‘Levelling up’ is as important for London as it is for the rest of the country March 17, 2020 For many years there have been calls to bridge the UK’s stark north-south divide. These have come under many badges, from “rebalancing the economy” to “building a Northern Powerhouse”. Now, “levelling up” is the choice term for a government ambitious to deliver for voters who tore down Labour’s so-called “red wall” in December’s election. It [...]
EU rejects UK’s call for quick agreement on financial services equivalence March 16, 2020 The EU’s head of financial regulation has rejected the UK’s calls for the City’s future access to the bloc’s markets to be settled by the end of June, warning that Brussels’ decision will be based on the extent Britain wants to deviate from EU rules. UK chancellor Rishi Sunak last month called on the EU [...]
Andrew Bailey takes over with Bank of England battling coronavirus recession March 16, 2020 Andrew Bailey is no stranger to a tough job. But the incoming Bank of England governor, who takes up his new role as Mark Carney steps down tomorrow, could never have anticipated the size of the challenge that awaits him at Threadneedle Street. Bailey’s time at the Financial Conduct Authority began in the wake of [...]
UK immigration no longer ‘top of mind’ issue, says new report March 16, 2020 Immigration is no longer a “top of the mind” issue for Britons, according to new research. A report from think tank British Future found immigration ranked as the ninth most important issues for voters, with 41 per cent saying they rated the issue as “very important”. The pro-immigration think tank said this was in contrast [...]
UK advertising exports jump to record-breaking £7.9bn March 16, 2020 International trade in British advertising services jumped 15 per cent year on year to hit a record £7.9bn in 2018, new figures have revealed. The sharp growth was significantly ahead of overall UK service exports, which rose by roughly two per cent, while the UK’s balance of payments surplus for advertising was Europe’s largest. The [...]
This week: GBP / EUR Update March 13, 2020 Brexit concerns faded into the background this week as the market focused on the coronavirus pandemic. At the beginning of the week, UK equities opened around 9% below Friday’s closing levels, putting pressure on sterling. The emergency rate cut from the Bank of England midweek had an immediate effect, pushing the pound lower before it [...]
DEBATE: Do the chancellor’s reforms to entrepreneurs’ relief strike the right balance for founders? March 13, 2020 Do the chancellor’s reforms to entrepreneurs’ relief strike the right balance for founders? YES, says Mike Cherry, national chairman at the Federation of Small Businesses. Compromise is a fact of business life. Every dealmaker knows that it’s better to bend a little than break off negotiations. Entrepreneurs’ relief is a vital incentive that’s central to [...]
Coronavirus: Sterling plunges as investors flock to dollar safe haven March 12, 2020 Sterling has plunged to its lowest level against the US dollar (GBP/USD) since October last year on the back of global coronavirus-related uncertainty. The pound crashed as low as 2.36 per cent against the dollar today to fall to just $1.2517, as traders flocked to the greenback. By 5.35pm it stood 1.63 per cent down [...]
Fisheries and finance March 12, 2020 Two of the key flashpoints in the Brexit negotiations could have wide-reaching consequences for industry and the pound. In a recent webinar from moneycorp talk, economist Vicky Pryce highlighted the importance of fisheries and financial services to the Brexit negotiations. If we look at the numbers alone, it would seem that financial services should take [...]
Number of UK coronavirus cases record biggest daily jump to 590 March 12, 2020 The number of confirmed cases of coronavirus in the UK has jumped from 456 to 590, marking the biggest daily increase. Two more people have died in London after testing positive for coronavirus, bringing the death toll to 10. A patient in their 80s died at Charing Cross Hospital, while a woman in her sixties [...]