HMRC set to recover £1bn of fraudulent furlough cash over two years June 9, 2021 Over £1bn of fraudulent or mistakenly claimed furlough cash is set to be recovered over the next two years, HMRC has said. Since the introduction of the furlough scheme in March 2020, more than £60bn has been claimed by employers as it protected over 11m employees. In the March Budget, the government announced the scheme [...]
Paris and Berlin look to dilute EU’s strict bank capital rules June 9, 2021 France and Germany are attempting to dilute the EU’s long-awaited change to banking regulation. The European Commission is expected to introduce a new capital minimum, which would make it harder for banks to use their own internal calculations to decide the size of their capital base, in the autumn. Paris, Berlin, Copenhagen and Luxembourg are [...]
Staff on sick leave can visit pubs, judge rules June 9, 2021 Employees on sick leave are able to go to the pub, a judge has ruled in an employment tribunal. A tribunal in Newcastle was told staff can visit their local even if they’re off sick. Judge Andrea Pitt ruled that an employee was unfairly dismissed after he was seen drinking at a social club while [...]
Bank of England launches climate stress test for banks and insurers June 8, 2021 The Bank of England has set out its first climate stress test for the UK’s top banks and insurers but have said the results will not currently be used to determine capital requirements. The test will scrutinise the resilience of Britain’s financial system to stresses from a shift to a net zero-carbon economy as well [...]
London Metal Exchange set to reopen iconic trading ring in September June 8, 2021 The London Metal Exchange’s open-outcry trading ring is set to reopen in September, in a reversal of plans announced earlier this year, but will still press ahead with digital trading. The trading ring, with its distinctive red circular sofa, was closed in March 2020 for the first time since the Second World War due to [...]
Activist investor Cevian calls on Aviva to increase returns after building stake June 8, 2021 Activist investor Cevian Capital has called on Aviva to return £5bn in excess capital to shareholders after building a stake in the insurer. The Swedish investment firm today announced it holds 194,549,437 in Aviva, corresponding to around 4.95 per cent of the company’s total number of shares and votes. It makes the firm Aviva’s second-largest [...]
Oxford Instruments revenue flat as Asia and US growth offsets EU decline June 8, 2021 High-tech manufacturer Oxford Instruments today said its order book had surged over the past year but revenue remained flat. The company, which provides high technology products to industrial companies and scientific research communities, reported revenue of £318.5m in the year ended 31 March 2021. It marks a 0.3 per cent rise on the previous year. [...]
Millennial savings app Plum moves into pensions June 8, 2021 The popular savings app which has turned to TikTok to lure young investors is now turning its attention to retirement savings. Plum, which launched in 2017, is rivaling the cheap trading apps like Robinhood by moving into the investment space. It anticipated a growing interest among millennials around savings and investments with which has only [...]
Inflation could reach three per cent this year, says Janet Yellen June 7, 2021 The US Treasury Secretary has said inflation could reach as high as three per cent this year as the economy rebounds from the worst of the pandemic. “We have in recent months seen some inflation, and we — at least on a year-over-year basis — will continue, I believe through the rest of the year, [...]
‘Stablecoin’ payments must be regulated like banks, says Bank of England June 7, 2021 The Bank of England has said payments made with ‘stablecoin’ should be regulated in the same way as payments made by banks if they become widely used. Stablecoins are a type of cryptocurrency usually pegged to a traditional currency and thus are intended to avoid the volatility usually associated with crypto. “The prospect of stablecoins [...]
