British Chambers slam “constantly shifting goalposts” in desperate plea to PM December 22, 2020 The British Chambers of Commerce have today warned the Prime Minister that businesses are “on their knees” due to new lockdown restrictions. The body’s President, Baroness Ruby McGregor-Smith, says that the “constantly shifting goalposts” had left many businesses considering “shutting up shop for good.” In her open letter, she calls for the PM to offer [...]
New: PM criticises border closure and is “working” to a solution December 21, 2020 The Prime Minister has criticised the French government’s decision to block freight from the UK, saying the risk of truck drivers transmitting the new mutant strain of Covid-19 is “very low.” He said he was “working to a solution” and had spoken to French President Emmanuel Macron. Read more: All EU countries ban UK travellers [...]
Gold remains relevant as COVID-19 vaccine sees markets rally December 21, 2020 2020 has been the year of uncertainty, and this has seen the price of gold reach record highs. How have US election results and news of a COVID-19 vaccine affected gold’s performance, and what’s next? Markets regained a sense of status quo after the result of the US election and assurance that Joe Biden will [...]
Temporary register buys time for crypto firms from the FCA December 21, 2020 What happened? The UK crypto scene breathed a collective sigh of relief this month as the FCA (Financial Conduct Authority) announced a temporary registration scheme for cryptoasset companies. The regulator’s announcement came just weeks before its original registration deadline of January 10, 2021. Firms that have already submitted applications which have not yet been processed, [...]
Global markets slump amid fears of mutant virus and UK border chaos December 21, 2020 The FTSE 100 and US and European stocks tumbled on Monday while the pound slumped after countries banned travel from the UK over fears of a new coronavirus strain. Adding to the gloom on markets was the impasse in post-Brexit trade talks between the UK and the EU. Rising coronavirus cases in Britain, on the [...]
Best of 2020: Europe hurtles into decline, almost unnoticed December 21, 2020 As the year winds down, City A.M. is looking back at the columns that tell the story of our year. For a Europe that has made managing rather than solving economic crises into an art form, the time for paying the piper is fast approaching. The continent’s long-stagnating economy is perched at the edge of [...]
Exclusive: Siemens UK boss explains why the pandemic has been a ‘helpful’ distraction from Brexit December 21, 2020 Despite the many difficulties, the pandemic also brought some good, such as a distraction from Brexit, Siemens UK CEO Carl Ennis tells City A.M. in an exclusive interview. Read more: Siemens UK chief executive Juergen Maier announces early retirement Brexit The fact that the virus pushed Brexit down the hierarchy of news was helpful, in Ennis’ [...]
Will 2021 be the FTSE 100’s year? December 21, 2020 The FTSE 100 has been playing catch-up for most of this year. After the historic market crash in the spring, the UK’s main stock index – which lacks glittery tech names – has lagged behind. The US’s S&P 500 climbed about 12 per cent from the start of the year to 1 December, while Germany’s [...]
Westminster year in review: Who is up and who is down in 2020? December 21, 2020 As the UK ushered in 2020 it looked as if Boris Johnson had an unshakeable grasp on Westminster and the Conservative party. Johnson’s election landslide win last December and his victory in dragging the UK out of the EU in January made him look infallible. Before the Open newsletter: Start your day with the City [...]
Pound plummets as countries ban UK travel and Brexit talks falter December 21, 2020 The pound fell off a cliff on Monday after France, Germany and others cut transport links with the UK amid fears of a new coronavirus strain, while Brexit talks reached another impasse. Sterling dropped 2.1 per cent against the dollar to $1.323. It also fell 1.2 per cent versus the euro to €1.089. The FTSE [...]