EU nations agree to launch legal action against UK in Northern Ireland Brexit row March 10, 2021 EU countries have backed a proposal to launch legal action against the UK for unilaterally deciding to delay introducing post-Brexit customs checks in Northern Ireland in what will be an escalation of an ongoing row. European Commission vice president, and the EU’s Brexit chief, Maros Sefcovic presented the plans to the 27 EU ambassadors in [...]
Financial services’ annual reports across the Atlantic chart path to optimistic Covid recovery March 10, 2021 Britain’s economy entered crisis mode in March last year and plotting a course toward recovery dominated the recent budget. But there is reason for optimism, and the conclusion of the annual reporting cycles for the leading financial institutions in the UK and the US can tell us a lot about where we will see growth [...]
HSBC launches £15bn lending fund for British SMEs March 10, 2021 HSBC has today launched a new £15bn fund to help UK SMEs through the economic recovery. The fund, which includes over £10bn of regionally focussed allocations, seeks to move away from the “traditional” London focus and drive growth in regions across the country. “The past 12 months have highlighted the challenges many small businesses face. [...]
Business groups call for David Frost to ease post-Brexit tensions with the EU March 9, 2021 UK business groups have called for Lord David Frost to ease tensions with the EU, after the de-facto Brexit minister launched a stinging attack on Brussels over the weekend. Frost has been urged to drop his “madman negotiating strategy” after he unilaterally acted to extend a transition period on customs checks in Northern Ireland without [...]
Minister rules out UK Beis Department rebrand to cut out industrial strategy March 8, 2021 A government minister has said that industrial strategy will remain under the remit of Kwasi Kwarteng’s Department for Business Energy and Industrial Strategy (Beis), despite speculation the portfolio will be dropped by the Whitehall department. It was widely reported last week that Kwarteng, the business secretary, had axed the government’s Industrial Strategy Council and that [...]
UK’s finance hubs can work together to power a levelling-up agenda March 8, 2021 The Government last week renewed its commitment to creating a level playing field for the UK’s nations and regions in the Budget. It also announced support for a new independent review by Lord Hill, recommending reforms to UK listing rules to boost growth and our capital markets. The two should not be viewed separately but [...]
Brexit: UK may delay border checks on food coming from EU March 8, 2021 The UK is considering plans to postpone the start of border checks on food coming from the EU past April in a bid to better prepare businesses for post-Brexit changes. New cabinet minister, and Boris Johnson’s former Brexit negotiator, Lord David Frost has asked Whitehall officials to draw up plans to change the timetable to [...]
Lawyers know best: Is it time law firms left the LLP behind? March 8, 2021 Recent legislative changes have paved the way for new, alternative structures in law firms, a sector that was previously dominated by traditional partnerships and LLPs – limited liability partnerships. Alternative business structures (ABSs) – which allow non-lawyers to have a financial stake in a firm – have grown in popularity throughout the 2010s, and for [...]
The Week Ahead: ITV, Rolls Royce, Morrison, ECB and UK GDP data March 8, 2021 It’s Monday morning. City A.M. looks ahead at what this week has in store. China Trade for February This morning – The Chinese economy finished 2020 on a strong note, its surplus hitting a record high in December. Exports rose by 18.1 per cent, slightly down from November’s 21.1 per cent but still better than expected, [...]
£54bn pandemic export hit: UK losing market share in US, Germany and China March 8, 2021 The UK’s goods exports slumped by £54bn in 2020 and Britain lost market share to its main competitors as Covid-19 hammered global trade, according to new research published this morning. The findings, from Aston University’s Lloyd’s Banking Group Centre for Business Prosperity, showed that Britain suffered a 14.7 per cent drop in goods exports, one of [...]