Budget 2017 UK: Philip Hammond gives more cash for electric cars, AI, 5G and tech innovation and plans driverless car rules November 22, 2017 Fresh cash has been promised to boost the uptake of electric cars on Britain’s roads and to develop new regulation for driverless cars. There will be £400m for charging infrastructure for electric vehicles and another £140m for other projects related to them, chancellor Philip Hammond has said in his Autumn Budget. Read more: Hammond targets [...]
UK will not be able to discuss trade this year if no concessions are made in next two weeks, warns Michel Barnier November 10, 2017 Britain has been given an ultimatum by the EU’s chief Brexit negotiator Michel Barnier. Following another round of talks with David Davis and his team, Barnier said that the UK now has two weeks to make concessions if it wants to make any progress by December. The UK needs to clarify what it will pay [...]
Business as usual: Chancellor Philip Hammond to take LSE boss on China trade mission December 11, 2017 Chancellor Philip Hammond will this week lead a trade mission to China along with City representatives – including a senior executive from the London Stock Exchange (LSE) ahead of a crunch shareholder vote. Hammond will be joined by HSBC chairman Mark Tucker, City of London Corporation policy chair Catherine McGuinness, and Square Mile grandee and [...]
Aviva share price rockets after releasing annual results that “speak for themselves” March 9, 2017 Aviva's shares leapt over six per cent this morning after beating forecasts and building up a hefty cash pile to reward investors. The figures Similar to other insurers, Aviva was hit by the Lord Chancellor's decision to cut the discount rate. It said the move had hit profits after tax by £380m. In its reported [...]
Barclays chairman John McFarlane: Moving euro clearing away from London threatens global financial services December 6, 2017 Moving euro clearing away from London could send shockwaves across the global financial community, forcing up transaction costs and causing capital requirements headaches, one of world banking’s most influential voices has warned. Speaking at TheCityUK annual dinner at London’s Plaisterers’ Hall, chairman John McFarlane said Brexit in March 2019 is a reality that needs to [...]
Bank on a new jockey being in the Lloyds saddle next year, look again at ‘last look’ and water torture February 22, 2018 If Bill Murray had played a banker rather than a TV weatherman in Groundhog Day, he may well have been cast as George Culmer, the finance director of Lloyds Banking Group. The American actor would surely have revelled in declaring the lender’s “final” provision for PPI mis-selling. Again, and again, and again. It’s a record [...]
Direct Line unveils “successful year” despite taking a £217m hit from discount rate cut March 7, 2017 Direct Line's profits took a £217m hit as a result of the government's decision to slash the discount rate last week. Reporting its annual returns – which boss Paul Geddes referred to as a "successful year" – the impact on profits was not as high as the £230m the firm said was the worst case [...]
Chancellor Philip Hammond tells City a bespoke Brexit deal will be crafted for the UK financial services September 13, 2017 Chancellor Philip Hammond tonight told City grandees he will help craft a “bespoke deal” for the UK financial services sector in Brexit negotiations, as industry voices continue to call for greater clarity on the details of any proposed transitional period. In his speech to the UK Finance Annual Dinner at Mansion House tonight, Hammond set out [...]
The government just revealed it will put the official Brexit time into law November 9, 2017 The government will put the official Brexit date and time into law in an amendment to the EU Withdrawal Bill, in what it said was a bid to end “confusion or concern” over the exact schedule. The Department for Exiting the EU this evening announced “exit day” will be 11pm GMT on 29 March 2019. [...]
Government cuts discount rate: Experts react to move by justice secretary Liz Truss and warn on implications February 27, 2017 The government's decision to slash the insurance discount rate caught most of the sector's largest firms by surprise this morning. In particular, large motor insurers such as Direct Line (shares dropped by more than six per cent) and Admiral (down more than two per cent) were hit. [stockChart code="DLG" date="2017-02-27 15:08"] What is the discount rate? The [...]