Brexit: Michel Barnier tells UK government not to ‘kid themselves’ on financial services deal February 11, 2020 The EU’s chief negotiator Michel Barnier has this morning rejected the UK government’s call for a financial services deal to be built on a long-term equivalence regime, and warned Downing Street that Brussels will “keep control”. Speaking to the European Parliament entirely in French, Barnier emphasised that it “cannot be business as usual” after the [...]
UK economy registers zero growth in final quarter of 2019 February 11, 2020 The UK economy flat-lined in the final quarter of 2019, data has shown, as political uncertainty driven by Brexit and the December General Election weighed on activity. Britain’s services sector – which makes up about 80 per cent of the economy – eked out growth of 0.1 per cent, while manufacturing production slumped 1.1 per [...]
It’s time for Labour to wake up and smell the coffee February 11, 2020 Following their third consecutive electoral drubbing in 2005, Lord (Michael) Ashcroft set out to offer the Conservative party some frank advice. His book, Smell the Coffee, was a forensic account of where the party was going wrong and why they were unpopular. It played a big part in David Cameron’s subsequent modernisation project. Today, Lord [...]
Bank of England deputy Sir Jon Cunliffe warns EU to stay close to the City February 11, 2020 Bank of England deputy governor Sir Jon Cunliffe has warned the European Union that it will need to maintain close financial ties with London if it wants “to be part of global pools of capital and liquidity” after Brexit. He was also bullish about London’s future prospects, saying that although markets could transfer to EU [...]
Consumer spending bounces in January but high street woes continue February 11, 2020 Brits ramped up their spending in January after a thrifty December, according to new data, in the latest sign that the UK economy may have bounced back at the start of 2020. Consumer spending grew 3.9 per cent in January, data from payment provider Barclaycard showed today, up from the one per cent growth witnessed [...]
Exclusive: Treasury to unveil equivalence vision for City in white paper February 10, 2020 The government will insist on the right to diverge from EU financial services regulation as part of a post-Brexit trade deal with Brussels based on equivalence. Writing in City A.M. today, chancellor Sajid Javid says the City “will no longer be a rule-taker” and reveals that ministers are working on a white paper setting out [...]
Sajid Javid: I’ll give the City the flexibility it needs to thrive outside the EU February 10, 2020 Now that we have left the EU, we begin a new chapter in our history. Strengthened by a decade of economic recovery, we will step forward with confidence into an era of unity and renewal. We will level up, decarbonise our economy, and back business. Our world-leading financial services sector will play a crucial role [...]
No, Jeremy Corbyn: Labour leader ‘weak, unpatriotic and too left-wing’, damning election report finds February 10, 2020 Labour’s “impossible” policies, a leader who was “stuck in the past” and a sense that the party is for “middle-class radicals” are among the reasons for the party’s electoral annihilation, according to a damning new report. Jeremy Corbyn was the single biggest factor in causing voters to defect, resulting in Boris Johnson gaining an 80-seat [...]
Natwest Three banker slams ‘pernicious’ US-UK extradition treaty February 10, 2020 A British banker who was extradited to the US for fraud said the extradition treaty between the two countries is a “pernicious law” that is “designed for one outcome — incarceration”. Last week, Autonomy founder Mike Lynch was arrested following a US extradition request. Lynch faces charges of securities fraud, wire fraud and conspiracy in [...]
Boris Bridge scoping work underway, No 10 confirms February 10, 2020 A “proper piece of work” looking into the feasibility of a bridge connecting mainland Britain with Northern Ireland is being carried out, Number 10 confirmed today. The so-called Boris Bridge was first floated by the Prime Minister last year as a possible solution to the border issue caused by Brexit. However critics warned at the [...]