General Election 2019: Boris Johnson insists taxes will not rise under Tories December 5, 2019 Boris Johnson has insisted taxes will not rise under a Conservative government, after journalists questioned this morning’s pledge. The Prime Minister this morning vowed to reduce the tax bill of working families by £200 within the first 100 days of a Tory government, as part of a post-Brexit Budget. But commentators have pointed out that [...]
Moody’s downgrades outlook for global banks December 5, 2019 The outlook for global banks has been slashed by credit ratings agency Moody’s. Weakening economic growth, low interest rates and more volatile operating conditions will increase the credit challenges for lenders across the world, Moody’s Investors Service said in a report published today. The agency cut its outlook from stable to negative. Read more: Metro [...]
Japan approves $122bn stimulus package as governments start spending December 5, 2019 Japan’s cabinet has approved a huge $122bn (£92bn) stimulus package to combat stalling growth and insure against global trade tensions. The government expects the 13.2 trillion yen package to push up growth by 1.4 per cent by the end of the 2021 fiscal year. Economists have cautioned the effects could be lower, however. Read more: [...]
How can banks factor in climate change without damaging the economy? December 5, 2019 In a few weeks, we will get the results of the UK bank stress tests, which is a measure of our biggest banks’ ability to withstand the toughest of economic shocks. In 2021, these tests will include a scenario on climate change. The regulator wants to know that our biggest financial institutions really can weather [...]
General Election: Boris Johnson sets out 100-day plan as polls predict Tory win December 5, 2019 Boris Johnson has pledged to deliver Brexit, slash taxes in a new Budget and give a boost to healthcare in the Tories’ first 100 days as a majority government if he wins the General Election. The Prime Minister said only a Conservative victory would allow the country to end its Brexit uncertainty, while he has [...]
City of London Corporation puts up posters in City pubs in bid to combat sexual harassment December 3, 2019 The City of London Corporation is set to be the latest square mile institution to campaign against sexual harassment in the financial industry. The Reframe the Night Campaign will feature 600 posters at various City venues that are adorned with phrases traditionally used to excuse sexual harassment. Read more: Lloyd’s of London to put up [...]
Moody’s downgrades outlook for UK banking system December 3, 2019 The UK banking system’s outlook has been downgraded by credit ratings agency Moody’s, after it cited a swathe of challenges facing lenders in the year ahead. Flagging the persistently low interest rate environment and a competitive mortgage market, Moody’s is forecasting a modest slide in profitability. Read more: Carney appointed UN climate envoy The agency [...]
Insurtech startup Cuvva secures £15m to move into long-term car insurance December 3, 2019 Insurtech startup Cuvva is to expand into long-term motor insurance, after raising £15m in a series A funding round. The move follows the recent appointment of former Lloyd’s of London chairman Bruce Carnegie-Brown as Cuvva’s chair. RTP Global, Breega and Digital Horizon joined as new investors, alongside Localglobe, Techstars Ventures, Tekton and Seedcamp. A number [...]
Spanish retail billionaire zeroes in on £600m London building deal December 2, 2019 A Spanish retail billionaire who owns fashion chain Zara is close to acquiring a West End office block for £600m. Amancia Ortega, via his real estate investment vehicle Pontegadea, is set to acquire The Post Building a 320,000 sq ft development in an ex-Royal Mail sorting office on Museum Street in Holborn. A deal is [...]
UN climate change summit opens in Madrid amid last chance warnings December 2, 2019 The UN Climate Change conference is underway in Madrid, as governments come together to take the next steps in the climate change process. Against a backdrop of a year of especially severe weather, the two weeks of talks offer delegates the chance to resolve outstanding issues from the Paris accord, such as rules for carbon [...]