Bank of England set to hold rates on Super Thursday February 5, 2018 The Bank of England is set to hold interest rates at 0.5 per cent on Thursday, but rate rises are forecast for later in the year. The bank’s Monetary Policy Committee (MPC) will vote on the rate on so-called Super Thursday, when the bank will also release its quarterly inflation report and release the minutes [...]
The insurance industry needs to embrace blockchain, starting now January 31, 2018 In March 2017, the expression “financial inclusion” hit its peak popularity on Google. This is excellent news. There are over two billion unbanked individuals in the world today – people with no access to banking services. This is a global problem. In India, 19 per cent of the population – 1.2bn people – is unbanked, [...]
UK profit warnings soar to two-year high with support services firms hit the hardest January 28, 2018 The number of FTSE companies issuing profit warnings flew to a two-year high in the fourth quarter of 2017 as consumers were squeezed by cost pressures and contract uncertainties were exposed. UK-listed companies issued 81 profit warnings in the three months to December, the highest quarterly total since the fourth quarter of 2015, according to [...]
The Night Tube is coming to the Circle, District, Hammersmith & City and Metropolitan Lines – but only after 2023 January 26, 2018 Transport for London (TfL) has confirmed plans to roll out Night Tube services to the Metropolitan, Circle, District and Hammersmith & City Lines once a major upgrade programme is complete in 2023. It also revealed it has spent over £2m in an effort to crack down on additional noise and disturbance from the Night Tube [...]
Carillion cost: The government is paying millions of pounds a day to keep public sector projects going January 23, 2018 Hundreds of Carillion’s public sector contracts are costing the government millions of pounds in temporary funding every day, according to official statistics. Carillion’s failure just over a week ago prompted the government to step in and use Treasury funds to ensure public sector works continued. The failed contractor held 450 contracts with the UK government, [...]
Screws turn on Carillion executives as business secretary Greg Clark weighs in on misconduct probe January 17, 2018 Pressure was mounting on Carillion’s former top brass last night after the government promised a thorough investigation into the actions of the failed firm’s executives. A probe by the Official Receiver was ordered to be fast-tracked and widened by business secretary Greg Clark. “Any evidence of misconduct will be taken very seriously,” he said. Cabinet [...]
Carillion’s car crash reminds us that the spectre of bailouts still haunts Whitehall January 15, 2018 As the farce surrounding Carillion escalates, it is worth remembering the many people who will suffer as a result of the construction and outsourcing firm’s decline. A collapse of Britain’s second-biggest contractor would have dire consequences for its 43,000 global workforce, around 20,000 of whom are employed in the UK. Then there are pensioners. A [...]
Carillion could crash into administration as early as Monday if the government doesn’t back a rescue plan January 13, 2018 Troubled construction firm Carillion could fall into administration as soon as Monday if the government does not back a rescue plan, according to reports. Government officials are set to hold crunch talks on the firm’s fate on Sunday, Sky News reported, quoting a source that called it a “make-or-break weekend”. “Without that commitment of support [...]
Carillion: Trade credit insurers pull cover as Carillion “hangs by a thread” January 13, 2018 Euler Hermes and other trade credit insurers have stopped writing new coverage for suppliers to embattled contractor Carillion, sending a signal the company is at risk of collapse, according to reports. Tokio Marine HCC and MGA Nexus also said they would not insure deliveries to the firm, Insurance Insider reported. Trade credit insurance protects firms [...]
Day of the Mifids: Controversial EU Mifid II regulations for the asset management industry finally kick in January 3, 2018 A long-awaited regulatory shake-up, touted as the biggest to hit financial markets since the 1986 “big bang”, has finally rippled through the City and across Europe today. The second Markets in Financial Instruments Directive (known as Mifid II) has already cost top global banks and asset managers $2.1bn (£1.5bn), a study from the Boston Consulting [...]