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1. MPs publish government response to consumers? access to finance report
2. British businesses struggle to handle sharp increase in data requests
3. Interest rates will need to rise if the UK leaves EU with deal, says BoE
The last time living standards were more equal across British regions than they are today, according to a study by the Resolution Foundation (Daily Mail, p72).
The Financial Times (£, online only) covers the government's response to the Treasury Committee's report on ?Consumers? Access to Financial Services?. The Treasury has agreed to back some of the recommendations made by the Committee's report, such as a call for the Financial Conduct Authority to work with the Equality and Human Rights Commission to protect vulnerable customers.
However, the government declined to support some of the Committee's other recommendations, saying that ?it would be inappropriate for the government to intervene in the commercial decisions of banks?. The Daily Mail (p14) reports that Nicky Morgan, Chair of the Treasury Committee, said: ?It is disappointing that the government refuses to ensure that small towns and rural areas aren't left without high street banking services.?
Commenting, UK Finance's chief executive Stephen Jones said:
?The banking and finance industry takes its societal responsibilities extremely seriously and is committed to looking after every customer, including those in vulnerable circumstances.
?It is important to see the government recognise the work being done by the industry to promote access to financial services, including through providing basic bank accounts to 7.5 million customers and promoting the availability of everyday banking services at 11,500 post offices across the country. On access to cash, UK Finance recently announced the banking and finance industry's commitment to helping local communities to identify and secure appropriate free access to cash for customers.
?However, we cannot be complacent and will continue to work closely with the government, regulators, the Treasury Committee and wider stakeholders to deliver better access and outcomes for all in our society.?
British businesses are struggling to cope with a spike in data requests, 12 months on from the introduction of GDPR, according to research by outsourcing firm Parseq, reports The Daily Telegraph (£, B5). The survey of over 500 business leaders found that two thirds of companies had seen data access requests from customers and employees rise in the last year, with 90 per cent of respondents saying these requests had been challenging, in terms of both complexity and cost.
Separately, the Science and Technology Committee has called for a national discussion over government plans to develop a 'single unique identifier? (SUI), reports Sky News (online only). In a report published yesterday, MPs said the government 'should facilitate a national debate? on SUIs - effectively a digital ID card that could link individuals? data across all the different Whitehall databases - following concerns about the potential misuse of data and susceptibility to hacking.
Meanwhile, US president Donald Trump has ordered an investigation into France's plans for a three per cent levy on technology giants' revenue, after US trade representative Robert Lighthizer said that the tax could ?unfairly target American companies?, reports BBC News (online only).
Interest rates will need to rise over the next three years as long as Britain leaves the European Union with a deal, according to Silvana Tenreyro, an external member of the Bank of England's rate-setting monetary policy committee, reports The Times (£, p36). Speaking at the University of Birkbeck yesterday, Ms Tenreyro highlighted factors such as low unemployment and healthy household consumption as causes for optimism, adding that ?a small amount of policy tightening will be required over the [three-year] forecast period to keep demand in line with supply?. Meanwhile, Jay Powell, chair of the US Federal Reserve, has said that the central bank is likely to cut interest rates soon due to mounting risks to the US economic outlook, reports the Financial Times (£, p4).
Separately, the European Commission's incoming president, Ursula von der Leyen, has said that it is Britain's responsibility to avoid a ?no-deal? scenario, reports The Sun (p2, paper only).
Stephen Lowe, Group Communications Director, Just Group, blogs on dealing with vulnerable customers.
Stress tests designed to assess the health of European banks, which are carried out by the European Banking Authority, have not taken some systemic risks into consideration and there are 'shortcomings for assessing resilience?, warns the European Court of Auditors (City AM, p12).
France and Germany have denied claims that the two countries will support the Bank of England governor Mark Carney to become the new head of the International Monetary Fund (IMF), reports The Daily Telegraph (£, B3).
The number of home sales has risen for the first time since February 2017, according to the latest survey by the Royal Institution of Chartered Surveyors (The Times, £, p36).
All of the UK's top auditors, including the ?Big Four?, have failed to meet quality targets for auditing a company's books, according to the Financial Reporting Council (The Independent, p32).
Thousands of passengers faced delays at Gatwick airport yesterday, following the suspension of all flights due to an ?air-traffic control breakdown?, reports the Mail Online (online only). Detailed information for customers about Section 75 of the Consumer Credit Act and chargeback can be found here on the UK Finance website.
Simon Duke, technology business editor for The Times (£, p37), reflects on the growing importance of data protection following the proposed fines for British Airways and Marriott Hotels for major data breaches. He cites a privacy case being heard at the European Court of Justice which could lead to a further upheaval in the way digital information is handled. The case has been instigated by the Austrian campaigner Max Schrems against Facebook, with a ruling due in December that could recommend scrapping the current data transfer regime between the EU and US, with potentially profound consequences for trade in services across the Atlantic.
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