Climate protests get ugly as City waves goodbye to Hammond June 21, 2019 Two of the most powerful custodians of the UK economy last night laid out their vision for how the financial sector can thrive after they leave office. Addressing a City audience in the heart of the Square Mile, chancellor Philip Hammond announced a major review into financial regulation as the banking sector undergoes rapid change and Britain prepares to leave the European Union. [...]
Internet regulation poses ‘serious threat’ to free speech and innovation June 20, 2019 Government plans to tighten regulations against internet companies pose a serious threat to free speech and will damage the economy, according to a new report. The Adam Smith Institute (ASI) warned that making platforms such as Google and Facebook accountable for material posted by their users could lead to widespread censorship. Read more: Online harms [...]
Boris Johnson’s team denies ‘stitch up’ of Michael Gove June 20, 2019 Boris Johnson is facing Jeremy Hunt in the final stage in race to become Prime Minister after a brutal day in Westminster. Michael Gove lost out on reaching the final two in the contest by just two votes – winning the support of 75 MPs compared to Hunt’s 77. Johnson topped the poll with 160 [...]
Friends, then rivals: Boris Johnson has the last laugh over Michael Gove June 20, 2019 First they were friends, then they were rivals, and now, Johnson is the victor. The lives of Boris Johnson and Michael Gove ran parallel for many years, before becoming intertwined during the EU referendum and split apart by an act of betrayal in the 2016 leadership contest. Johnson has now got his revenge for Gove [...]
BoE’s Mark Carney cautiously welcomes Facebook’s new currency Libra June 20, 2019 The Bank of England today said it will treat Facebook’s proposed cryptocurrency Libra with an “open mind”, and announced measures to prepare for the coming “payments revolution”. Read more: Facebook confirms launch of own cryptocurrency In a speech in the City’s Mansion House tonight, the Bank’s governor Mark Carney will praise Libra’s potential to “substantially [...]
Scottish Tory leader Ruth Davidson backs Michael Gove’s leadership bid June 20, 2019 Ruth Davidson, the leader of the Scottish Tories, has confirmed she is backing Michael Gove to be the next Prime Minister after her preferred candidate Sajid Javid was knocked out of the Tory leadership race. Davidson, who as a member of the Scottish parliament does not have a vote in the contest, originally supported Javid, [...]
Moody’s downgrades Jaguar Land Rover as it battles China slowdown June 20, 2019 Embattled car giant Jaguar Land Rover (JLR) suffered a fresh blow today after credit rating agency Moody’s downgraded the firm and warned of a “negative outlook”. Moody’s has reduced its corporate family rating to B1 from Ba3 and the probability of default rating to B1-PD from Ba3-PD. It also downgraded the instrument ratings on the [...]
Conservative leadership contest: Sajid Javid voted out June 20, 2019 Home secretary Sajid Javid has been eliminated from the Conservative leadership contest. Javid picked up 34 votes in the latest ballot of Conservative MPs, finishing last. Foreign secretary Jeremy Hunt came third with 59, while environment secretary Michael Gove finished second with 61 votes. Boris Johnson extended his lead as the frontrunner, picking up 157 [...]
Bank of England cuts growth forecast and holds interest rates as no-deal Brexit risk rises June 20, 2019 The Bank of England has decided to keep interest rates unchanged warning that the likelihood of no-deal Brexit was rising and global trade tensions were intensifying. The rate-setting committee, which raised rates to 0.75 per cent in August last year, unanimously voted to hold interest rates, it said today. Read more: Three reasons why the [...]
UK banks need ‘more support’ and tax cuts after being let down over Brexit June 20, 2019 UK banks need more support from government to promote a positive vision and cut taxes on the industry, UK Finance chairman Bob Wigley has said. The trade body chair said government failed to adequately support the finance industry in the Brexit negotiations and called for a new formal body to be set up. Read more: [...]