Three Brits arrested over £29m PPE fraud during Covid-19 February 8, 2023 The UK’s National Crime Agency (NCA) has arrested three Brits over claims they ran a fraudulent company that brokered $35m (£29m) worth of PPE procurement deals at the height of Covid-19. Investigators believe that one of the three individuals – a man in his 50s – set up a UK company with the sole purpose [...]
Zelensky’s visit: UK sanctions six Russian weapons makers and eight members of country’s ‘elite’ February 8, 2023 The UK government has sanctioned six Russian weapons makers and a further eight members of the country’s “elite” following Volodymyr Zelensky’s first visit to Britain since Russia’s invasion of Ukraine. Foreign secretary James Cleverly said the new sanctions work to undermine Putin’s “war machine” as he vowed to block Russia from accessing the frozen assets [...]
Exclusive: Service sector confidence in Britain’s economy has rebounded since Liz Truss, research reveals February 8, 2023 Confidence in the state of the UK economy has rebounded since Liz Truss’ term as prime minister, new research shared exclusively with City PM has revealed. Execs working in the UK’s professional services sector are significantly more confident about the state of the British economy than they were in middle of 2022, data from the [...]
Legal & General CEO would like to see UK ‘move more quickly’ on Solvency II reforms February 8, 2023 Insurance giant Legal & General would like to see the UK “move more quickly” in reforming the EU rules that govern Britain’s insurance sector, the head of the FTSE 100 firm’s pensions buyout segment told City PM Andrew Kail, chief executive of L&G’s institutional retirement business, called for “clarity” on the UK’s plans to reshape [...]
Robot laws: First barrister to use AI in Old Bailey murder trial urges government to push forward cutting edge tech February 7, 2023 The first barrister to use an Artificial Intelligence (AI) tool in an Old Bailey murder trial has called on the UK’s Ministry of Justice (MoJ) to invest in the cutting edge technology. Sally Hobson, a criminal defence barrister at London chambers The 36 Group, told City PM AI tech has the potential to “save huge [...]
UK in the dark about real owners of £6.7bn worth of British properties February 7, 2023 The UK government is still in the dark about who owns tens of thousands of British properties, after thousands of offshore firms failed to comply with new transparency laws, which campaigners said exposes the UK property market to huge money-laundering risks. There are almost 52,000 properties in Britain, worth a combined sum of £6.7bn, that [...]
Criminal prosecutors secure 15 per cent pay hike as part of emergency funding deal February 6, 2023 Criminal prosecutors in England & Wales will be given a 15 per cent pay hike to lure them back to court after striking an emergency funding deal. Barristers will receive the same fees for carrying out both defence and prosecution work after the Crown Prosecution Service (CPS) secured extra cash via a deal with the [...]
Tesla: Musk’s EV giant ready to enter UK insurance market with launch of London firm February 6, 2023 Electric vehicle (EV) maker Tesla appears to be readying itself to begin insuring British drivers through the launch of its own London-based insurer. Elon Musk’s automotive company is seeking to open a UK branch of its Malta-based insurance business, filings to Companies House show. Tesla is also hiring a lawyer to work in its “full-stack [...]
Big Four look to hire London’s laid-off bankers to bolster their M&A teams February 6, 2023 The Big Four accounting firms – Deloitte, EY, KPMG and PwC – are seeking to hire laid-off bankers to bolster the ranks of their M&A advisory arms in the City. Top execs told City PM the world’s biggest professional services firms are seeking to capitalise on the downturn in big M&A deals by poaching talent [...]
EY says it does not owe ‘duty of care’ to taxman in fight over property magnate’s tax affairs February 6, 2023 EY has said it is under no obligation to help HMRC collect more taxes in defending itself against a High Court lawsuit over a British property magnate’s tax affairs. The Big Four accounting firm said it owed no “duty of care” to HMRC to have given it information that could have helped it collect more [...]
