Exclusive launch interview: CEO Jason Oakley on Recognise, Britain’s newest bank December 9, 2020 Following FCA approval of a banking license application in November, SME lender Recognise’s banking operations formally launch this morning with four branches in the City, Manchester, Leeds and the Midlands, as well as an app and online platform. To mark the arrival of Britain’s newest bank, City A.M. sits down with CEO Jason Oakley, a former head of [...]
Michael Gove insists there will be ‘no border in Irish Sea’ in Brexit divorce deal December 9, 2020 Michael Gove has defended an agreement secured yesterday on the Northern Ireland Protocol, insisting that any Brexit trade deal will not result in a border in the Irish sea. The Cabinet Office minister yesterday struck an “agreement in principle” with his EU counterpart Maros Sefcovic on post-Brexit arrangements for the Irish border. The UK agreed [...]
FTSE 100 rises ahead of PM’s Brexit trip to Brussels December 9, 2020 The FTSE 100 opened higher as Prime Minister Boris Johnson prepared to fly to Brussels for key Brexit talks and after the administration of Donald Trump in the US suggested a $916bn (£685bn) stimulus package. The index climbed 0.3 per cent to 6,580 points in early trading. Britain’s FTSE 250 index of mid-cap firms rose [...]
Tesco to complete £8bn sale of Thai and Malaysian units this month December 9, 2020 Tesco is set to complete the sale of its Thailand and Malaysia businesses later this month after all conditions for the deal were satisfied. The UK supermarket giant announced in March that it was going to sell the two Asian businesses to Thai conglomerate CP Group. The deal is worth £8bn. Tesco is seeking to [...]
Brexit: Boris Johnson to meet EU chief Ursula von der Leyen in Brussels TODAY December 9, 2020 Boris Johnson will meet with European Commission President Ursula von der Leyen this evening in Brussels for showdown Brexit talks. The pair will be briefed by their respective chief negotiators tonight about the outstanding issues holding up a trade agreement, before trying to hammer out a last minute deal one-on-one. Last night von der Leyen [...]
Before the Bell: Boris heads to Brussels December 9, 2020 After a negative start to the week on Monday, markets in Europe trod water yesterday, awaiting the next developments as we head towards the final denouement of the saga of the EU/UK trade talks, while the first day of the vaccine rollout in the UK also drew a lot of attention. “Ordinarily an event such [...]
Brexit: City of London lobby slams EU for damaging confidence in UK financial services sector December 9, 2020 The City of London’s most influential lobby group has hit out at the EU for politicising decisions on the UK’s financial services sector’s access to Europe post-Brexit. The CityUK chief executive Miles Celic told a Westminster committee today that Brussels has created uncertainty for Square Mile firms through the “regrettable politiicsation” of the equivalence assessment [...]
UK firms worry about readiness as Brexit deadline approaches December 9, 2020 UK firms are increasingly anxious about Brexit, with more than half of those affected saying their ability to adequately prepare hinges on the ongoing trade talks, according to a new survey. The Institute of Directors (IoD) business lobby group which carried out the survey called on the government to “pull out the stops to land [...]
Unleash the power of digital across our nation December 9, 2020 Digital capital has transformed every role I’ve held. As a business leader, the emergence of digital markets and communication transformed my industry. As an MP and minister, I wrestled with how access to digital information shaped opportunities. I worked to widen access to digital skills for women (only 19 per cent of workers in tech [...]
Honda warns of production delays at Swindon plant due to transport disruption December 8, 2020 Japanese car giant Honda has warned that it might have to suspend production at its factory in Swindon due to delays in getting hold of parts as a result of transport disruption. The automaker operates a “just in time” system at the plant, where car parts arrive as and when they are needed. This can [...]