City Moves for 11 October 2016 | Who’s switching jobs October 11, 2016 Covington Lord Francis Maude, the former UK minister for trade and investment in Prime Minister David Cameron’s government, has joined Covington as a senior adviser in the firm’s public policy and government affairs practice.With a political career spanning almost 40 years, Lord Maude has held a number of high profile government positions, including financial secretary [...]
Hammond highlights growing importance of non-EU trade September 12, 2016 Discussions between chancellor Philip Hammond and some of the UK’s biggest exporters focused yesterday on the growing importance of trade with non-EU countries. Hammond hosted representatives from Honda, GlaxoSmithKline, Airbus, and Scotch Whisky Association at Downing Street. UK exports have more than doubled over the last 17 years, with over half of total, making up [...]
Theresa May welcomes capitalism 2.0 November 21, 2016 Theresa May has today urged businesses to take a new approach to capitalism, or risk pushing away the public at large. Speaking at the Confederation of British Industry (CBI) conference, the Prime Minister called for "embracing a new approach ensure everybody in the benefits of economic growth" May noted that, although her and her party would [...]
Theresa May woos Chinese vice-premier in London, pushing major investment projects November 10, 2016 Theresa May vowed to begin a "golden era" of relations with China as she welcomed overseas investors to the UK today. The talks are the latest in a series of annual summits between the UK and China, started by the former chancellor George Osborne. China invested over £3.8bn in the UK in 2014. Chinese contractor [...]
Theresa May is to promise an “unashamedly pro-business” government November 14, 2016 Prime minister Theresa May will today vow to lead an “unashamedly pro-business” government, while also vowing to crackdown on bosses that “game the system”. Speaking at the Lord Mayor's Banquet at the Guildhall tonight, May is expected to stress her desire to make the UK an attractive destination for businesses to invest after Brexit. Citing the [...]
Treasury minister Jim O’Neill quits amid China and Northern Powerhouse spat September 23, 2016 Lord Jim O'Neill has resigned as a minister in Philip Hammond's Treasury team amid speculation of differences of opinion with Prime Minister Theresa May. O'Neill, a former Goldman Sachs economist who is known for coining the term BRICS (the acronym for the emerging economies of Brazil, Russia, India, China and South Africa), first cited problems with Prime [...]
Now the IMF has called on Deutsche Bank to do more to reassure investors October 5, 2016 Officials from the International Monetary Fund (IMF) have today called on troubled German lender Deutsche Bank to do more to reassure investors. Speaking at a press conference today, Peter Dattels, deputy director of the monetary and capital markets department at the IMF, said Deutsche Bank needed to "continue to adjust to convince investors that its business model is viable going [...]
Chancellor Philip Hammond reassures the City over its post-Brexit prospects after reports of Whitehall indifference towards financial services October 20, 2016 Philip Hammond has insisted the health of London’s financial services will form a crucial part of Britain’s negotiations to leave the EU, after a top Conservative MP challenged the chancellor over revelations published in yesterday’s City A.M. During a near-two-hour grilling in front of the highly influential Treasury Select Committee, Hammond backed London to retain its status [...]
Editor’s notes: Still in shock over Brexit? Get a grip November 25, 2016 Some corners of our national life are finding it harder to adapt to the new post-referendum reality than others. Earlier this week I joined the cream of the British commentariat at the annual Comment Awards, celebrating the best columns and comment pieces of 2016. As you know, we have a stable of excellent columnists here [...]
Philip Hammond has warned against attempts to lure key financial services sectors to mainland Europe after Brexit September 8, 2016 Chancellor Philip Hammond has hit back at Francois Hollande after the French president suggested that euro clearing could move to Continental financial centres in the aftermath of Brexit. Just days after Britain voted to leave the EU, Hollande said that “other financial centres in the bloc'” should prepare to carry out euro clearing if Britain [...]