We must turn the page on the public perceptions of finance November 1, 2018 A company needs to stand for something more than making money. Sustainability matters more than profit. The mission should be a lasting contribution to society that finds a balance between all stakeholders. Those aren’t the words of a pious left-wing hand-wringer but of John McFarlane, chairman of Barclays, in an anthology of writing published this week [...]
EU says European firms can still use UK clearing houses in no-deal Brexit October 30, 2018 EU banks and companies will be able to access UK clearing houses for a limited time in the case of a no-deal Brexit, it has been confirmed. Valdis Dombrovskis, vice-president of the European Commission, made the pledge after months of lobbying from companies urging for the rules stopping them using the institutions if the Brexit [...]
Consumer credit growth stutters to three-year low as UK house purchases fall back October 29, 2018 Consumer borrowing grew at its lowest rate for three years last month after car sales dropped 20 per cent, the Bank of England revealed today. The annual growth rate of consumer borrowing hit 7.7 per cent last month, the lowest it's been since June 2015, and far below the 10.09 per cent growth rate in [...]
Looking back on my year as lord mayor, I am fully optimistic about London’s future October 29, 2018 As I approach the end of my year as lord mayor, the pace of activity across the City is accelerating rather than slowing down This week, the governor of Tokyo will visit the Square Mile, further strengthening ties with our Japanese friends after my trip earlier this year. This visit follows the Dutch King and [...]
Deutsche Boerse steps up clearing battle with London October 25, 2018 Deutsche Boerse has stepped up its challenge to the Square Mile by expanding its clearing house partnership, as rival cities bid to replace London as Europe’s financial capital after Brexit. The London Stock Exchange Group’s LCH is currently Europe’s hub for clearing euro-denominated derivatives – used by firms to balance risk – and has become [...]
No-deal Brexit would hit house prices – but not as hard as the financial crisis, says Moody’s October 24, 2018 UK house prices could tumble in the event of a no-deal Brexit, but would not fall as far they did during the financial crisis a decade ago, rating agency Moody’s said. There would be “outright declines in house prices nationally” if Britain crashes out of the European Union without a deal next March, analysts said. [...]
Financial stability should not be used as a bargaining tool for Brexit October 22, 2018 Deal or no deal? Last week’s European Union summit in Brussels had long been billed as a crunch moment for answering this key question and determining the future direction of the Brexit negotiations. As the dust settles, however, it remains unclear whether the UK will be able to strike a deal with the EU27, meaning [...]
Bank of England talks with EU continuing as it urges no-deal Brexit preparation October 17, 2018 A top Bank of England official today said talks are continuing with EU regulators to try to persuade them to allow British clearing houses to serve clients on the continent as he warned that job losses in the City will be larger than 5,000 expected by “day one” of Brexit. Sir Jon Cunliffe said that [...]
Bank of England warns on boom in lending to indebted firms October 17, 2018 The growth of new lending to already debt-burdened borrowers has parallels to the subprime mortgage boom which ended with the global financial crisis, according to minutes from a discussion by Bank of England’s top financial stability policymakers. Minutes published today from the financial policy committee (FPC) showed that members, who include Bank of England governor [...]
London house prices dip as growth slows to five-year low October 17, 2018 House prices growth in August dropped to its slowest annual rate in more than five years, as London's subdued housing market dragged down average property prices. New Office for National Statistics (ONS) data out today show house prices climbed 3.2 per cent in the year to August, marking the slowest pace of growth since August 2013. [...]
