London economy contracts as rampant inflation chills spending December 12, 2022 London’s economy contracted last month as it is squeezed by roaring inflation and swelling business costs, a new survey out today shows. Rampant price rises prompting a spending slowdown from consumers sent a chill through businesses in November, according to NatWest’s purchasing managers’ index (PMI). The high street bank’s PMI dropped to a 22-month low [...]
Cryptocurrency scams balloon as City watchdog warns of looming crackdown March 3, 2022 Cryptocurrency scams are on the rise in the UK as fraudsters exploit new technologies to dupe consumers into handing over their money, fresh figures reveal. The Financial Conduct Authority (FCA) warned today of a worsening epidemic of criminals exploiting consumers’ amid an explosion of interest in the crypto space last year. The number of consumers [...]
Exclusive: London’s fintech bubble is ‘close to popping,’ warns Reed Smith partner April 13, 2021 A coalition of London fintech firms recently called on the Financial Conduct Authority to end the dominance of banks over the use of consumer data this year. They argue it would increase competition in the savings, credit, mortgages and pensions markets. Howard Womersley Smith, an expert fintech and data lawyer at Reed Smith in the [...]
FTSE 100 today: London markets braces for cautious opening as U.S. and Asian markets slip March 5, 2024 Hong Kong and Chinese stocks fell as China set a 5% growth target. Meanwhile, Bitcoin surged past $68,000. Investors now await Fed Chair Jerome Powell's testimony for market insights.
Fintech challenger banks steam ahead of high street stalwarts in CMA ranking August 15, 2022 Fintech challenger banks Starling and Monzo have leapt ahead of their traditional high street rivals in a fresh ranking of UK lenders published today by the Competition and Markets Authority.
Aspinal of London prepares to close stores due to low city centre footfall September 17, 2020 Luxury brand Aspinal of London is the latest retailer to launch a restructuring process as it seeks to close stores due to a sharp drop in city centre footfall during the coronavirus pandemic. The firm, which has 10 stores as well as concessions in Harrods and Selfridges, has unveiled a company voluntary arrangement (CVA) proposal [...]
Nearly every sector of UK economy powers away from feared recession March 22, 2023 Nearly every sector of the UK economy is powering away from a recession that was much-tipped at the turn of the year, a new survey out today shows. Some 11 of the 14 sectors monitored by Lloyds Bank are producing more than they did a month ago, the highest number in nearly a year. The [...]
CMA to probe if ‘failure in competition’ is seeing consumers overcharged for food and fuel May 15, 2023 The Competition and Markets Authority (CMA) today announced it will investigate whether a “failure in competition” is seeing consumers overcharged for groceries and fuel. The watchdog said it would be stepping up its work in the grocery sector to determine whether a “failure in competition is contributing to grocery prices being higher than they would [...]
FTSE 100 brushes off Prime Minister’s no confidence vote June 7, 2022 The FTSE 100 opened flat on Tuesday as investors were largely unaffected by the Prime Minister narrowly dodging a vote of no confidence last night. The capital’s premier index was mostly unchanged at 7,610 points on opening on Tuesday. Tory MPs voted by 211 to 148 in support of the Prime Minister as part of [...]
Jet2’s summer seat sales outshine 2019 levels as package holidays boom September 1, 2022 Jet2.com and Jet2holidays’s summer sale seat capacity was 14 per cent higher than 2019 levels as the travel giant banks in on the post-pandemic rush. Executive chairman Philip Meeson told shareholders during Jet2’s AGM package holiday customers continued to display a materially higher mix of the total departing passengers, up 13 per cent in this summer. He [...]