London holds firm as financial services centre of Europe February 22, 2021 Many European financial services firms are applying for permission to operate in the UK, signifying London will continue to be a leading player on the global financial stage post-Brexit. Nearly 1,500 EU-based financial services firms have applied for permission to operate in the UK, with around 1,000 of those planning to establish their first UK [...]
Brexit: UK considers tit-for-tat retaliation against EU’s British shellfish ban February 21, 2021 The UK could restrict the import of mineral water and other products from EU countries in retaliation for Brussels’ Brexit ban on British shellfish exports. The EU confirmed three weeks ago that a temporary ban on a range of shellfish – including mussels, clams, scallops and cockles – would be made permanent as they are [...]
UK to unveil new visa scheme for fintech workers February 21, 2021 Rishi Sunak will reportedly unveil a new UK visa scheme to help London’s fintech firms attract more global talent in the wake of Brexit. The new visa fast track scheme will give priority access to professionals in the tech industry to live and work in the UK as a part of the country’s new post-Brexit [...]
Key Johnson aide and Dominic Cummings ally quits No 10 February 20, 2021 Oliver Lewis, the head of Boris Johnson’s ‘Union Unit’, has quit just two weeks into the job. Lewis resigned followed claims he had been accused by the Prime Minister and his fiancée of briefing against Michael Gove, the Times reported. The aide was only given his new role two weeks ago. The so-called ‘Union Unit’ [...]
European Commission gives the green light on data adequacy agreement with UK February 19, 2021 The European Commission has said the UK’s data protection laws are in line with the EU’s, paving the way for a long-term adequacy decision. Article 44 of GDPR prohibits the transfer of personal data from the EU/EEA to recipients in jurisdictions outside the bloc, unless specific conditions are met. One of the conditions is an [...]
Frost replaces Gove with “more assertive stance” on EU February 19, 2021 PM Boris Johnson replaced Michael Gove as EU relations minister with Lord David Frost, chief negotiator of last year’s Brexit deal, on Wednesday. Downing Street said Frost would have a seat in cabinet and take over all responsibility for dealings with Brussels. The newly-appointed EU relations ministers wants to take a more “hardline” stance on [...]
Sterling hits $1.40 for the first time in nearly three years February 19, 2021 Sterling hit $1.40 against the dollar for the first time in nearly three years this morning on vaccine optimism and better than expected PMI readings. The UK’s PMI reading during the third lockdown showed the downturn was less severe than anticipated, pushing cable above the $1.40 mark for the first time in 34 months. “Although [...]
UK PMIs: UK firms fare less badly than expected February 19, 2021 UK firms had a more positive February than anticipated so far, with firms eyeing growth prospects later in the year as the vaccine roll-out continues. The IHS Markit/CIPS purchasing managers index (PMI) jumped to 49.8 in February from 41.2 in January, a far swifter improvement than what was originally feared. The index indicated some stabilisation [...]
NatWest tumbles to £351m loss in 2020 as bank shuts door on Irish market February 19, 2021 NatWest has today announced that it will pull out of its operations in the Republic of Ireland after reporting a £351m annual loss. The bank intends to withdraw from its Ulster Bank but operations will not be affected in Northern Ireland. It will exit the country following a strategic review and send $4.84bn worth of [...]
Big Bang 2.0 will only succeed with a revolution in the back-office of financial services February 19, 2021 Negative news about the new post-Brexit challenges for the UK’s financial services currently dominates headlines. The market structure is still far from settled ahead of upcoming talks between the UK and the EU on equivalence. Whatever level of equivalence is agreed upon will dictate the direction for UK financial services, with some eyeing up an [...]