EU FORESEES FINANCIAL MARKET TRADE OFF FOR FISHING ACCESS

The EU trade commissioner Phil Hogan has said the fate of financial service exports will be conditional on the EU retaining ?access to waters and quota shares? in Britain's fisheries (The Times, £, p2, print only).

Additionally, The Telegraph (£, p3) reports that the UK is lobbying hard to preserve the City's access to the single market after a post-Brexit transition period finishes at the end of the year. However, Mr Hogan has warned that there ?certainly will be trade-offs? with the ?EU seeking concessions on fishery access?. Shortly after Brexit on 31 January, trade negotiations will begin between Brussels and London with Mr Hogan's department responsible for trade deal negotiations on behalf of the EU.

GAMBLING COMMISSION ANNOUNCES BAN ON PEOPLE USING CREDIT CARDS TO GAMBLE

The Gambling Commission has today announced a ban on gambling businesses allowing people to use credit cards to place bets (BBC News, online).

The ban, which will come into force on 14 April 2020, will apply to both on and offline betting, with the exception of lottery tickets (Financial Times, £, online only).

Eric Leenders, Managing Director, Personal Finance at UK Finance said:  

?The banking industry wants to help its customers avoid the risk of gambling-related harm.

?The government has recognised the existing initiatives already put in place by individual banks, including schemes that allow customers to block the use of their card for online gambling. Acknowledging the findings in this consultation, the industry will continue to liaise closely with regulators and consumer groups in supporting vulnerable customers.?

NEWS IN BRIEF

The UK's housing stock has increased by £2.74 trillion over the past decade to a record high of £7.39 trillion, according to a survey by the estate agency Savills (City A.M., p1).

Industry sources warn that many banks in Britain are unlikely to hit a deadline to stop writing loans tied to the discredited LIBOR benchmark due to software changes (Reuters).

According to the Institute of International Finance (IIF), global debt has hit a record high of $253 trillion (The Times, £, Business p38, print only).

Bloomberg reports that the Association for Financial Markets in Europe (AFME) has launched a new bid today, calling on policy makers in Brussels to revamp their approach to awarding foreign-based firms access to clients in the EU.

WHAT THE COMMENTATORS SAY

Writing in the Financial Times (£, p11) Megan Greene, Senior Fellow at Harvard Kennedy School, argues that economists cannot agree on what ails developed economies. Ms Greene notes how economists blame prevailing conditions in the industrialised world on either flagging supply or on weak demand, yet all agree on potential solutions. Ms Greene believes that a more ?progressive tax agenda could mitigate rising inequality? and calls for governments to accept their role in lifting growth.

LATEST BLOGS

Dr Roger Miles, academic and co-founder of the UK Finance Conduct and Culture Academy, blogs for us on whether it is possible to get your firm conduct ready first time.

LATEST VIDEOS

Katy Worobec, Managing Director of Economic Crime at UK Finance, looks ahead to February's Economic Crime Congress.