Ministers press ahead with powers to intervene in financial rules September 8, 2022 Ministers have pressed ahead with plans to grant the government “call in” powers to intervene in financial regulation today, just one day after City watchdogs underlined the importance of regulatory independence to financial stability.
Phones ringing in Canary Wharf as new Chancellor Kwarteng summons Britain’s bank and insurance chiefs September 7, 2022 The brand new Chancellor, Kwasi Kwarteng, will set out the Government’s new economic approach to the bosses of UK’s major banks after he summoned the banking heavyweights to the Treasury for talks on his first full day in office. Along with the chief executives, the new occupant of No 11 Downing Street invited the leaders of [...]
To do more than simply stay standing, the NHS must return to its first ideas September 7, 2022 Last week, in the wake of the desperately sad passing of TV host Bill Turnbull, BBC Radio 4 dedicated a segment to the importance of prostate cancer screening. “But the NHS can’t cope if every man turns up and demands a test,” said presenter Nick Robinson. This candid, casual reflection highlights a profound deficiency in [...]
Independence is ‘vital’ for effective regulation, say watchdogs September 7, 2022 The UK's top financial regulators have doubled down on their continued independence from political influence today as they warned that pursuing short term growth by "lowering" regulatory standards could threaten financial stability.
UK insurer Phoenix Group undergoes executive reshuffle September 6, 2022 UK Insurer Phoenix Group has hired the Bank of Ireland’s chief operating officer Jackie Noakes as its new chief transformation officer as part of a wider boardroom reshuffle. Prior to this, Noakes held senior roles at both Legal & General and American Express. Andy Briggs, Phoenix Group chief executive officer, said he was confident that [...]
EXCLUSIVE: New PM Liz Truss will protect ‘crown jewel’ City of London September 6, 2022 Liz Truss will “empower the City to drive economic growth” through tax cuts and regulatory reform as Prime Minister, she exclusively told City A.M.. The newly-appointed Conservative leader said, who will be appointed formally by Her Majesty the Queen at Balmoral today, she wanted to maintain the Square Mile’s competitive edge and “supercharge growth and [...]
Lloyd’s of London says state-backed cyberattack policy is ‘responsible’ September 5, 2022 Lloyd’s of London has defended plans to stop providing insurance coverage for state-backed cyberattacks. In an interview with the Financial Times, Lloyd’s chief of markets Patrick Tiernan said the insurance marketplace is “being responsible” by taking a cautious approach. In a note last month, Lloyd’s explained that the potential for state-backed cyberattacks to spread could [...]
Brewdog boss calls for emergency tax relief as pubs stare down ‘existential threat’ of high bills September 5, 2022 Brewdog CEO James Watt has called for emergency tax relief for the hospitality industry as pubs battle the “genuinely existential threat” of rising energy bills. Last week, the Scottish brewer and bar group announced it would be closing six outlets across the UK, including three in London, due to elevated headwinds. The situation facing pubs [...]
UK parliament resumes with overflowing in-tray for the government September 4, 2022 Parliament will return tomorrow from a six-week summer recess with the government facing a series of crises and a busy legislative agenda. Liz Truss or Rishi Sunak will be sworn in as Prime Minister on Tuesday, after tomorrow’s Tory leadership announcement, with the eventual winner expected to bring forward a cost of living support package [...]
Tui pilots launch lawsuit over sick pay and changes to benefits September 4, 2022 Tui pilots on sick leave have launched a lawsuit against the travel giant over changes to sick pay and pension benefits. Eight employees took the airliner to the London High Court, claiming the carrier “concealed the true nature of the changes” included in a new sick pay plan, which was approved by staff in August [...]