UK high-earners mapped: Where do the UK’s richest people live and how much do people earn in your area? November 21, 2014 Where do the UK’s richest people live? And how rich is your local area? New data from the Office of National Statistics has revealed the areas where Britain’s wealthiest reside. Predictably, not one of is outside the south east of England. According to the ONS, median gross annual earnings increased between 2013 and 2014 by [...]
EU beats UK in bonus cap legal battle November 20, 2014 Britain’s standing in the EU is lower than ever, and the UK yesterday admitted defeat in the latest spat. Should Britain ever have challenged the bonus cap? The Bank of England thinks the bank bonus cap does more harm than good. British institutions such as Barclays took a pummeling in the US when they cut bonuses, losing [...]
Selling public land is just the start: Three steps to solve London’s housing crisis November 19, 2014 WE HAVE got to the stage that, if you don’t know there’s a serious housing shortage in London, I’d assume you must be living in a cave. This shortage comes with increasingly obvious social and economic ramifications. London First recently published research showing that more than half of workers (56 per cent) have difficulties paying [...]
It’s maddening that investment charges are still so complicated November 18, 2014 THIS week, the Financial Conduct Authority (FCA) has come under pressure to implement more stringent measures on the way investments are managed, particularly when it comes to communicating fees to customers and improving the overall transparency of charges. But this is all backward. It should be companies leading the charge for transparency, because that’s what [...]
“Big four” banks’ small business lending placed under official investigation by the Competition and Markets Authority November 6, 2014 Britain’s biggest banks are to be thrust under the microscope by a watchdog launching an in-depth investigation into personal current accounts and small business lending. The Competition and Markets Authority (CMA) believes the UK retail banking sector is failing its customers through a "crippling lack of competition and transparency". HSBC, Barclays, Lloyds Banking [...]
Bank of England deputy governor Minouche Shafik: Finance is stronger now October 27, 2014 Huge fines and revelations about some bankers’ bad behaviour in years gone by is obscuring recent progress made in cleaning up the industry, Bank of England deputy governor Minouche Shafik said last night. Shafik has launched a nine-month review into fixed income, currency and commodities markets, looking at every aspect from the way securities are [...]
New dictionary words: How well do you know this year’s finance entries? October 24, 2014 Hear ye, hear ye, financial wordsmiths – the 12th edition of the Collins English Dictionary was out yesterday, and with it 50,000 new words to add to your Scrabble repertoire. The financial crisis has definitely taken hold at Collins HQ, with 14 new financial additions to the dictionary, including Fed chief Janet Yellen's ever-popular "taper" [...]
Lloyds boss calls for easier rules to fix Britain’s housing crisis October 21, 2014 TENS OF thousands more homes should be built each year to ease the UK’s housing crisis, Lloyds boss Antonio Horta Osorio said last night – and the government should take the lead by building on under-used Ministry of Defence land. The bank is setting up a new fund, starting with £50m, to help finance construction [...]
Johnson defends London and foreign investment in property October 15, 2014 LONDON mayor Boris Johnson yesterday stood up for foreign investment into London, dispelling claims that they were in part to blame for the property crisis as “absolute rubbish”. One of the developments Johnson may have had in mind was the Qatar-backed Shard when he spoke at Mipim UK, the inaugural property trade show in London’s [...]
Where is the richest place in Europe? Inner London came out top October 14, 2014 In the depths of the crisis, one small area of the UK held out: Inner London was still the richest place in the EU. Eurostat, the body that collates data about the European Union, has compiled stats on different economic measures to allow for a comparison of different regions. The data showed some big disparities: [...]