UK financial services News

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 …

City of London Chief Says Brexit ‘Disaster’ Cost 40,000 Finance Jobs

Britain’s departure from the European Union cost London’s financial center about 40,000 jobs, the Lord Mayor of the City of London told Reuters, a far deeper impact from Brexit than previous estimates. Michael Mainelli said Dublin had gained most, attracting …

Fresh Appetite for Risk Can Help Arrest Britain’s Downward Spiral, Think Tank Says

Britain’s decade-long economic downward spiral could be reversed with a fresh appetite for risk that might help boost annual investment by a required 100 billion pounds ($131 billion) over the next decade, a leading think tank said on Friday. In …

UK Business Group Says Tax Clarity Needed at Budget to Support Investment

British finance minister Rachel Reeves needs to strike a positive tone at her first budget on Oct. 30 in order to give businesses the confidence to invest, the Confederation of British Industry said on Tuesday. After winning a large parliament …

UK Finance Firms’ Concern Over Geopolitics at Record Level

The share of UK financial services firms worried about geopolitical risks is at its highest level since the 2008 crash, the Bank of England said. The BOE’s biannual systemic risk survey, which began during the financial crisis, said on Wednesday …