Why more people are seeking residency abroad post-Covid July 14, 2021 It’s hard to take much in the way of positivity from the past 15 months or so, yet the circumstances thrust upon us have changed behaviours – or at least restrictions have accelerated such change. Amongst these is a compelling increase in the number of individuals seeking residency or citizenship in non-native countries. Yes, this [...]
PureGym mulling IPO as gym usage rebounds July 14, 2021 PureGym is considering reviving its plans for an initial public offering, as gyms across the UK rebound. In an update to bondholders earlier today, seen by City A.M., the no-frills gym chain said it was comparing its options for raising equity including, potentially, in the public markets. It is understood that the fitness chain is still [...]
Tory MPs call for rethink of party’s stance on taking the knee July 14, 2021 Senior Tory backbench MPs have called for a change of attitude from their party over taking the knee in the wake of a racism row with English footballers. Former Brexit minister Steve Baker said the fallout from racist abuse received by three black English players should be a “wake-up call” to the Tory party over [...]
City Moves: Who’s switching jobs in the Square Mile this week? July 14, 2021 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every Wednesday afternoon. Email citymoves@cityam.com to be featured. Irwin Mitchell poaches Slater & Gordon employment lead London law firm Irwin Mitchell has poached another Slater & Gordon lead this week as a new partner who will be based in its Holborn office. Deborah Casale, [...]
Prince Charles warns small family farms must survive for an environmentally friendly future July 14, 2021 The Prince of Wales has called for small family-run firms to be at the heart of attempts to go green. In an essay for BBC Radio 4’s Today Programme, the heir to the throne warned letting family-run farms go to the wall would break “the backbone of Britain’s rural communities,” and said the “heart will [...]
UK lenders urged to maintain support for businesses and households July 13, 2021 The watchdog of Britain’s financial system urged the UK’s largest lenders to maintain support for businesses and households today. The Financial Policy Committee said in a report published on Tuesday that it “continues to judge that it is in the collective interest of banks to support viable, productive businesses, rather than to seek to defend [...]
Brexit: EU unlikely to throw doors open to UK financial services, says Bailey July 13, 2021 Andrew Bailey, Governor of the Bank of England, said on Tuesday he does not expect the EU to open the doors to UK financial services exports following Brexit. “On equivalence, I think it’s fair to say that nothing really has moved forwards” Bailey told a news conference today. Brussels has yet to decide whether rules governing the [...]
Calls for UK to match European business support from £4.6bn post-Brexit EU fund July 13, 2021 A new report has called on the government to clarify if it will support British firms if they are affected by an uneven playing field that could be created by a €5.3bn fund subsidising its Brexit-impacted industries. If EU countries decide to use much of the new Brexit Adjustment Reserve funds to subsidise private businesses as [...]
US firms poised to ramp up investment in Britain July 13, 2021 Top American companies are set to increase their investment in Britain in the coming years despite the impact of the pandemic and Brexit. A survey of large US multinationals that together employ around 275,000 staff in the UK found the majority were confident in Britain as a place to do business. Around 60 per cent [...]
EU securities watchdog slaps DTCC’s derivatives unit in the City with £350k fine for ‘negligence’ July 12, 2021 The European Union’s securities watchdog said today it has issued the UK-based trade repository arm of U.S. clearing house DTCC a fine of nearly £350,000 for “negligence” over a four-year period. Trade repositories were set up in the aftermath of the global financial crisis to improve transparency in markets by keeping a record of derivatives [...]