Competition and Markets Authority (CMA) delays publication of retail banking review until August March 7, 2016 The Competition and Markets Authority (CMA) has confirmed plans to delay the publication of its long-awaited review into the retail banking market, saying today that the results of the probe will not be published until the end of the summer. In a statement this morning, the CMA put forward more recommendations to help customers understand [...]
London Stock Exchange chief executive Xavier Rolet could take home £16m from a deal with Deutsche Boerse March 7, 2016 London Stock Exchange Group chief executive Xavier Rolet could walk away with £16m if the London operator's proposed merger with Frankfurt-based Deutsche Boerse is successful. LSE revealed last month that it was in merger talks with Deutsche Boerse in a bid to create a dominant European exchange operator. The two exchanges confirmed that Rolet will step down [...]
London airport expansion: Londoners prefer Gatwick to Heathrow by 12-point margin according to latest YouGov poll March 7, 2016 Londoners are significantly more likely to support the expansion of Gatwick Airport than another runway at Heathrow Airport, according to a new poll out today. YouGov polled more than 1,000 adults last month, finding that 46 per cent preferred expanding Gatwick Airport. Thirty-four per cent wanted Heathrow to be expanded, instead. YouGov also found that Gatwick [...]
Tens of thousands of bankers could be sent to jail or face limitless fines under tough new regulations being put in place today March 7, 2016 Tens of thousands of City bankers could face seven years in jail or a limitless fine under new regulation being put in place today. From today, senior managers in British banks, building societies or so-called systemically important investment firms will be held criminally liable for a range of offences, including taking a decision which causes [...]
EU referendum: London mayor Boris Johnson turns his back on Canada after dismissing Goldman Sachs and HSBC on Brexit March 6, 2016 Boris Johnson turned his back on the City this weekend in a bout of banker bashing that marked a sharp departure for the London mayor who has previously championed the Square Mile. Johnson, who came out in favour of Britain leaving the European Union last month, said earlier today that investment banking bosses should be [...]
Budget 2016: Chancellor George Osborne considering raising 40p threshold and slashing top rate from 45p to 40p March 6, 2016 Chancellor George Osborne could hand middle and higher income earners a big tax break next week by increasing the threshold for paying the higher rate of tax. Osborne is reportedly considering increasing the amount people have to earn before they start paying the higher 40p tax rate to £43,000 from the current threshold of £42,385 [...]
CME reportedly eyeing up London Stock Exchange after ICE said it was considering a bid amid Deutsche Boerse merger talks March 6, 2016 CME Group, the operator of the Chicago Mercantile Exchange, is reportedly considering making a bid for the London Stock Exchange Group (LSE), in just the latest move by a rival financial exchange to snatch up the London operator. Multiple news outlets reported over the weekend that CME – the world's largest financial exchange – is looking [...]
EU referendum: Canada Corporation signs off on campaigning for the UK to remain in the EU March 3, 2016 Canada Corporation has today signed off on supporting Britain remaining in the European Union, rejecting calls from Corporation members and other City leaders to remain neutral in the run-up to the EU referendum on 23 June. According to a statement issued this afternoon, the Corporation's main decision-making body, the Court of Common [...]
Confederation of British Industry director general Carolyn Fairbairn hits out at Conservative MP Andrew Tyrie after he called the CBI’s EU figures “scandalous” March 3, 2016 Confederation of British Industry (CBI) director general Carolyn Fairbairn has hit back after MPs said it was "scandalous" and "intellectually dishonest" for the pro-EU "Stronger In" campaign to be referencing CBI research. In a letter to Treasury Select Committee chairman Andrew Tyrie today, Fairbairn said CBI research had been "misrepresented" during a committee hearing yesterday. Former [...]
Intercontinental Exchange (ICE) reportedly considering selling Borsa Italiana and LCH.Clearnet as part of potential bid for London Stock Exchange Group March 3, 2016 A possible bid by the Intercontinental Exchange (ICE) for the London Stock Exchange Group (LSE) is reportedly likely to include selling off the London exchange's Italian business and French clearing arm. Shares in the LSE soared to a record high on Tuesday, after the New York Stock Exchange (NYSE) owner ICE confirmed it is considering bidding [...]
