Abolish bank deposit protection to make the banking system safer January 21, 2016 Deposit insurance has been the most sacrosanct component of the regulatory regime for banks since it was widely introduced during the 1970s following the collapse of the Bretton Woods regime. However, while it seeks to protect consumers against the undercapitalisation of banks and their tendency to collapse in times of stress, it has also encouraged [...]
Football supporters’ groups given government backing and extra £1m funding from Premier League in new report January 19, 2016 Premier League and Football League clubs have been instructed by the government to consult more regularly with supporters' groups in a new report. Clubs should meet with fans' groups at least twice a year and consult them on any major changes to the club's identity such as a colour change, new club crest or relocating [...]
India holds rich opportunities for the City – if we sustain reform momentum January 19, 2016 The deep cultural, economic, political and social bonds between the UK and India are longstanding. But this week the partnership between India and the UK will reach another significant milestone, as chancellor George Osborne and the finance minister of India meet in London for their latest bilateral Economic and Financial Dialogue to discuss priorities for 2016. [...]
City Moves for 15 January 2016 | Who’s switching jobs January 15, 2016 LendInvest Online lender for short-term property finance LendInvest has appointed Ruth Pearson as its first in-house legal counsel. Ruth joins LendInvest from Simmons & Simmons where she was a managing associate in the banking team. She joined Simmons & Simmons as a trainee in 2007 and qualified in 2009. During her eight years in private [...]
Almost 270,000 UK companies ended 2015 with financial problems, according to insolvency specialists Begbies Traynor January 14, 2016 Things can only get better, at least that's what UK companies will be hoping: there was a 17 per cent increase in the number of firms who finished last year in "significant" financial distress, according to the latest data. In the last quarter of 2015, 268,898 UK businesses reported financial problems, up from 229,232 in the same period [...]
Number of businesses showing signs of distress plummets with healthier-looking profits and sales January 12, 2016 The number of businesses showing signs of distress has fallen to its lowest level since March 2012. Research released today by R3, a trade body for insolvency professionals, discovered that only 17 per cent of businesses report experiencing a key indicator of distress, such as a decrease in profits or having to make redundancies. “This [...]
Commercial property company insolvencies jump as banks call in loans January 4, 2016 The number of insolvent property investment companies has surged over the last year as banks took advantage rising commercial property values to claw back loans they have held onto since the crisis. The number of insolvencies, where a company can no longer pay its debts, rose by eight per cent to 346 in 2015 from 319 [...]
Number of property investment companies becoming insolvent doubles since 2011, as banks seek out debt repayments as property prices improve January 4, 2016 The number of property investment companies going through the insolvency process has more than doubled since 2011. Research from commercial law firm EMW discovered that there were 346 insolvencies in the second quarter of 2015, but only 154 in the same period of 2011. “Ironically, the rise in insolvencies is down to the improved property [...]
UK retailers scramble to rescue Christmas as distress levels rise amid fierce discounting December 22, 2015 High street retailers have suffered a disappointing Christmas so far this year amid fierce competition and the rise of online, Begbies Traynor has warned, with retailers now pinning their hopes on a last-minute sales spree this week. According to the insolvency specialist's latest Red Flag research, which monitors the health of UK companies, the number of retailers now suffering [...]
Leaving the EU is the only way Britain can regain control of its economic destiny December 21, 2015 As the referendum gets closer, we will hear lots about whether Britain could flourish economically outside the EU. On the face of it, the answer is obviously yes. Countries inside and outside show membership of the European Union is neither a necessary nor sufficient condition for economic prosperity. Far more important is what happens domestically. [...]