Labour and Lib Dem peers could force a vote to defeat government on “reverse burden of proof” in Senior Managers Regime December 14, 2015 Labour and Lib Dem peers could force a vote tomorrow to reject the government’s plans to abandon the so-called reverse burden of proof in new financial regulation. The Treasury had originally proposed a “guilty until proven innocent” burden on executives scrutinised under the new Senior Managers & Certification regime, which is set to go into effect [...]
Number 10 refuses to deny reports that is considering nationalising Rolls-Royce December 14, 2015 Downing Street fuelled speculation that the government is considering taking part of Rolls-Royce back into public ownership today when the Prime Minister’s official spokeswoman refused to deny reports about a possible nationalisation. When asked about a report in the Financial Times that ministers were considering nationalising the nuclear submarine business of the manufacturing giant, the [...]
Clydesdale and Yorkshire banks announces intention to float with IPO in UK and Australia December 14, 2015 Clydesdale Bank today announced its intention to float on both the London and Australian stock exchanges. The British banking business, which is currently owned by National Australia Bank (NAB), confirmed plans for a demerger and initial public offering (IPO) in Februrary of next year. Clydesdale, which includes Yorkshire bank and is called CYBG Group in official documents, is [...]
RBS faces fresh FCA probe after it reveals IT glitch led to misinforming 4,500 customers about their inactive accounts December 13, 2015 Royal Bank of Scotland (RBS) is facing fresh controversy after it was revealed to have concealed inactive bank accounts from thousands of customers. RBS said over the weekend that it had errantly told 4,500 customers who had asked for their money in inactive accounts that their savings were not held at the bank. RBS said [...]
Challenger bank bosses to meet with Treasury this week over proposed new capital requirements for buy-to-let mortgage lenders December 13, 2015 Bosses from Britain’s challenger banks are expected to meet with Treasury officials this week to make the case for lower capital requirements for smaller lenders. Ten bank bosses are set to meet Charles Roxburgh, the Treasury’s director of financial services, on Wednesday. One source told City A.M. that while the banks will ask for a [...]
UK government officials scrutinise American activist investors buying up Rolls-Royce amid plummeting share price and repeated profit warnings December 13, 2015 Government officials are reportedly keeping a close eye on Rolls-Royce after American activist investors doubled their stake in the struggling aircraft engine maker. ValueAct, a California-based hedge fund, raised its stake in Rolls-Royce from 5.4 per cent to 10 per cent last month, fuelling expectations that it would seek a seat on the firm’s board [...]
IMF managing director Christine Lagarde says house prices, deficit, EU referendum could hurt UK growth December 11, 2015 Rapidly rising house prices and a "strikingly large" current account deficit could inhibit Britain's economic growth, the International Monetary Fund (IMF) has warned this morning. In its annual report on Britain's economy, the IMF said that while UK growth has been strong in recent years, domestic risks threaten the "broadly positive outlook". "Domestic and external [...]
Conservative GLA member Richard Tracey wants to cut the Knowledge test for black taxi drivers by two-thirds December 11, 2015 The black taxi industry has questioned new proposals from Conservative London Assembly member Richard Tracey to eliminate barriers to entry for taxi drivers. In a report out today, Tracey recommends that the industry implement eight for changes in order to “compete with increasingly popular app-based private hire firms such as Uber”, including reducing the entry [...]
Donald Trump: UK politicians should be thanking him instead of “pandering to political correctness” December 10, 2015 Donald Trump has hit back at a campaign to have him banned from entering Britain, saying UK politicians "should be thanking" him instead of "pandering to political correctness". More than 400,000 people have signed a petition to ban the controversial real estate developer and US presidential hopeful from entering the UK after he said that he would [...]
EU referendum: Prime Minister David Cameron admits migrant crisis may lead to Brexit as Polish prime minister rejects his migrant welfare cap December 10, 2015 The migrant crisis could make voters more likely to back Britain leaving the European Union, Prime Minister David Cameron has admitted. "Two crises for Europe doesn’t make Europe look great," Cameron said. "I get that. I get the temptation for people to say: look, it’s just one thing after another; surely we’d be better off separating [...]
