UK financial services News

Hopes of ‘Brexit Benefit’ From Tariffs in UK Were Short-Lived

The US has decided – again – to upend the global trading system. With the latest raft of tariffs just beginning to kick in, and after a week in which markets worldwide fell precipitously, the Trump administration announced that it …

Women in UK Financial Services Still Earn a Fifth Less Than Men

The average woman working in the UK financial sector earns about a fifth less than their male colleagues, a reflection of how the gender pay gap has stubbornly persisted even during a period when businesses pledged to address workplace inequity …

UK Corporate Distress at Level Last Seen Post-COVID, Report Says

Distress among UK companies has risen for a third consecutive year, to its highest level since the onset of the COVID-19 pandemic, according to a report by consulting firm Alvarez & Marsal. A&M found that 11.2% of UK firms suffered …

UK Financial Watchdogs Drop Diversity and ‘Name and Shame’ Reforms

Britain’s top financial regulators have scrapped proposed new rules to boost diversity and inclusion in the industry, and mothballed a fresh crackdown on non-financial misconduct, citing fears of imposing unnecessary regulatory burdens on firms. The Prudential Regulation Authority and Financial …

City of London Hit Harder Than Rest of Economy Since Brexit Vote

The City of London, once considered the crown jewel of Britain’s dominant services sector, has performed even worse than the rest of the economy in the years following the Brexit referendum. Financial and insurance output has grown just 2.8% since …

UK’s Reeves to Meet Key Financial Services Sectors

British finance minister Rachel Reeves said on Monday she would meet representatives from key financial services sectors, such as banking and insurance, over the coming months to formulate a new growth and competitiveness strategy. “I am committed to working hand-in-hand …

Reeves’ Pressure on UK Watchdogs Spooks Financial Crisis Veterans

The UK’s push to deregulate its way to growth has got veterans of the last financial crisis worried that it’s sowing the seeds for another crash. Labour, for decades the political party that favored taming the City of London, now …

Identities of Shadow Banks That Use New BOE Tool to Remain Secret

The Bank of England will hide the identities of any pension funds, insurers or hedge funds bailed out under a new financial stability tool to prevent a wider crisis engulfing the economy, Deputy Governor Dave Ramsden said. The BOE has …

Accused of Going Too Far, UK Finance Regulator Plots Where to Go Next

The UK’s top financial regulator has spent much of its eleven-year history in combat with the industry it oversees, a tone set by its first chief executive Martin Wheatley, whose zeal for fining banks got him ousted in 2015. Now, …

Crisis-Era Regulation Has ‘Gone Too Far,’ Reeves Tells Finance Sector

Finance minister Rachel Reeves on Thursday promised a reboot of regulation governing Britain’s “crown jewel” financial industry which she said has shackled the City’s global prospects since the global financial crisis and stifled UK economic growth. According to extracts from …