Could global growth this year be the fastest this century? June 23, 2021 The world economy is set for its fastest year of growth in the 21st century this year, according to our latest forecasts. We now think global GDP is set to expand by 5.9 per cent in 2021, having upgraded our previous forecast of 5.3 per cent. As lockdowns ease, the service sector – which includes businesses [...]
Labour says government should intervene in private equity takeover of Morrisons June 23, 2021 Labour has called on the government to confirm it will intervene in any private equity takeover of Morrisons to secure binding commitments about the buyer’s business plan, on jobs and on pensions. Morrisons revealed this weekend it had rejected a £5.5bn takeover bid from private equity firm Clayton, Dubiliter & Rice (CD&R), saying it believed [...]
Persimmon and Aviva agree to make leasehold payments fairer for homeowners after CMA probe June 23, 2021 Following an investigation by the UK’s markets watchdog, housebuilder Persimmon and financial services group Aviva have agreed to overhaul their leasehold contracts to make payments fairer for homeowners. The Competition and Markets Authority (CMA) investigation into Persimonn’s leaseholds pushed the housebuilder to cap the price of freehold at £2,000 in its Right to Buy scheme [...]
FCA tables new climate disclosure rules to tackle fossil fuel investment chains June 22, 2021 The UK’s financial watchdog has tabled new proposals on climate-related disclosure rules for listed companies and certain regulated firms in the UK today. As climate-conscious commitments and environmental disclosure climb in importance for investors and consumers alike, the Financial Conduct Authority’s (FCA) new rules help ensure climate-related risks are known across the investment chain. “The climate change [...]
Watchdog warns Monzo and NatWest over banking transaction history breaches June 22, 2021 Britain’s competition watchdog has issued a warning to banks including Monzo and NatWest over breaching rules requiring them to send banking transaction histories to former account holders. Nearly 150,000 customers were not provided with the necessary information quickly enough, the Competition and Markets Authority (CMA) said today. Monzo was responsible for the largest portion of [...]
How the climate change revolution has lit a fire under the heating industry June 22, 2021 Climate policy over the last few years has seen the rise and rise of “net zero” targets, to the extent that around 70% of global emissions are now covered by a net zero policy. Converting these long-term ambitions into a clear plan of action is the next step, and the recent publication of a net [...]
MPs to write to competition watchdog over potential takeover of Morrisons June 22, 2021 The Business, Energy and Industrial Strategy Committee is reportedly preparing to write to the Competition and Markets Authority over the takeover of Morrisons. The MPs’ decision to intervene followed concern from a group of Labour MPs that a private equity takeover of the UK’s fourth biggest supermarket would put thousands of jobs at risk, the [...]
The City is resilient but it needs to nurture its small businesses and advocate for a return to the office June 21, 2021 Over the last 12 months, the City has faced twin challenges from Britain’s exit from the European Union and the pandemic. Despite these challenges, the financial and professional services sector has demonstrated remarkable resilience as well as playing a key role in supporting other parts of the economy. We cannot, however, afford to be complacent. [...]
Nvidia to put $100m into Cambridge supercomputer amid Arm probe June 17, 2021 Nvidia’s chief executive today said the company will spend at least $100m on a supercomputer in Cambridge as it seeks to demonstrate its commitment to the UK. The US tech firm is in the process of buying UK chipmaker Arm for $40bn, but regulators are currently examining the deal. Both the Competition and Markets Authority [...]
FCA research hailed as a ‘Bitcoin going mainstream’ moment June 17, 2021 A detailed report into cryptocurrency by the Financial Conduct Authority should be regarded as a turning point that took Bitcoin into the mainstream, says a leading financial expert.