More than a third of corporate debt is now with challenger banks, but London firms yet to be convinced September 5, 2016 Challenger banks are giving the incumbent players a run for their money, as figures out today show over a third (34 per cent) of UK business mortgages and charges are now issued by the smaller, newer lenders. In particular, 32 per cent of corporate debt is handled by what Avention, which carried out the research, classifies as smaller [...]
A free market think tank has joined calls to scrap “inefficient” corporation tax September 2, 2016 Margaret Thatcher's favourite think tank has joined calls to abolish corporation tax, blasting the failure of politicians to grasp the impact of the charge. The free market backing Institute of Economic Affairs said long overdue reform of the system has been held back by a “fiction” that the bill is foot by companies, instead of [...]
Gala Coral stays in the red in last results before Ladbrokes deal August 31, 2016 A 10 per cent uptick in revenue wasn't enough to push Gala Coral Group into the black in the 12 weeks to 2 July, with the bookmaker's losses widening ahead of its merger with Ladbrokes. The figures Net revenue was up 10 per cent to £264m in the third quarter, up from £241m in the same period [...]
We should regionalise immigration decisions – starting with a London visa August 26, 2016 Londoners voted if not resoundingly, then certainly confidently, for remaining in the EU. And in the wake of the result, a determination has emerged to assert that London is open – a statement at once defiant and optimistic, and grounded in culture as much as in economics. Around 850,000 Londoners were born in another EU [...]
Legal eagles not impressed with average price suggestions August 25, 2016 The professional body for solicitors has today slammed calls for firms to publish their average costs. Last week, the Legal Services Consumer Panel (LSCP) responded to the interim Competition and Markets Authority (CMA) report into the legal services market and suggested red tape should be introduced to make publishing average fees mandatory. Although noting the Society wanted to improve [...]
CMA proposals to hit bank profits in latest squeeze on sector August 19, 2016 Banks should prepare for another squeeze on profits thanks to the latest recommendations to boost competition in the sector. Ratings agency Fitch said today proposals from the Competition and Markets Authority (CMA) to encourage customers to switch bank accounts would put even more pressure on bottom lines at the UK's top high street lenders. The central [...]
Intercontinental Exchange questions UK competition watchdog concerns over Trayport takeover August 18, 2016 The owner of the New York Stock Exchange has questioned the justification of the British competition authority’s concerns over its Trayport takeover. The Competition and Markets Authority (CMA) said the Intercontinental Exchange (ICE) should consider reversing its $650m (£495m) deal for Trayport, a commodities trading software operation. Read more: US rival pulled London Stock Exchange [...]
Competition watchdog threatens Intercontinental Exchange’s Trayport takeover August 16, 2016 The Competition watchdog has thrown into doubt Intercontinental Exchange's takeover of commodities trading software company Trayport. The Competition and Markets Authority said today that the $650m deal could result in less competition for wholesale European utilities trades. It issued a list of possible remedies, which includes a forced sale. The CMA is worried about higher fees for [...]
Ryan Lochte and US swimmers robbed at gunpoint in Rio August 14, 2016 American six-time Olympic swimming champion Ryan Lochte was left shaken but unharmed after being robbed at gunpoint in Rio de Janeiro in the early hours of Sunday morning. Lochte, who helped Team USA win gold in the 4 x 200m freestyle relay last week, was with colleagues Gunnar Bentz, Jack Conger and Jimmy Feigen when their [...]
Bank of England considers easing challenger burdens August 14, 2016 The Bank of England is considering easing regulatory burdens on challenger banks, amid increasing pressure from the small lenders. Challengers are concerned about capital requirements imposed on them, which they say disadvantage them to bigger players and stop them from being able to offer loans and credits to small business. There was anger among the [...]