Liz Truss is determined to ignore reality and push inflation up with price freezes September 15, 2022 It is hard to believe only a week has passed since Liz Truss made the announcement that was set to immediately define the start of her premiership; a blanket cap on energy bills so that the average household pays no more than £2,500 a year. After being harried for weeks by the opposition parties, she [...]
Bankers’ bonus cap could be scrapped by Kwasi Kwarteng September 14, 2022 The bankers’ bonus cap, which limits the pay of top City and Canary Wharf executives, could be scrapped by new Chancellor Kwasi Kwarteng. The cap, which was brought in as part of EU-wide efforts after the financial crisis, has long been criticised as an anti-competitive stranglehold on the capital’s competitiveness. Kwarteng wants to scrap the [...]
Number 10 looks to shorten parliament’s party conference recess September 14, 2022 Number 10 is looking at shortening parliament’s recess for party conference season in a bid to provide more time to pass key legislation. There are plans to make MPs sit for parliament for a day longer next week, before party conferenece season begins, to ensure chancellor Kwasi Kwarteng can deliver a mini-budget. Parliament may also [...]
Abrdn given a sell rating by Deutche Bank after falling off FTSE 100 September 14, 2022 Deutsche Bank has downgraded abrdn to a to-sell stock, after the British asset manager’s revealed dampened earnings last month. The bank is taking on a “more cautious stance on several fronts”, it said in a note today. Abrdn, which has around £508bn under management, lost its hold rating just days after dropping out of the [...]
Climate sceptic Bjorn Lomborg’s stark warning: ‘People will rebel against green policies’ September 14, 2022 Climate sceptic Bjorn Lomborg is President of the Copenhagen Consensus and Visiting Fellow at Stanford University’s Hoover Institution. Today he explains in City A.M. why green policies will simply not work. The disconnect between the global elite and the real world is growing by the day. Most people are worn down by the pandemic, food [...]
Insurance lobby pushes back against EU’s ESG rules September 13, 2022 Insurance sector lobby group Insurance Europe has called on the EU to prioritize setting climate standards over social ones, in putting forward its ESG taxonomy. In a response to an EU consultation, Insurance Europe called on the bloc to hold back from setting “overly prescriptive” ESG standards, particularly in regards to human rights, as [...]
Square Mile lobby urges new City minister to push through Brexit reforms September 13, 2022 New City minister Andrew Griffith must push forward with the government’s plan to reform the UK’s financial services rulebook post-Brexit, the industry’s leading business group has said. TheCityUK today congratulated the ex-Sky executive on his appointment and called on the Treasury to ensure the UK is a “well-regulated, open and competitive place to do business”. [...]
Abrdn looks to bolster balance sheet with £262m Indian insurer sale September 13, 2022 Asset manager Abrdn has shed a chunk of its stake in Indian insurer HDFC today as it looks to bolster its balance sheet after swinging to a loss in the first half of the year.
Ministers meddling in regulation is ‘recipe for disaster’, says former FCA official September 12, 2022 Government plans to exert greater control over financial rule-making are a “recipe for disaster”, a former senior regulatory official warned today, as the government looks to grant itself powers to overturn decisions made by independent City watchdogs.
Premier League and EFL cancel this weekend’s fixtures despite guidance there was ‘no obligation’ to do so September 9, 2022 The Premier League and English Football League has cancelled this weekend’s fixtures to mark the death of Her Majesty the Queen despite government guidance there was “no obligation” to do so. England’s footballing body released a statement on Friday saying it took the drastic action following the death of Her Majesty Queen Elizabeth aged 96. [...]