City patience over Brexit wears thin as DUP impasse continues while Davis admits no impact assessments, Hammond admits no “end state” discussions December 7, 2017 City chiefs are rapidly losing patience with the government’s handling of Brexit negotiations, as the deadlock on the Irish border continues to hold back talks. There was no end to the deadlock on the Irish border proposal yesterday, despite a “constructive” phone call between Theresa May and Arlene Foster, leader of power-brokers the DUP. The [...]
“Shorter, sharper” corporate governance code welcomed as step to restore public’s trust in business December 5, 2017 The UK’s top accounting regulator today publishes a “shorter, sharper” corporate governance code that aligns the pay of top execs and workers. Proposals by the Financial Reporting Council (FRC) were welcomed by leading HR and governance bodies. The code includes requirements for UK firms to ensure board appointments are “based on merit” rather than “group [...]
Mayor Sadiq Khan takes control of West Ham United home ground London stadium due to Boris Johnson’s “financial mismanagement” December 1, 2017 Mayor of London Sadiq Khan has accused his predecessor Boris Johnson of “panicking” over the London Stadium transformation, and has taken control of the project – West Ham United’s home ground – “to put it on a more secure financial footing”. Khan today published an independent review into the mismanagement of the London Stadium by [...]
UK’s top accounting watchdog wants more powers from parliament following KPMG-HBOS probe November 30, 2017 The top accounting watchdog in the UK has called for accountants to be held to higher standards when auditing companies, after a probe into KMPG’s audits of HBOS in the run-up to the lender’s collapse failed to find the accountant guilty of misconduct. Read more: KPMG has been cleared of wrongdoing over its 2007 HBOS [...]
FCA head Andrew Bailey calls for Brexit transition arrangements between UK and EU November 29, 2017 The head of the Financial Conduct Authority has urged the UK and the EU to outline a transition agreement as soon as possible. Speaking to a Lords sub-committee today, Andrew Bailey said he was not hopeful the government would achieve a signed agreement, but some form of commitment would be important. Read more: German central [...]
IEA: Break Brexit impasse with partial divorce bill offer – but make sure conditions are attached to the full settlement November 24, 2017 The UK should make a partial offer on the Brexit divorce bill to make sufficient progress, but withhold the final amount until a trade deal has been agreed, a new report claims. The Cabinet is understood to have discussed making an offer of £40bn as pressure piles on Theresa May and David Davis to break [...]
Michel Barnier accused of “backtracking” after Brexit divorce bill ultimatum climbdown November 24, 2017 The EU’s chief negotiator has been accused of “backtracking” over threats to block trade talks unless the UK put forward its divorce bill offer by today (24 November). A fortnight ago, after yet another formal round of talks ended without progress, Michel Barnier told reporters the UK had two weeks to give “clarity” on the [...]
City think-tank warns the UK must cough up more money to successfully negotiate a transition period November 22, 2017 Leading City think-tank New Financial has found that a Brexit transition period agreed in the next few months would reduce the risk of a “cliff-edge” Brexit, but warned such a deal is unlikely. In its latest report, entitled “A transition to Brexit – deal or no deal?”, New Financial said that the UK will have [...]
Autumn Budget 2017: Chancellor Philip Hammond’s speech in full November 22, 2017 You can read the chancellor's Budget speech in full here: Mr Deputy Speaker I report today on an economy that continues to grow, continues to create more jobs than ever before and continues to confound those who seek to talk it down. An economy set on a path to a new relationship with our European [...]
Ministers poised to sign off new Brexit bill offer November 20, 2017 Ministers are poised to sign off a new offer to the EU as the UK tries to push forward negotiations over the Brexit bill, according to reports. Theresa May has already offered to pay €20bn to the bloc, however, this falls short of the EU’s demand for a €60bn divorce settlement. Read more: Barnier: City [...]