Rishi Sunak: City should show ‘restraint’ on pay – but no u-turn on banker bonuses November 15, 2022 Rishi Sunak said Britain’s top business bosses needed to show ‘restraint’ on pay this year amid inflation concerns. “In a situation like this, I’m sure executives of most companies will be thinking about pay settlements for senior management, for their workers, and making sure they are fair,” the Prime Minister told broadcasters whilst in Bali [...]
Without Brexit, there would never have been a harsh austerity Budget this week, says BoE veteran November 15, 2022 The real reason Britain is facing harsh austerity measures is the UK’s departure from the EU, according to a senior economist. Former Bank of England interest rate policy maker Michael Saunders said that Brexit has ‘permanently damaged’ the UK’s economy. “The UK economy as a whole has been permanently damaged by Brexit,” said Saunders, who [...]
Barclays makes green property push by giving eco-friendly home owners £2,000 November 15, 2022 Barclays bank said this morning it plans to run a trial to pay back customers who install new insulation, heat pumps or solar panels, among other solutions. Barclays will start paying up to £2,000 to its mortgage holders to help them green their home as three in four say they cannot afford the changes they [...]
Post-Brexit trade: Over half of UK firms pivoting to EU for growth, HSBC report says November 15, 2022 More than half UK firms are pivoting toward the European Union to navigate their way through economic turbulence. A groundbreaking survey carried out by HSBC UK found that 53 per cent of companies are targeting trade with the continent in spite of post-Brexit rules and renewed Brussels red tape. Surveying 2,000 firms in one of [...]
“On the to-do list”: City minister promises reform as London slips behind Paris November 14, 2022 THE CITY minister Andrew Griffith yesterday said post-Brexit financial services reforms were on his “to do list” after new figures suggesting Paris’ stock market had overtaken London’s sent a shockwave through the Square Mile. The total value of all listings in the French capital overtook London last month, according to number crunchers at Bloomberg. Whilst [...]
Computer says no: Frustrated businesses screaming for fresh cash struggle to get bank loans November 14, 2022 Three-fifths of small and medium-sized enterprises (SMEs) said that they currently need funding to ease day-to-day cashflow issues, according to research by asset manager Channel Capital out this morning. However, those businesses increasingly struggling to get loans from high-street banks, the survey found. And more than two thirds of SMEs reported that they need funding [...]
Lord Mayor says City must provide ‘financial resilience’ during UK recession November 14, 2022 The City must help provide “financial resilience” to help the UK get through the incoming recession, according to the new Lord Mayor of London. Nicholas Lyons, who is the 694th holder of the post, wrote in Morning Wire today that “financial services industry must find ways to help people bridge this crisis by providing insurance [...]
‘Greening’ investor portfolios has done little to slash emissions, UBS warns November 10, 2022 The “greening” of investors’ portfolios has had little impact on the actual decarbonising of the economy, investment bank UBS warned today, as it called for a significant acceleration of financial efforts to tackle environmental collapse.
Co-operative Bank eyes acquisitions as profits top £103m November 10, 2022 The Co-operative Bank said it was eyeing up potential acquisitions today after it posted a 75 per cent surge in pre-tax profit to £103.1m in the first nine months of the year. The high street lender said profits had more than tripled from £29m on the same period last year as it became the latest [...]
Barclays faces court over £40m breast implant scandal November 9, 2022 Barclays today faced claims it helped a private healthcare company avoid paying compensation to women given faulty breast implants by a private healthcare firm. The bank is accused of working with Midlands law firm The Wilkes Partnership to restructure Hospital Medical Group (HMG), in order to help it avoid paying compensation to women given faulty [...]