The government’s welfare proposals including tax credit cuts and benefit caps is necessary, but more must be done July 20, 2015 The chancellor has spoken about what successive governments have known but not properly tackled: the level of welfare spending is not sustainable. Britain is responsible for seven per cent of the world’s welfare spending, despite generating only four per cent of the world’s income and being home to just one per cent of the world’s [...]
City firms splash out on red tape officers as demand for compliance skills boosts wages July 19, 2015 (Source: Emolument) City workers who help companies cope with red tape are seeing their pay rocket, as a wave of regulations boosts demand for their skills. Figures out this morning reveal that some firms are offering pay rises of 30 per cent in order to attract the staff they need “The more [...]
George Osborne aims to curry favour in the Square Mile with Martin Wheatley dismissal July 19, 2015 As the chancellor who introduced the banking levy back in 2011, George Osborne is not as popular in the City as he could be. But last week it looked like he may be trying to work his way back into bankers’ good books. On Friday, Martin Wheatley, chief executive of the Financial Conduct Authority [...]
City Moves for 20 July 2015 | Who’s switching jobs July 19, 2015 Valad Europe The real estate investment management firm has appointed Claire Treacy as chief financial officer. She was previously head of tax and risk at Valad. Before joining, Treacy was a senior tax manager in KPMG’s real estate group, specialising in European fund structuring. PwC Stephen Soper has been appointed senior pensions adviser in the [...]
Bungles and blunders: From the life insurance scandal to confusion over HSBC, here are Financial Conduct Authority boss Martin Wheatley’s worst moments July 17, 2015 As Financial Conduct Authority (FCA) chief executive Martin Wheatley takes his final bow, many in the City will be celebrating – after all, this is the man who famously promised to “shoot first and ask questions later” when it came to regulating the finance sector. Read more: George Osborne ousts Wheatley from the FCA [...]
George Osborne ousts Martin Wheatley from FCA July 17, 2015 Martin Wheatley, the man who famously said he would "shoot first and ask questions later" as he launched the Financial Conduct Authority (FCA), has been ousted by chancellor George Osborne. Wheatley, who will leave on 12 September, jumped before he was pushed: City A.M understands he resigned after learning Osborne had decided not to [...]
What’s in the Cheesegrater? From Aon to Amlin, here’s a storey-by-storey breakdown of every business in the Leadenhall Building July 17, 2015 It may not be London's biggest building – but the Leadenhall Building, aka the Cheesegrater, still remains one of the tallest skyscrapers in the Square Mile, towering over its neighbours the Gherkin and the Walkie Talkie. The 225 metre building's characteristic tapered design was created to preserve views of St Paul's Cathedral. Ever [...]
Comparison site results steadied by car insurance July 15, 2015 COMPARISON site Moneysupermarket said rising car insurance premiums are keeping the company steady after a slow six month growth period. Moneysupermarket’s trading update, released yesterday, claimed the company noted “a marginal increase in car insurance premiums.” Revenue since January saw an overall growth of 18 per cent, with insurance revenues rising by eight per cent [...]
City Moves for 16 July 2015 | Who’s switching jobs July 15, 2015 Logistics Capital Partners The project development and asset management services provider has announced the appointment of Andrea Benvenuti as a partner. He joins as managing director of development and construction from Amazon. Benvenuti has also held senior roles at Prologis. Willis Group The risk advisory, re/insurance broking, and human capital and benefits firm has appointed [...]
This is what you get with a Conservative majority: A national living wage July 15, 2015 Why do we care about the economic recovery? Sometimes economists seem to forget, that we care about recovery not for some statistics on a chart, but because recovery creates more jobs giving people the dignity of work, and pay rises for those in work. In short, the purpose of economic recovery is to make people [...]