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19 minutes ago
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Former Chancellor Osborne Warns UK Is ‘Completely Left Behind' on Crypto
Former UK Chancellor George Osborne has issued a blunt warning over Britain's approach to crypto, arguing that regulatory caution is costing the country its place in the next wave of financial innovation. In an op-ed published by the Financial Times, Osborne accused Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey of falling behind global peers. 'On crypto and stablecoins, as on too many other things, the hard truth is this: We're being completely left behind,' Osborne wrote in his op-ed. 'It's time to catch up.' He likened crypto's rise to the Big Bang reforms of the 1980s that cemented London's financial dominance. Osborne also singled out the Bank of England's stablecoin policy, calling it a roadblock to innovation. Bailey, meanwhile, had earlier warned that stablecoins should not replace traditional money, and has supported rules that critics say would make sterling-pegged coins commercially unworkable. Osborne's comments follow renewed tensions between UK regulators and the industry. In the past week, UK broadcasters pulled a Coinbase ad that showed the financial system collapsing like a crumbling ceiling. Coinbase CEO Brian Armstrong responded Sunday. "Our ad which got banned in teh UK by the TV networks has sparked quite a reaction," he wrote on X. "If you can't say it, then there must be a kernel of truth in it." The UK has stricter rules than many jurisdictions. The Financial Conduct Authority, or FCA's, 2023 regime includes 24-hour cooling-off periods for new investors, bans referral bonuses, and restricts crypto advertising, classifying it as high-risk. CryptoUK, a digital assets trade group, echoed Osborne's concerns. There is a call for 'the recognition of stablecoins in UK law and fairer banking policies, so more digital asset companies can use the same financial services other businesses in the UK can use,' Su Carpenter, director of operations at CryptoUK, told Decrypt. She added that 'there is a real lack of recognition of how the tax framework can and will apply,' which 'has inhibited economic growth in the crypto sector.' Barclays Joins List of UK Banks Restricting Credit Card Crypto Buys Carpenter said CryptoUK has been pressing for broader access to crypto-linked investment products and continues to 'inform, educate and address policymakers' to shift the debate. While UK regulators stress stability and consumer protection, industry voices warn the country risks falling behind. FCA data from 2024 shows 12% of UK adults now hold crypto, up from 10% in 2022. Meanwhile, Singapore, Hong Kong, and Abu Dhabi have moved ahead. FCA Asks for Public Feedback on UK Crypto Legislation London-headquartered Alvara Protocol, which builds tokenized asset baskets on Ethereum and Avalanche, voiced similar frustration with the UK's regulatory gridlock. 'The UK talks a big game about being a global crypto hub, but it's still miles behind the EU's MiCA framework and even the US's chaotic, but active, approach,' Callum Mitchell-Clark, co-founder of Alvara, told Decrypt. 'Everything feels stuck in consultation mode: too slow, too cautious, and totally out of sync with how fast the industry moves.' Mitchell-Clark said the govermment's messaging hasn't matched its policy actions. 'To me, the UK's current stance sends a clear message: 'we support innovation in theory' he said. 'If the UK keeps dragging its feet, it risks becoming irrelevant while builders and capital head to places like the EU, U.S., or even Dubai.'
Yahoo
19 minutes ago
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Onsemi posts quarterly revenue drop, sees dull third-quarter profit on market uncertainty
(Reuters) -U.S. automotive chipmaker Onsemi on Monday forecast lackluster profit for the third quarter, after reporting a sharp decline in second-quarter revenue, sending its shares down by more than 10%. Sales growth in battery electric vehicles has slowed due to an uncertain economic environment, brought on by global import duties, and elevated borrowing costs in the U.S. Consumers have hit the breaks on big-ticket spending as tariffs threaten to increase the costs of automobiles by thousands of dollars and drive up inflation. This has been forcing automakers to reassess production plans and withhold financial investments, affecting companies such as Onsemi. The company acknowledged during its earnings call that the EV market remains soft, especially in North America and Europe, with recovery being slower than hoped. However, Onsemi said it sees "signs of stabilization" across its end markets, after a prolonged slump in demand due to excess chip supply. The company is among a select group of suppliers providing silicon carbide chips, which are critical for extending the range of EVs. It added that it has not yet seen a broad-based recovery in automotive and expects only low single-digit growth in the third quarter. An end to the $7,500 federal tax credit for electric cars has also cast a cloud over the EV industry's outlook, with some firms expecting a hit to the market growth. Onsemi expects third-quarter adjusted earnings between 54 cents and 64 cents per share, compared with analysts' average estimate of 59 cents, according to data compiled by LSEG. It forecast revenue of $1.47 billion and $1.57 billion for the third quarter, the midpoint of which is slightly above estimates of $1.50 billion. The company's second-quarter revenue of $1.47 billion beat expectations of $1.45 billion, but fell about 15% from a year ago.
Yahoo
19 minutes ago
- Yahoo
Time Finance bolsters funding facilities to more than £250m
UK-based specialist lender Time Finance has reported an increase in its lending facilities, surpassing £250m. The expansion is the result of renewed agreements with a consortium of eight funding partners, providing the company with additional financial leeway exceeding £95m. The company aims to extend its reach across the UK, aligning with its strategic plan that spans the next three years, concluding in May 2028. Time Finance CFO James Roberts said: "I am delighted that the group has put in place substantial funding facilities as we embark on our new three-year growth plan. The previous plan, from June 2021 to May 2025, saw invoice finance lending increase by 170% and hard asset lending by 249%. 'Strong demand for both product sets has continued to be experienced in the first months of the new financial year, which began on 1 June 2025. "As such, the significant headroom provided by these larger and more flexible facilities across all lending divisions position the Group well as it looks to further support UK business requiring funding for business-critical equipment through asset finance or working capital solutions through invoice finance." Furthermore, Time Finance announced that it will release its fully audited financial statements for the year ending 31 May 2025 on 24 September. Concurrently, a trading update for the first quarter of fiscal year 2025/26 will be provided. Last month, the company reappointed Tom Ludden as business development manager in its Invoice Finance division to support the company's goal of expanding its own-book lending to £300m. "Time Finance bolsters funding facilities to more than £250m " was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
