City Moves for 24 February 2017 – who’s switching jobs? February 24, 2017 Today's City Moves cover a shopping centre owner, professional services and a mobile phone provider. Take a look at these movers and shakers: Intu John Strachan, a non-executive director of Intu since October 2015, will succeed Patrick Burgess as chairman of the company following the AGM on 3 May. John brings a wealth of experience [...]
Clear off: City of London steps up fight to retain euro clearing after expert warnings against “currency nationalism” February 22, 2017 High-profile regulators, politicians and financial experts have warned that any move by the European Union to force euro clearing out of London could have grave consequences for global economic stability. Sir Jon Cunliffe, the deputy governor of the Bank of England who supervises financial stability, hit out at “currency nationalism” on Wednesday, saying: “Such a policy if [...]
Wrenching euro clearing out of London after Brexit will harm financial stability, warns the Bank of England’s deputy governor February 22, 2017 Dragging euro clearing out of London after Brexit could pose a risk to global financial stability and push up transaction costs, according to a deputy governor of the Bank of England (BoE). Sir Jon Cunliffe, who supervises financial stability for the Bank, hit out at “currency nationalism” as policymakers wrangle over the fate of euro [...]
Podcast: Sexuality and the City – being LGBT in the Square Mile February 22, 2017 This week we're joined by LGBT voices from the Square Mile to discuss the power of diversity, breaking Lord Browne's glass closet – and to ask if it is necessary to be open about your identity at work. Guests today include EY's Tim Jarman, RBS's Yvonne Miller and Clifford Chance's London managing partner, David Bickerton. [...]
Improved fiscal outlook for the chancellor as he prepares the Spring Budget February 20, 2017 The Office for Budget Responsibility (OBR) is expected to provide some “fiscal cheer” for the chancellor, with a forecast showing greater growth for the economy and lower borrowing costs. According to the Ernst & Young ITEM Club, forecasted GDP figures for 2017 are expected to be revised upwards, from 1.4 per cent to 1.6 or 1.7 [...]
No transition deal for UK’s clearing houses post-Brexit will hurt the other EU member states February 20, 2017 A transition deal for clearing in the UK must be decided on as soon as possible, or EU economies and banks will take a hit, a report out today is warning. The International Regulatory Strategy Group (IRSG), which carried out the study and is a regulatory advisory body for the City of London Corporation and [...]
Entrepreneurs remain optimistic after strong growth February 20, 2017 The UK’s entrepreneurs remain optimistic about business prospects, following a period of strong growth. In a poll conducted by Ernst and Young (EY), 69 per cent of entrepreneurs reported an increase in profits in the last 12 months, with 38 per cent experiencing double-digit growth. That positive trend looks set to continue, despite any recent [...]
Retail sales fall during January as economists expect inflation to drag further on spending February 17, 2017 Retail sales grew at the slowest pace in more than three years, with economists pointing to inflationary pressure starting to weigh on consumer spending. Sales fell by 0.3 per cent month-on-month during January, with 1.5 per cent annual growth the slowest since November 2013, according to the Office for National Statistics. Sales also declined quarter-on-quarter, [...]
Brit premiums fall in the face of increased competition and downward pressure on rates February 17, 2017 Insurance firm Brit said it had weathered a tough year and was confident changes and initiatives would enable the firm manage market headwinds. The figures Gross written premiums fell from $2.0bn (£1.6bn) to $1.9bn, a decrease of 2.3 per cent on a constant exchange rates basis. Net earned premium decreased by 6.1 per cent to [...]
Inflation: How far will UK consumer prices rise this year? February 14, 2017 Inflation has already hit a 31-month high, but economists are almost universally predicted a steep rise in consumer prices over the coming year. The Bank of England (BoE) expects consumer prices to rise to 2.7 per cent by the end of this year, but other economists think that might be at the more conservative end [...]