Five important things fintech was handed in the Autumn Statement November 23, 2016 The UK's fintech powerhouse was not forgotten in the chancellor's Autumn Statement with several measures aimed at boosting the sector unveiled. Fintech census The government will carry out what's being called a fintech census, designed to identify the key figures driving the industry for investors. "An accurate measurement of this evolving space will help policymakers, investors [...]
Leicester City’s Premier League title win delivered £140m to the local economy – and this year it will be even more November 21, 2016 Leicester’s Premier League title triumph contributed £140m to the local economy during 2015-16, according to a new study, and that figure is expected to rise again this season. The Foxes’ historic 5000-1 success delivered a total economic output of £193m, generated taxes of £78m and supported 2,500 jobs, the report by EY for the club [...]
Entrepreneurs: Why an exit shouldn’t be about exiting your company November 21, 2016 For many entrepreneurs, selling one’s business is the culmination of years of hard work. The endgame which leads to the exit door. This is incorrect. Being acquired should be seen as a new beginning, not the end. An exciting partnership bringing opportunities to achieve more through scale, such as opening up new markets and experiences for [...]
UK government borrowing could overshoot forecasts by £7.5bn this year owing to Brexit and reduced tax revenues November 20, 2016 UK government borrowing could overshoot forecasts by as much as £7.5bn this year, as reduced tax revenues and the vote to quit the European Union threaten to leave chancellor Philip Hammond with less room for manoeuvre in his first Autumn Statement on Wednesday. The Office for Budget Responsibility could be in line to slash its [...]
London unlikely to lose out on euro clearing post-Brexit, finds report November 17, 2016 Euro-denominated clearing is unlikely to be shifted out of the UK following Brexit, a report from ratings agency S&P has said. Since the UK voted to leave the EU in June, there have been some fears that London institutions could be prohibited from carrying out lucrative euro clearing activities. While the report highlighted that the [...]
Wage increases under threat as slowdown in UK manufacturing weighs on productivity growth November 16, 2016 UK productivity growth fell two-thirds between July and October, despite better than expected GDP growth, new figures have shown. Data from the Office for National Statistics (ONS) showed the main measure of productivity, growth in average output per hour worked, declined to 0.2 per cent from July to September, down from 0.6 per cent in [...]
London, this is Scotland calling… November 16, 2016 To paraphrase the comedy legend, Billy Connolly: "Never trust a man who, when left alone with a tea cosy, doesn't try it out for size." He had a point. And this same sense of innovation is not lost on Scotland's financial sector. Over the decades major multinationals have tried Scotland out for size, and found it a perfect fit for their [...]
Moving euro clearing away from UK could cost more than 200,000 jobs, says EY November 14, 2016 Accountancy firm EY has estimated that 83,000 jobs could be lost if euro-denominated clearing is forced away from London into continental Europe. The report, which was commissioned by the London Stock Exchange (LSE) and has been circulated to politicians and the government, said the loss of clearing could also have a “significant domino effect”, hitting [...]
Channel Tunnel worth £91.4bn in UK/EU trade, as analysts allay Brexit fears November 13, 2016 The Channel Tunnel is responsible for £91.4bn in imports and exports each year, as analysts predict that this trade link will continue to benefit the UK economy, regardless of Brexit. In a report entitled Economic Footprint of the Channel Tunnel, Ernst and Young researched the total economic value of the 22-year-old Tunnel, and found that it [...]
Editor’s notes: Does Trump’s victory provide opportunities for the UK? Maybe November 10, 2016 One benefit of Trump’s shock victory is that it makes the Brexit vote look like a council by-election in comparison. The world is now used to the idea that over the next two years the UK will slip the surly bonds of Brussels, and although the full details of that plan aren’t fully understood it’s the [...]