MPs take aim at regulators on Co-op Bank October 22, 2014 EX-CITY regulator the Financial Services Authority (FSA) should be probed as part of the investigation into the near-collapse of the Co-op Bank and the failed attempt to sell it TSB, MPs said in a report today. The Treasury Select Committee also wants the whole process of auditing banks to be investigated by the Financial Reporting Council, which [...]
Commons in chaos as Home Office faces cross-party rebellion on vote November 10, 2014 HOME Secretary Theresa May faced down a cross-party rebellion in the House of Commons last night after she pushed through a vote on just 11 EU measures instead of the full 35 MPs had expected, including the European arrest warrant. May’s decision not to allow time for a full vote on the 35 opt-in justice [...]
David Cameron misses his pal Sir Charles Dunstone’s lavish birthday bash October 13, 2014 PRIME Minister David Cameron was the surprise omission from billionaire phone shop founder Sir Charles Dunstone’s lavish 50th birthday celebrations in Venice over the weekend, fuelling speculation their relationship has soured. Guests included Sir Stuart Rose, Karren Brady and Lord Coe. Many other celebrity business figures were expected at the bash and sources said they [...]
UBS to advise government on Eurostar sell-off despite claims Royal Mail was undervalued October 13, 2014 UBS has been appointed to advise the government on the sale of its 40 per cent stake in Eurostar, the Treasury confirmed yesterday. The decision is controversial because Swiss bank UBS also worked as book-runners on the Royal Mail deal and was forced to explain claims that the company was undervalued by £1bn at a [...]
George Osborne accused of obstructing MPs over Co-op and Lloyds Bank deal August 20, 2014 George Osborne was accused of unreasonably withholding information on ministers’ meetings with Lloyds and Co-op bankers in a series of confrontational letters published yesterday. He was accused of obstructing MPs trying to work out whether the government pressured bank executives into their ill-fated deal. The chancellor claims ongoing probes prevent him from telling the Treasury [...]
Does size matter? English devolution may not lead to productivity gains, admits Treasury secretary Lord Jim O’Neill July 21, 2015 One of George Osborne's most senior Treasury colleagues has admitted that when it comes to solving the productivity puzzle, English devolution is little more than a punt. Commercial secretary to the Treasury Jim O'Neill, who heads up the City Growth Commission, has been tasked with replicating London's economic success in other cities throughout the UK. The group [...]
St James’s Place boss David Bellamy: Slow and steady wins the race October 30, 2014 St James’s Place may hold the accolade as the second youngest business on the FTSE 100, but its tender years belie a growing sense of maturity for the firm. Its pool of assets now stands near the £50bn mark, it joined the ranks of the 100 biggest UK companies in March and has an increasingly [...]
Sadly no chancellor will abandon corporation tax without an alternative June 17, 2014 As Lord Saatchi proposes abolishing corporation tax for small firms, is the levy justifiable at all? Sadly, no chancellor will abandon the £43bn corporation tax brings in each year until a suitable alternative is identified. Corporation tax will likely become a smaller component of UK (and global) tax revenues in the longer term but, in [...]
Scots to get tax controls if they vote no to split June 2, 2014 THE CONSERVATIVES yesterday vowed to hand more tax powers to the Scottish government if it rejects a split from the UK, as David Cameron warned that an independent Scotland would have to join the back of the queue for EU membership. The Prime Minister and chancellor George Osborne are both said to have thrown their support [...]
City Matters: We cannot afford to be complacent about ensuring capitalism is inclusive June 8, 2014 THE DEBATE over the future of capitalism has been intensified in recent months by French economist Thomas Piketty. His best-selling book has sparked popular interest in wealth and income inequality across the globe. Leaving aside the arguments over Piketty’s underlying data, it is clear that this is a pertinent issue that needs to be treated [...]