Analysis: Truss can’t buck the markets October 14, 2022 Around eight minutes is how long prime minister Liz Truss today allocated to explain why she sacked her chancellor for implementing her tax cuts and signed off her second mini budget U-turn. She clarified neither. She answered four questions and committed to her “mission” to boost growth in the UK at a Downing Street press [...]
Liz Truss U-turns on mini budget plans to reverse corporation tax hike October 14, 2022 Liz Truss signed off another U-turn today, rolling back on plans to reverse corporation tax rising to 25 per cent from 19 per cent. The move marks a second embarrassing climb down from the government’s tax cutting mini budget, which was characterised by Truss and former chancellor Kwasi Kwarteng as their blueprint for growth. Financial [...]
City bonuses rise at more than twice the rate of wages since 2008, study says October 14, 2022 The City has proved its resilience to challenging economic headwinds, with bonuses increasing at more than twice the speed of wages since the financial crash. The rapid growth in bonuses reflects the continued activity in the Square Mile and the lack of real-terms growth in people’s salaries. While most workers’ salaries had effectively plateaued, TUC [...]
Tony Matharu: Meet the hotelier on a mission to get London back in full force October 14, 2022 From the floor-to-ceiling glass of suite 725 at Tony Matharu’s Tower Suites hotel on a sunny October morning, one can see flocks of tourists heading towards the Tower of London and Tower Bridge. It looks for all the world like London is back on its feet, and for Matharu, that’s no surprise. “Where we sit [...]
Boris Johnson pockets £150k in 30 mins as former PM skips crucial Commons vote to jet off to Colorado October 13, 2022 Former prime minister Boris Johnson touched down in the USA on Tuesday as the ex-Tory leader gave a speech to an insurance industry group on Tuesday afternoon, thereby reportedly collecting around £150,000 for a 30 mins speech. Johnson addressed conference delegates in Colorado Springs, roughly at the same time while the House of Commons was [...]
Lloyds and Aon team up to build customer resilience to Ukraine conflict October 13, 2022 The insurance industry must help customers build resiliencethe Russian invasion Ukraine, according to new research from Lloyd’s and Aon.
London generates £74bn of financial and professional services exports October 13, 2022 London generates £74bn of the UK’s financial and professional services exports, according to a new report out yesterday. The City’s banks, brokers, insurers and law firms’ share of Britain’s £130bn financial and professional services export industry is running at 57 per cent, according to Square Mile lobby group TheCityUK. However, the body’s research illustrated that [...]
Liz Truss: I ‘absolutely’ won’t cut UK public spending October 12, 2022 Liz Truss has said she “absolutely” will not cut government spending, despite expectations the chancellor is set to bring forward measures to balance the Budget this month. The Prime Minister told the House of Commons that “what we will make sure is over the medium-term the debt is falling” and that “we will do that, [...]
London’s FTSE 100 pulled down by pension managers after more BoE bond support October 11, 2022 London’s FTSE 100 today was pulled down by the UK’s largest money managers dropping after the Bank of England stepped up its support for the bond market again. The capital’s premier index dropped 1.06 per cent to 6,885.23 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Impact of social finance October 11, 2022 Joining a mission I joined Standard Chartered Bank as a summer intern at just 18. When I joined as a graduate, I settled into the fast-paced world of capital markets sales. Four years in, I made a leap to pursue a mission-driven career in Sustainable Finance, where I now lead a team that focuses on [...]