Nicky Morgan says City could take decades to resolve regulatory relationship with EU October 31, 2018 It could take decades for the UK to work out its financial services regulatory relationship with the EU after Brexit, treasury select committee chair Nicky Morgan said. “The story of the next 40 years of this country, or it could be longer, in relation to that future relationship with the EU, is going to be [...]
Brexit deal will be done within three weeks, reveals Dominic Raab October 31, 2018 The pound jumped by one per cent on Wednesday as Dominic Raab claimed a Brexit deal will be agreed within three weeks. The revelation from the Brexit secretary saw sterling rise to 1.1307 against the euro and bounce back from a two month low against the dollar to 1.2829. Raab made the claim in a letter [...]
Chancellor Philip Hammond’s Autumn Budget contained tricks and treats for your personal finances October 31, 2018 The move of this year’s Autumn Budget to Monday this week rather than its traditional Wednesday slot was ostensibly to give MPs more time to debate the chancellor’s proposals before the House of Commons rises for recess on 6 November. But presumably Philip Hammond also hoped to avoid some Halloween-themed headlines, which he himself alluded to [...]
Financial Conduct Authority probes home and motor insurance prices October 31, 2018 The Financial Conduct Authority (FCA) today launched a probe into pricing practices in the insurance market. The regulator is concerned about potential consumer harm, particularly the impact of industry pricing practices on vulnerable people, where some groups of people face far higher prices than other groups. It will also examine the fairness of pricing and [...]
EU says European firms can still use UK clearing houses in no-deal Brexit October 30, 2018 EU banks and companies will be able to access UK clearing houses for a limited time in the case of a no-deal Brexit, it has been confirmed. Valdis Dombrovskis, vice-president of the European Commission, made the pledge after months of lobbying from companies urging for the rules stopping them using the institutions if the Brexit [...]
National insurance hike will ‘wipe out’ half of chancellor’s tax cut for high earners October 30, 2018 A sting in the tail of the chancellor's higher earners tax cut yesterday will wipe out half the gains they would have made from the announcement, according to analysis of the Budget. Philip Hammond said yesterday he would increase the higher rate of income tax from £46,350 to £50,000 a year early next April, saving higher [...]
Financial Conduct Authority hits Liberty Mutual Insurance with £5m fine for mobile phone insurance failings October 30, 2018 The Financial Conduct Authority has today fined Liberty Mutual Insurance Europe £5.28m for failures in its mobile phone insurance claims and complaints handling process. Liberty entered into a relationship in the UK with a third party to enable them to provide mobile phone insurance to retail customers. The FCA found that between 2010 and 2015 customers [...]
Stablecoins – the cryptocurrency pegged to reality – could save the market October 30, 2018 The last few years have seen the crypto market experience exponential growth, and at the time of writing, it was worth £152bn globally. However, predictions that cryptocurrencies will supplant conventional forms of money have so far proved to be unfounded, as their wild volatility makes them unsuitable for day-to-day use by consumers. But it isn’t [...]
National living wage to rise almost five per cent next year October 29, 2018 The national living wage is set to rise nearly five per cent from £7.83 to £8.21 per hour, chancellor Philip Hammond revealed in today's Budget. To be implemented in April next year, the government estimated that this will increase the annual pay of a person in full-time employment by £690 per year. Additionally, Hammond said the [...]
HMRC to be made preferred creditor in tax avoidance crackdown October 29, 2018 A range of measures designed to crackdown on tax avoidance and evasion with a view to raise £2bn over the next five years have been announced by the government. HMRC will be made a preferred creditor in insolvencies, Chancellor Philip Hammond announced today. The government will end the practice of purchasing services through offshore countries and introduce a [...]