Valentina Romeo

Reporter

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Spring Statement: UK GDP revised up

In today’s Spring Statement Chancellor Philip Hammond announced the forecast for UK GDP in 2018 revising it upwards compared to previous data. Estimates from the Office for Budget Responsibility say the UK economy has grown 1.7 per cent in 2017, compared to the previous forecast of 1.5 per cent announced in the Autumn Budget in November. […]

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Budget: Govt sets aside £3bn for Brexit

Chancellor Philip Hammond has said the UK will set aside £3bn over the next two years to prepare for Brexit. Delivering the Autumn Budget today, Hammond said the Government had already invested £700m in preparation for the UK leaving Europe in in March 2019. He added that for the next two years the Government has […]

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FCA orders Capita Financial to repay £66m

The FCA has ordered Capita Financial Managers to pay £66m to investors in the collapsed Connaught Income fund. In 2015, the FCA started an investigation into CFM after the Connaught Income Series 1 fund, which invested in high risk loans, lost £110m after the fund was suspended in 2012. Connaught entered administration in September 2012 […]

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MPs ask FCA for updated list of ‘powers’

The Treasury Select Committee has asked the FCA for an updated version of its “powers” to inform its future work. Appearing in front of the committee today, FCA chief executive Andrew Bailey said it had limits on how it reports facts from investigations. He singled out its recent report into Royal Bank of Scotland’s treatment […]

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Boost for real estate investment expected as election nears

The expectation of a stronger pound is set to bring investor focus back towards sectors such as real estate as the election nears, experts say. Prime Minister Theresa May announced a snap election last month, to be held on 8 June. After a sharp sell-off ahead of May’s announcement, the pound surged to a five-month […]

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Aviva retirement boss to exit amid restructure

Clive Bolton, who heads up the savings and retirement division at Aviva UK, is to leave the firm after 25 years as part of a wider company restructure. The move follows recent changes at Aviva which is bringing all of its UK insurance businesses – life, general and health insurance – together under the guidance […]

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Carney: Interest rates could go either way

Bank of England governor Mark Carney has suggested an interest rate hike is more likely this year if wage growth outstrips expectations. Rates could go either way though, he says. Speaking to the press after yesterday’s launch of the Bank’s inflation report and monetary policy update, Carney said the Bank has assessed the resilience of the […]

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RBS fails Bank of England stress test

Royal Bank of Scotland has emerged as the weakest lender in the Bank of England’s annual stress test of the banking system. In its banking health check report, published today alongside its financial stability report, the Bank says RBS did not meet its common equity tier 1 capital rate requirement as well as its tier […]

Think tank predicts inflation could quadruple in a year

UK inflation is set to quadruple to about 4 per cent in the second half of 2017, according to a think tank estimate. The rise in prices will “accelerate rapidly” during next year due to the fall in sterling, says the National Institute for Economic and Social Research, revising up the figure from 3 per […]

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Carney to leave Bank of England in 2019

Bank of England governor Mark Carney has extended his term to June 2019 when Brexit negotiations are expected to be completed. Carney’s decision means he will serve one year more than the five he had originally committed to, but he will depart two years short of a full eight-year term. In a letter sent to […]