Keep an eye on data: a chat with Duco’s founder about the future of fintech in Britain February 17, 2020 When asked to narrate their journeys from startup to scaleup, entrepreneurs tend to fall into two camps. There are those for whom the travails of growth are a badge of honour: no 20-hour day, unconquerable challenge or unfulfilled investment pledge has been forgotten. Others display an insouciance, as though turning a light-bulb moment into a [...]
DEBATE: Does it make sense to run the Treasury out of Number 10? February 17, 2020 Does it make sense to run the Treasury out of Number 10? Will Tanner, director of Onward, says YES. Boris Johnson is not the first resident of Number 10 to want a closer hold on Number 11. Pitt the Younger, Peel, Disraeli, Gladstone and Baldwin all served as chancellor and Prime Minister concurrently. The two [...]
Both north and south of the border, Ireland’s financial centres are the City’s historic partners February 17, 2020 As the debate around our future relationship with the European Union continues, we at the City Corporation have been focusing on building even stronger ties with our closest neighbours. Over the past two weeks, I have visited Dublin, Belfast and Derry-Londonderry to do just that. Both the Republic of Ireland and Northern Ireland have long-standing [...]
US private equity funds swoop on UK for cheap deals February 17, 2020 The acquisition of UK companies by US private equity funds jumped 53 per cent last year as the depressed value of UK businesses make them attractive to overseas buyers. The value of UK companies acquired by US funds hit £14.2bn last year, up from £9.3bn in 2018. Brexit and pre-election uncertainty meant UK shares went [...]
US private equity snaps up UK companies on the cheap February 17, 2020 The total value of acquisitions of UK companies by US private equity funds jumped 53 per cent last year to £19.9bn. According to a report by law firm Mayer Brown, the depressed valuations of UK companies versus their European peers has made them look to be good value for funds. The period of Brexit uncertainty, [...]
UK to demand same terms EU has offered to other countries in Brexit trade talks February 16, 2020 Boris Johnson’s chief EU negotiator is set to demand tomorrow that the UK be granted a trade deal on the same terms the EU has given to South Korea, Japan and Canada. David Frost will make his first public appearance at a speech in Brussels tomorrow. According to the Sunday Times, Frost will warn that [...]
Sir Keir Starmer says Labour Brexit position was ‘right policy’ February 16, 2020 Labour leadership frontrunner Sir Keir Starmer has labelled the party’s Brexit position “the right policy”, despite losing many seats in Leave-voting areas. Labour suffered its worst election result in December since 1935, winning just 207 seats and conceding an 80-seat majority to the Conservatives. The party lost a swathe of seats in its northern heartlands, [...]
Rory Stewart wants to set up City of London embassies across EU February 16, 2020 City of London embassies will be set up across EU capital if Rory Stewart is elected mayor of London. The ex-international development secretary is running as an independent mayoral candidate in the May election, after having the Conservative whip removed last year over his opposition to a no-deal Brexit. Stewart believes as mayor of London [...]
Business group guru John Longworth plots new pro-Brexit rival to CBI February 16, 2020 Former British Chambers of Commerce (BCC) chief John Longworth is said to be plotting the launch of a new business lobby group to take on the CBI. Longworth left the BCC in 2016 shortly after the organisation suspended him for saying the UK’s future could be “brighter” outside the European Union. A new group would [...]
March budget may be delayed, says transport secretary Grant Shapps February 16, 2020 The government is likely to delay next month’s budget in the wake of Sajid Javid’s resignation, according to the transport secretary. Richmond (Yorkshire) MP Rishi Sunak was promoted to chancellor in Thursday’s cabinet reshuffle, after Javid refused to sack all of his special advisers as demanded by Boris Johnson. Sunak will now handle the country’s [...]