Labour tells Jeremy Hunt to ‘get a move on’ with Solvency II reforms March 7, 2023 Labour has hit out at the government over delays to overhauling EU-era Solvency II rules demanding that it needs to “get a move on”. Shadow city minister Tulip Siddiq called on Chancellor Jeremy Hunt to reform the rules – which govern the sums of money insurers must hold on their balance sheets to protect themselves [...]
Exclusive: Labour’s Ed Miliband holds talks with North Sea industry boss as party ‘prepares for power’ March 7, 2023 Ed Miliband has held talks with David Whitehouse, the new chief executive of industry group Offshore Energies UK, City A.M. understands.
Apollo makes another takeover swoop for Wood Group March 7, 2023 Shares in energy and consulting firm Wood Group surged today after it revealed a £1.6bn takeover swoop from US buyout giant Apollo, its fourth bid for the firm. The London-listed engineering and energy consulting firm, which has rejected the three previous cash offers on the grounds they undervalued the firm, said it was set to [...]
Labour backs 25 per cent corporation tax rate amid calls to scrap rise ahead of budget March 6, 2023 Labour will back the government’s bod to keep the planned corporation tax rise to 25 per cent amid “siren calls” to scrap the move ahead of the budget. It comes as the shadow chancellor is set to say Britain must be in “lockstep” with the G7 and work to “incentivise investment”, at the announcement of [...]
FTSE 100 live: London index steady as China growth target disappoints investors March 6, 2023 The FTSE 100 has barely moved this morning, after China disappointed investors with modest growth targets for the year.
Exclusive: Tech chiefs look to win over pension funds on UK ‘sovereign wealth fund’ plans March 6, 2023 Tech and fintech industry chiefs have met with some of the City’s top pension funds as part of plans to create a UK “sovereign wealth fund” that could help unleash a wave of funding into the UK’s tech startups, City A.M. can reveal.
We must strengthen our ties with the US, so London and New York can grow together March 6, 2023 We now have a golden opportunity to make our economic and political relationship with the United States stronger. As two leading financial centres, we benefit if we grow together, writes Chris Hayward
Banks must pass on rate hikes to savers – or risk a windfall tax, warn experts March 5, 2023 Banks should pass on higher interest rates to savers in order to stave off pressure for a windfall tax, a host of experts have warned. Calls for a windfall tax on the banking sector have grown after most of the UK’s largest lenders recorded strong profits in their latest results. After a decade of ultra-low [...]
Jack Dorsey’s Block puts £2m into Birmingham community lender breaking ‘new ground’ for industry March 2, 2023 A not-for-profit community lender in Birmingham has received £4m in funding, including £2m from ex-Twitter CEO Jack Dorsey’s company, in a sign the local finance sector is set to enter a new phase. Block Inc, a mobile payments firm set up by Dorsey in 2009, is providing £2m to ART Business Loans, representing its first [...]
Losing momentum on Solvency II reforms would be a missed opportunity to transform Britain March 2, 2023 This is a once in a generation opportunity. That phrase might have become a bit of a cliché, especially in recent years, but the UK’s exit from the EU could ensure that Solvency II reforms really are one of those events. The proposed reforms represent a very significant opportunity to ensure more private sector capital [...]