“We have certainly not seen a period remotely like it in the last 70 years”: Think tank’s dire warning on wage growth November 24, 2016 The director of one of the UK's most respected think tanks has issued a dire forecast about UK wage growth, warning workers are in the middle of more than a decade of stagnant wages. In a highly emotive release, Paul Johnson, director of the Institute for Fiscal Studies (IFS), said its projections suggested real wages [...]
Autumn Statement TL;DR? Here’s our at-a-glance guide November 23, 2016 Chancellor Philip Hammond spoke for around an hour while delivering today's Autumn Statement. If you don't have time for that, here's our at-a-glance overview of the announcements you need to know: Economics, public spending and politics The Office for Budget Responsibility (OBR) forecast for growth increased to 2.1 per cent, up from two per cent, for 2016, but [...]
Boost for UK exporters as chancellor announces doubling of UK Export Finance capacity November 23, 2016 Chancellor Philip Hammond has announced plans to make it easier for British firms to export. Hammond said in his Autumn Statement that he would be doubling the capacity of UK Export Finance. Read more: Live coverage: Autumn Statement 2016 UK Export Finance is Britain's export credit agency and a government department which works alongside the Department for [...]
Goldman Sachs and Santander have left a major blockchain group November 22, 2016 Goldman Sachs and Santander have both exited one of tech's top blockchain consortiums which is backed by some of the world's biggest financial institutions. Both institutions have quit membership of the R3 group and will not be investing in its latest reported funding round. Santander did not comment on its decision to depart R3, however, it's understood it will [...]
Citi and JP Morgan top regulators’ list of systemically important banks, as HSBC and Barclays move to lower tier November 21, 2016 Citigroup has joined JP Morgan Chase as one of the world's top two "systemically important banks", according to an updated list published today by the Financial Stability Board (FSB). Banks in the top tier will have to hold 2.5 per cent of their assets as buffer capital in case of another crisis. This means that US [...]
Lloyds said to be frontrunner in bidding for Bank of America’s £7bn-valued MBNA November 21, 2016 Lloyds Banking Group is thought to be the frontrunner for Bank of America’s £7bn-valued UK credit card business. The UK lender is reported to have edged ahead of US private equity group Cerberus in the bidding for MBNA’s British credit card operation. For Lloyds, it would mark the first acquisition since it was bailed out by [...]
Meet the 18 companies joining the FCA’s regulatory sandbox November 7, 2016 The UK's foward-thinking financial regulator has chosen 18 companies to participate in its so-called regulatory sandbox, where they will be able to test out new technologies without breaching rules. Launched over the summer, the sandbox is designed to foster fintech innovation while remaining under the supervisory eye of the City watchdog, the Financial Conduct Authority. Read more: [...]
HSBC’s shares rise four per cent despite larger-than-expected profit slump after Brazil disposal November 7, 2016 HSBC's share price rose by more than four per cent this morning, despite a sharper-than-expected slump in profits in the third quarter – although stripping out currency fluctuations, things looked rather better… The figures Pre-tax profit at the British lender fell 86 per cent to $843m in the quarter ended 30 September, down from $6.1bn in [...]
City Moves for 4 November 2016 | Who’s switching jobs November 4, 2016 Hastings Group Hastings Group has appointed Teresa Robson-Capps and Alison Burns as non-executive directors with immediate effect. Teresa is currently a non-executive director and member of the audit committee for Clydesdale and Yorkshire Bank Group and is chairman of the ACS Group. She was previously a non-executive director for National Australia Bank; Europe/Clydesdale Bank. Teresa brings significant [...]
National insurance is a complicated relic: Axe it in three simple steps November 3, 2016 If we were designing a new tax system from scratch, would anyone seriously suggest running three slightly different income tax systems at the same time? The fact that the government does precisely this is a relic of the past that has no place in a modern tax system. The combination of charges – income tax, plus employer’s [...]