China state visit: Xi Jingping visits Manchester City Football academy and announces new flights October 23, 2015 Chinese President Xi Jingping will wrap up his four-day state visit to Britain in Manchester today, where he and Prime Minister David Cameron will announce more business deals, including new direct flights from Manchester Airport to China. The UK government estimates the new flight path will add £50m to Manchester’s economy. Other partnerships set to [...]
Industry groups split over new report from CMA on retail banking sector October 22, 2015 Multiple industry groups have hit out at the Competition and Markets Authority (CMA)’s provisional recommendations for the retail banking sector, saying “more needs to be done”. British Chambers of Commerce (BCC) director general John Longworth said businesses will be “disappointed” with the CMA’s proposals, accusing the competition watchdog of “effectively endorsing a status quo that [...]
Challengers say CMA retail banks review does not go far enough October 22, 2015 Bosses at Britain’s smaller challenger banks are questioning the Competition and Markets Authority (CMA), saying that watchdog’s latest report “does not go anywhere near far enough” in boosting competitiveness in the retail banking sector. TSB chief executive Paul Pester said the CMA’s provisional findings, first published this morning, were a “solid first start” but there [...]
BIS select committee to address UK’s troubled steel industry after Tata and SSI closures October 22, 2015 Business ministers and industry figures are set to be grilled by a committee of MPs over the crisis hammering the UK steel sector. The Business, Innovation and Skills (BIS) select committee hearing is scheduled for Tuesday afternoon and will address the challenges facing the industry, which is struggling to compete in the global marketplace due to [...]
Andrew Tyrie slams CMA over free banking “con trick” October 22, 2015 A leading Tory MP has slammed the new Competition and Markets Authority (CMA) report on retail banking, saying its conclusions are “going to take a lot of justifying”. Andrew Tyrie, who chairs the Treasury Select Committee, said free-if-in-credit (FIIC) accounts are a “con trick” and it was “disappointing” that the CMA decided not to end [...]
HSBC is mulling moving its headquarters to America rather than Asia October 22, 2015 Britain's biggest bank is considering moving its headquarters to the United States, rather than Hong Kong, it has been revealed. HSBC first announced in April that it was reviewing whether to relocate from London, when the bank’s chairman Douglas Flint told shareholders at the annual meeting that the bank’s board had “asked management to commence work [...]
Shadow chancellor John McDonnell welcomes CMA report despite no big bank break-up October 22, 2015 In a surprising move, chancellor John McDonnell said he “welcomed” the Competition and Markets Authority (CMA) report today, despite the CMA’s decision to rule out forcing the break-up of banks. Former Labour leader Ed Miliband had pushed for a total restructuring of the banking sector, pledging in 2014 to break up the biggest British banks in [...]
MPs approve English votes for English laws as leader of the commons Chris Grayling is branded Dr. EVEL October 22, 2015 English votes for English laws plans have passed parliament after MPs approved the proposals by 312 votes to 270. In a heated debate that proceeded the vote in the House of Commons, leader of the commons Chris Grayling was branded Dr EVEL by the Scottish National Party after he referred to the plans as "fair and sensible". [...]
Tax gap falls to record-low, revealing the failings of Corbynomics, claims secretary to the Treasury David Gauke October 22, 2015 The UK's tax gap has fallen to an all-time low, prompting Labour's critics to ramp up their arguments against Corbynomics. Figures released today by HMRC reveal the tax gap – the difference between the amount of tax that should be collected against what is actually collected – in 2013/14 fell to a record low of 6.4 per [...]
Chancellor George Osborne says he is “comfortable” with tax credit cuts October 22, 2015 Chancellor of the exchequer George Osborne said this morning he is "comfortable" with his plans to cut tax credits, despite mounting pressure for him to U-turn on the proposals. “This is fundamentally a judgement call, and I’m comfortable with the judgement call that I have made, and that the House of Commons has supported this week,” Osborne [...]