Leaked report reveals top EU officials believe the remaining 27 member states will be damaged by a bad deal for the City February 1, 2017 A leaked report has revealed top EU officials are worried a bad Brexit deal that does not safeguard the City of London's status will backfire for the other member states. A document put together by the European parliament’s committee on economic and monetary affairs, which was seen by the Guardian, urges EU negotiators to strive [...]
BT’s accounting black hole to be investigated by Italian prosecutors January 25, 2017 Italian prosecutors have launched an investigation into BT’s £530m accounting black hole, according to reports. The scale of the scandal today wiped £7bn off the telecom giant’s market capitalisation. BT’s shares fell over 20 per cent yesterday, closing at 303p. And after markets closed, Reuters cited two sources saying Milan prosecutors have started a probe into the [...]
It’s May way or the Highway: Prime Minister Theresa May confirms UK will seek bespoke Brexit deal January 18, 2017 Prime Minister Theresa May laid out her plan for life outside the Single Market yesterday, warning Brussels that she will walk away from negotiations if the EU seeks to damage the UK by blocking a free trade deal. While May’s threat sent jitters through the City, business groups were heartened to hear the PM promise [...]
City eyes best possible access to Europe’s Single Market January 16, 2017 The City is shifting to a new focus on best possible access to Europe's Single Market, rather than pinning hopes on continued membership of the trading bloc, as it prepares for the Prime Minister to announce a so-called clean Brexit tomorrow. In a much anticipated speech, Theresa May is expected to make clear the UK’s [...]
Brexit research group calls for bespoke equivalence deal to give financial sector access to Single Market January 12, 2017 A Brexit research group is calling for the government to consider striking a bespoke equivalence agreement as part of the EU departure deal to maintain access to the Single Market for the financial sector. In a report published today, which was compiled by law firm Norton Rose Fulbright on behalf of the Financial Services Negotiation [...]
City Moves for 9 January 2017 | Who’s switching jobs January 9, 2017 Scottish Friendly Scottish Friendly, Scotland’s biggest financial mutual, has appointed Neil Lovatt to its board as commercial director. Neil was previously Scottish Friendly’s sales and marketing director, a position he held for a decade, after 14 years of marketing experience at Scottish Life and Royal London. As commercial director, Neil will play a key role in the [...]
A £50bn Brexit bill could face the UK before it leaves the EU, according to the European Commission’s chief negotiator, Michel Barnier December 15, 2016 It could cost the UK £50bn to extricate itself from the EU if the European Commission’s chief negotiator has his way. Michel Barnier has indicated to multiple parties in the negotiation that the UK will have to pay between €50bn and €60bn (£50bn) in money still owed from earlier commitments, according to reports by Sky [...]
Building more homes will not solve London’s housing crisis – here’s why December 5, 2016 Let's be clear, the housing crisis is not a crisis just because there is a shortage in housing. It's a crisis because there is a real problem with our access to affordable housing and not enough is being done about it. London homes are the second most over-priced in the world, according to a recent [...]
Sports Direct is in the hot seat again this week December 4, 2016 Sports Direct will be in the spotlight again this week as it reports its interims on Thursday. Analysts are predicting chief executive Mike Ashley will announce a profit fall of 25 per cent to £170m. The City will also be looking for signs that Sports Direct is improving its corporate governance, something the retailer promised to focus [...]
Business should embrace the government’s radical corporate governance proposals to strike a better relationship with the public November 29, 2016 What is it about luxury yachts that seems to get policy-makers so worked up? The UK’s Corporate Governance Code will be 25 years old next year and it’s worth reflecting on why it came into existence. It was the collapse of Robert Maxwell’s business empire that led to the first Cadbury Code, which has evolved [...]