Car premiums increase 17.4 per cent after FCA price walking ban December 20, 2022 The average car premium has soared 17.4 per cent in the past year, according to recent research. Data published today by market researcher Consumer Intelligence shows that average premiums now cost £877, surpassing by 6.7 per cent current inflation rates. According to senior insight analyst Georgia Day, the unsurprising surge has been driven by the [...]
Hunt confirms full fat budget and OBR forecast on 15 March 2023 December 19, 2022 The government will deliver a full fat budget on 15 March next year, chancellor Jeremy Hunt confirmed today. The announcement will be accompanied by an assessment of the impact of the government’s tax and spending plans on the public finances by the Office for Budget Responsibility (OBR). Last month, Hunt delivered what was in effect [...]
Treasury grabs extra £85bn in taxes from Brits after Covid measures end December 19, 2022 The UK government has added an extra £85.1bn in tax revenues over the last year after a raft of Covid-19 support measures were scrapped, new figures out today show. Total revenue flowing into the treasury from Brits’ pockets hit £775.6bn in the year to April 2022, up from £690.5bn in the previous year, according to [...]
UK appoints five new innovation experts to drive post-Brexit technology boom December 18, 2022 The UK government has appointed five, industry leading experts to make use of post-Brexit freedoms by driving innovation in cutting edge sectors that will be vital to Britain’s future growth. The five new experts will work with the government’s chief scientific advisor, Sir Patrick Vallance, to review existing rules and develop a pro-innovation, regulatory approach. [...]
London payment firm launches Banking-as-a-Service solution on Advcash December 16, 2022 Fintech infrastructure firm, Mercuryo has partnered with payment platform Advcash to offer its customers access to virtual IBANs for EU and UK residents.
Calvin Lo interview: Billionaire on finding a way into Formula 1 December 14, 2022 Hong Kong businessman and billionaire Calvin Lo wants to deepen his roots in Formula 1. The Michael Schumacher fanboy is the latest wealthy individual looking at the motor racing circus that is F1 as a major sporting investment. “If whoever comes in plays their cards right, there are lots of opportunities,” Lo told City A.M. [...]
Bailey warns against ripping up City rulebook in Edinburgh reforms December 13, 2022 BANK OF ENGLAND Governor Andrew Bailey poured cold water on ambitious Government plans to rewrite the financial services rulebook today, warning that the regulatory issues which led in part to the global financial crisis have not gone away. The government is set to tweak some 30 pieces of regulation which it believes will free the [...]
Severe flooding could cost insurers more than £1bn this winter December 12, 2022 Severe flooding this winter could cost UK insurers more than £1bn, according to analysis from PwC. Storm Eunice in February led to insurers losing £200-300m, mainly as a result of disruption to travel and damage to properties and vehicles due to falling trees. However, floods on the same scale as those seen in 2015 [...]
City minister says ‘world’s moved on’ from post-2008 financial services reforms December 11, 2022 City minister Andrew Griffith has said “the world’s moved on” since the 2008 global financial crisis in an attempt to calm concerns about the easing of the UK’s bank ring-fencing regime. Griffith told City A.M. that the regulation, which will be relaxed as a part of newly announced post-Brexit reforms, was acting as “an impediment” on some [...]
Big Bang 2.0: Financial institutions welcome Jeremy Hunt’s Edinburgh reforms December 10, 2022 Leading financial institutions have welcomed Chancellor Jeremy Hunt’s Edinburgh reforms, which set out to “turbocharge” the UK’s growth. Announced yesterday, the plans aim to “seize the benefits of Brexit” by delivering the biggest shake-up in the financial sector for 30 years. According to UK Finance’s chief executive David Postings, the package is “a major step [...]