LVMH founder and former UniCredit boss launch European-focused SPAC February 15, 2021 Former UniCredit chief Jean Pierre Mustier and LVMH founder Bernard Arnault are the latest to join the SPAC boom, creating a new vehicle to invest in European financial firms. Blank-cheque vehicles have grown in popularity in the past year as IPO activity fell off a cliff at the start of the pandemic. They are created [...]
UK to set up green finance research hubs in London and Leeds February 15, 2021 The UK government will set up a new green finance research centre based in London and Leeds to advise the private sector on sustainable investments. The £10m hubs will “provide world-class data and analytics to financial institutions and services such as banks, lenders, investors and insurers” to “better support their investment and business decisions by [...]
UK financial services sector contributed record £76bn in tax last year February 12, 2021 The UK’s financial services sector paid a record £75.6bn in tax last year, according to a new report. The sector’s contribution in the fiscal year ended March 2020 included £34.1bn in taxes borne directly by firms and an additional £41.5bn from employees and customers, according to a recent report by the City of London Corporation. [...]
New report highlights lack of awareness on modern slavery in Fintechs February 12, 2021 The Independent Anti-Slavery Commissioner has published a joint report highlighting the lack of awareness in the financial services sector in relation to issues of forced labour and exploitation of workers. Non-banking areas of the financial industry, such as crypto currencies, accountancy firms, insurance and brokering are noted as having particularly poor knowledge of this issue [...]
Exclusive: Britain’s 10,000 law firms largely spared from pandemic onslaught February 12, 2021 Despite the pandemic, the number of law firms has remained steady, with 10,080 currently registered in the UK, according to new research. The number of firms is down only 2 per cent compared to last year, as 10,278 firms were registered in December 2019, according to accountancy and business advisory firm Hazlewoods. Though many firms’ [...]
Out with the old: Time to reform the legal profession for the benefit of all sides February 11, 2021 It may seem like an odd time to be thinking about reforming the way lawyers work, but if so much can change because of a pandemic, why shouldn’t the post-Covid era be a period of reform and progress? This year will be the first in which the UK’s ability to compete in the global professional [...]
Exclusive: Hong Kong refugee activists on the UK’s new visa scheme February 11, 2021 The UK’s visa program for British national overseas passport holders is generally seen in Hong Kong as a “last resort” for those who wish to flee Beijing’s new National Security Law, but the program should be extended to youngsters, multiple activists in exile have told City A.M. Baggio Leung, a former Hong Kong legislator and [...]
City’s professional know-how matched with UK construction expertise could be a global titan February 11, 2021 Despite political enthusiasm for ‘Global Britain’, we are missing out on a sizeable slice of a $14 trillion a year worldwide construction market owing to a lack of collaboration between two otherwise successful industries – the built environment sector and financial/advisory services. The built environment and infrastructure sector is one of the unsung heroes of [...]
Sadiq Khan seeks permission to appeal ‘unlawful’ Streetspace ruling February 10, 2021 Sadiq Khan has today submitted an application to appeal against a High Court ruling that deemed his “Streetspace” plan illegal. Last month the court ruled that Khan had “taken advantage” of the pandemic to push through “radical changes” to London’s streets. Justice Lang said that the plan, which banned taxis from using bus lanes in [...]
BoE rules out big capital reduction for insurers after Brexit February 10, 2021 The Bank of England has told insurers not to expect any big reductions in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a £1.7bn bill for Covid-19 claims. Solvency II rules, inherited from Britain’s membership of the EU, are under review, amid calls from insurers and lawmakers [...]