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CHANCELLOR WARNS OF FURTHER ECONOMIC TURMOIL
Chancellor Rishi Sunak yesterday told MPs that new national restrictions mean ?we should expect the economy to get worse before it gets better? (Guardian, online only). Mr Sunak said that the continued shutdown of businesses in the third national lockdown is likely to cause ?further significant economic impact?, which could impact the hospitality, retail and travel industries in particular (Telegraph, £, p1). The chancellor suggested that further support may be considered when the next budget is announced on 3 March (Sky News, online).
Meanwhile, Bank of England Monetary Policy Committee member Silvana Tenreyro has said that negative rates would be good for growth and could be done without crippling commercial banks (Guardian, p28).
CITY OF LONDON UNLIKELY TO GET BROAD EU ACCESS
The Bank of England's supervisory arm said on Monday that the Prudential Regulation Authority's (PRA) approach to the supervision of international banks ?remains stable and consistent following the UK's withdrawal from the EU? (Reuters).
Meanwhile, chancellor Rishi Sunak told MPs yesterday that Brexit will help ?reinforce the UK's position as a globally pre-eminent financial centre?. His comments came in spite of what threatens to be a protracted regulatory stand-off with Brussels (Financial Times, £, p2) as the EU refuses to grant ?equivalence? rulings to most sectors of Britain's financial services industry.
Elsewhere, Conor Lawlor, Director of Capital Markets and Wholesale, UK Finance, told parliament's Treasury Select Committee yesterday that the EU was unlikely to grant ?unnecessary? access to the City, given it wants to reduce its reliance on Britain (Reuters, online only). He added however that 'there is quite a lot to play for? in the months ahead.
NEWS IN BRIEF
The Financial Conduct Authority (FCA) has warned investors in cryptocurrencies to be prepared to lose their money as bitcoin fell by as much as 25 per cent on Monday, adding that there was ?no guarantee that cryptoassets can be converted back into cash? (Times, £, p33).
The British Retail Consortium (BRC) announced that total UK retail sales fell by 0.3 per cent in 2020, the worst performance since records began in 1995, as the Covid-19 lockdown impact took effect (Guardian, p27).
25 per cent of employees do not feel they have been supported by their employer during Covid-19, according to a YouGov survey of 2000 workers, while one in three said the effect of the pandemic had had a negative effect on their wellbeing (Independent, online only).
The UK has been urged to introduce mandatory climate votes at AGMs, with the Investor Forum calling on the government to back a - say on climate? initiative (Financial Times, £, online only).
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