Illuminate Financial closes $100m round with backing from JP Morgan and Barclays March 17, 2021 London-based VC firm Illuminate Financial has closed a $100m round with backing from JP Morgan Chase and Barclays. The fund, which is Illuminate’s second, was anchored by Deutsche Borse and IHS Markit, with additional backing from Draper Esprit and family offices. It was launched in early 2019 before closing in January 2021. “It has been [...]
Capita announces major restructure alongside plans to raise £700m March 17, 2021 Outsourcing giant Capita has announced a fresh restructuring plan alongside efforts to raise £700m from selling non-core assets, as it seeks to recover from a difficult year during the pandemic. The group, which provides IT-led business services to the public and private sector, will simplify its six operations into three divisions. Capita Public Service will [...]
Government plans to change mayor of London elections to First Past the Post March 16, 2021 The government has today laid out plans to change voting in the mayor of London election and other local elections to First past the Post like in General Elections. Priti Patel today said the Home Office, Cabinet Office and Ministry of Housing would “change the voting system for all Combined Authority mayors, the mayor of [...]
Visa plans to increase online interchange fees for UK customers buying from EU firms March 16, 2021 Visa – the UK’s biggest debit card provider – is reportedly planning to increase fees on purchases made by British customers from most of Europe. The payments giant is preparing to inform its 4,000 clients that the interchange fees will be hiked to 1.5 per cent for online credit card payments, Sky News reported. Meanwhile, [...]
Corona Impact Series: How a small Wandsworth womenswear boutique embraced click-and-collect March 16, 2021 In this series, City A.M. looks at the financial and economic impact of the ongoing pandemic on a range of small and medium-sized businesses across London. This week: how a small Wandsworth womenswear boutique is bouncing back from the third lockdown thanks to the world wide web. Pre-pandemic, independent stores were thriving – popping up on local high [...]
City minister calls for ‘responsible capitalism’ in financial services sector March 16, 2021 The UK’s financial services sector should move toward a more “responsible” form of capitalism that takes into account a broader ranger of interests and not just shareholders, according to City minister John Glen. Glen wrote today that the Square Mile was “ideally placed to showcase this responsible capitalism” through, but that firms should “reject some [...]
Britain must define in its place in the world with rich trading relationships March 16, 2021 Today, the government will seek to define the UK’s place in the world as it publishes “Global Britain in a Competitive Age” reviewing foreign and defence policy. Back in 1962, the American statesman, Dean Acheson, famously observed that the UK had “lost an Empire but not yet found a role.” Now, after Britain has left the EU, the [...]
Just Group lifts profits amid bid for sustainable capital March 16, 2021 Specialist financial services firm Just Group enjoyed an 11 per cent lift in annual earnings, which boosted underlying profits to £297m in December. The group announced this morning that thanks to a host of new sales, new business profits increased by £17.2m to £199.2m, compared to the previous year. This reflects a 12 per cent [...]
BoE: ‘No interest’ in lowering capital requirements for insurers post-Brexit March 16, 2021 The review into Britain’s financial rules post-Brexit will not lead to any “radical departure” or a reduction in capital requirements, the Bank of England (BoE) said today. Brexit has prompted the government to look at insurance capital rules inherited from the EU, with hopes it could lead to fewer requirements. The bank’s Deputy Governor Sam [...]
Joe Biden must not meddle in Northern Ireland March 16, 2021 Amid ongoing post-Brexit discussions, the Northern Ireland office has dispatched a representative to the US to “build relations” with the Biden administration. Tensions flared last week as Unionist paramilitaries withdrew their support for the Good Friday agreement. Meanwhile, key Republican actors set about launching a campaign in the US to build support for their cause, [...]