Don’t rely on downsizing to make up for your insufficient pension October 27, 2016 After years of runaway house prices, few will be surprised that a sizeable proportion of the UK’s net wealth is tied up in property. The latest ONS statistics show that dwellings make up a massive 62 per cent, or £5.5 trillion, of the country’s £8.8 trillion total. So it is also unsurprising that many see [...]
US government argues MetLife is “too big to fail” October 24, 2016 A US government lawyer argued in the federal appeal court yesterday that regulators were right to designate life insurance firm MetLife as “too big to fail”. The Financial Stability Oversight Council decided MetLife was a “systemically important financial institution” in December 2014 – a measure put in place after the financial crash of 2008. Read [...]
Theresa May mulling plan to dramatically slash corporation tax to beat a “brutal Brexit” October 23, 2016 Theresa May is reportedly considering a dramatic reduction in corporation tax if she is faced with a “brutal Brexit” in talks with the EU. According to the Sunday Times, May could slash the tax rate from 20 per cent down to just 10 per cent if the UK can't secure passporting rights for financial services [...]
Tesco executives to go on trial in September next year October 20, 2016 Three former Tesco executives have appeared in court today on fraud charges and a trial date has been set for September next year. Former finance director for Tesco UK Carl Rogberg, 49, ex-UK managing director Christopher Bush, 50, and ex-commercial director for food John Scouler, 48, have been charged with one count of fraud by abuse [...]
Leavers and Remainers launch group to untangle Brexit’s mixed messages October 19, 2016 A new group uniting Bremainers and Brexiteers to create clear, neutral, evidence-based research on the issues stemming from the Referendum result launches today. The Financial Services Negotiation Forum, or FSNForum for short, has already earmarked equivalence, euro-clearing, access to talent and market liquidity as research priorities. Anthony Belchambers, chairman of the honorary advisory council of the FSNForum, told City [...]
Fracking decision: Sajid Javid gives go-ahead to one of two schemes in Lancashire in landmark ruling for the UK shale gas industry October 6, 2016 Communities secretary Sajid Javid today gave the go-ahead to one of two fracking schemes in Lancashire in a landmark ruling for the UK’s shale gas industry. Javid overruled an earlier decision from Lancashire County Council and approved plans for fracking firm Cuadrilla Resources to both monitor and explore for shale gas at a site in Preston New [...]
A hard Brexit could cost up to 75,000 jobs October 5, 2016 Leading think tank TheCityUK has warned that a so-called "hard Brexit" would cost thousands of jobs. A report published today by Oliver Wyman on behalf of TheCityUK estimates that, if the UK only secures a low degree of access to the Single Market, it could cost between 65,000 and 75,000 jobs, plus up to £38bn in [...]
City Giving Day: Community investment is a win-win for business and society September 27, 2016 UBS has operated a community investment programme in London for over 30 years. Never has it, and others like it, been more relevant. The relevance is driven by need; by the state of the UK and indeed of the world today; and by the now demonstrable proposition that companies undertaking such activity benefit both themselves [...]
Brexit and the City: Here are the names you need to know September 25, 2016 As rumours circulate that Article 50 could be triggered towards the start of next year, many in London are more than a little curious as to what the City will look like post-Brexit and who will be fighting to keep their best interests front and centre during the course of the negotiations. City A.M. profiles some [...]
City Leavers and Remainers must now unite to ensure the best Brexit deal for UK business September 22, 2016 There is no doubt that the referendum aroused strong feelings and caused division across the UK – and it continues to do so. However, the electorate has delivered a clear mandate to the UK government for the UK to leave the EU. For its part, the government has made it clear it intends to give [...]