EU says the City can expect ‘less fluid’ trading from January October 2, 2020 The City of London can expect financial services trade with the EU to be “less fluid” from January onwards, the bloc’s new finance commissioner has said. Speaking to the European Parliament, Mairead McGuinness also reiterated the EU’s position that its banks and financial services companies should move away from reliance on London. The UK officially [...]
Employers have a crucial role to play in tackling domestic abuse October 2, 2020 Domestic abuse has been referred to as a “shadow pandemic” by the UN, with the number of cases increasing significantly across the world throughout lockdown. For many people suffering abuse, the respite of the weekday commute and being able to go to office were lost overnight. Recognising the signs of abuse and having the confidence [...]
FRC delays appointment of Keith Skeoch as interim chair October 1, 2020 The appointment of City veteran Keith Skeoch as chair of the audit watchdog has reportedly been delayed despite having been signed off by the business secretary. The plan to name Skeoch as interim chair of the Financial Reporting Council has been delayed due to a failure in Whitehall to rubber-stamp the appointment, according to Sky [...]
7,500 UK finance jobs shifted to EU since historic vote, as hard Brexit edges closer October 1, 2020 More than 7,500 UK finance jobs have headed for Europe since the 2016 EU referendum, with more relocations expected as City firms edge against a hard Brexit. In September alone, financial services firms moved more than 400 jobs to financial hubs across the EU, according to a new Ernst & Young report, published earlier this [...]
UK PMIs: Manufacturing recovery continues despite fresh lockdown fears October 1, 2020 Britain’s manufacturing sector continued its strong recovery from the coronavirus slump in September, although it dropped off the record pace set in August. The IHS Markit/Cips manufacturing purchasing managers (PMI) index stood at 54.1 in September, with any score above the 50 mark indicating growth. In August, the index recorded a score of 55.2, its [...]
Is flexible pay set to be the next ‘on-demand’ service? September 30, 2020 FinTech disruption in the payments market has come full circle; from early innovations in ways to pay, some players are now revolutionising how people get paid. The payments sector has been at the forefront of the FinTech revolution over the past decade reconfiguring supply, demand and purchasing patterns between vendors and consumers across the globe. [...]
EY employee warned of Wirecard fraud four years before German firm’s collapse September 29, 2020 EY was reportedly warned four years ago by one of its own employees that senior Wirecard employees had potentially committed fraud and one had attempted to bribe an auditor. The auditor will face additional pressure following the revelation that a member of staff reported suspicious activity at the German payment firm four years before it [...]
Retail rent arrears to exceed £2bn after third quarter September 29, 2020 Retail rent arrears could exceed £2bn after today’s third quarter payment deadline, property industry body Revo has warned. The organisation said this morning that less than 50 per cent of rent due is expected to be paid by operators as the coronavirus crisis continues to impact the high street. So far this year the unpaid [...]
UK mortgage approvals hit 13-year high in August as post-lockdown surge continues September 29, 2020 UK mortgage approvals hit a 13-year high in August as pent-up demand post-lockdown continued to boost the housing market, but consumers became more cautious about day-to-day borrowing. Mortgage approvals for the month were 84,700, according to new data from the Bank of England — the highest rate of approvals since October 2007, just before the [...]
Economists raise fears over Rishi Sunak’s new job support plan September 24, 2020 Economists this afternoon raised concerns that Rishi Sunak’s new support measures could lead to many workers losing their jobs as they do not encourage firms to keep employees on. The centrepiece of the chancellor’s scheme is a new “Job Support Scheme”, which will replace the existing furlough initiative. Under the plan, the government will support [...]