the US, which has reportedly prompted the government to go straight to states such [...]
Turn around for Natwest as bank returns to profitability February 18, 2022 Natwest has returned to profitability after suffering heavy losses in 2020, with results boosted by strong savings and lending growth.
City Moves: Who’s switching jobs in the Square Mile this week? February 18, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. Quadrant Real estate asset management and development company Quadrant has appointed a new associate partner from CBRE. Onder Atasayar joins from CBRE where he was responsible for developing the company’s portfolio valuation models and overseeing quarterly valuation of [...]
Despite £20bn drop in exports, Jacob Rees-Mogg sees no evidence Brexit has hit trade: ‘Evidence is few and far between’ February 17, 2022 Jacob Rees-Mogg, the brand new minister for Brexit opportunities, has said that “Brexit was already a success” and businesses have not been hurt by the UK’s departure from the EU. On the contrary, because when asked whether Brexit had reduced UK trade, Rees-Mogg replied: “I think Brexit has been extremely beneficial for the country.” “I [...]