Latest news with #SquareMile
Daily Mail
2 days ago
- Business
- Daily Mail
Footsie closes above 9,000 for first time as round-the-clock trading idea sparks fierce City debate
The FTSE 100 closed above 9,000 for the first time yesterday – as a report that the stock exchange could introduce round-the-clock trading sparked a fierce debate. The UK index climbed 20.87 points, or 0.2 per cent to end the session at 9012.99. It is up by more than 10 per cent for the year to date. The Footsie reached the milestone even as politicians and City grandees worry that it is losing its relevance as a global financial centre. Reforms over the past couple of years have so far failed to revive valuations enough to spare the exchange from being raided by foreign predators. Some think it should follow rival exchanges in New York, which are already planning to bring in 24-hour or extended trading hours – but opinion in the Square Mile is divided. Record close: The FTSE 100 climbed 21 points, or 0.2% to end the session at 9013. It is up by more than 10% for the year to date. The Financial Times reported that parent company London Stock Exchange Group (LSEG) was considering the move. Michael Healy, managing director of trading platform IG, said 24-hour trading would be 'a welcome and overdue step in the right direction' for the exchange. He said: 'If London wants to reclaim its place as a leading global financial centre, it must lead on this.' But Michael Brown at broker Pepperstone said it could have a 'negative impact' on liquidity with trading volumes spread over a longer period resulting in more volatility. He added that there was 'very little clamour for such a move'. LSEG declined to comment.
BBC News
6 days ago
- Politics
- BBC News
Met Police to close half its front counters following budget
The Metropolitan Police plans to close half the front desks at its stations to save money, the BBC has move would reduce the number across London from 37 to 19, and break a pledge to have a counter staffed 24/7 in each of the capital's 32 boroughs. A Met Police spokesperson said the plan was subject to consultation and no changes would be made until later this year."Given the Met's budget shortfall and shrinking size, it is no longer sustainable to keep all front counters open," they said. The Met covers all parts of London apart from the Square Mile covered by the City of London Police chief Sir Mark Rowley last month took the unusual step of warning Prime Minister Sir Keir Starmer that police forces would face "stark choices" about which crimes to investigate if their budgets were about funding was such that Home Secretary Yvette Cooper took negotiations with Treasury to the wire, ending up as the last cabinet minister to agree her department's spending. Labour made manifesto commitments to halve violence against women and girls as well as knife crime. At the same time, the Met has been struggling with a widespread loss of trust in its officers, particularly among women, following the murder of Sarah Everard by a serving police were further revelations about entrenched misogyny and racism, leading to the force attempting to rebuild trust with Londoners with a two-year plan making fresh commitments on community policing, in its A New Met for London strategy.A key commitment was to have at least one 24/7 front counter in each of London's 32 boroughs to make it easier for people to report the BBC has seen leaked plans for the Met Police that show only eight counters will remain open 24/7, and there will also be reduced hours at 11 front counters, closing at 10pm weekdays and 7pm weekends.A Met Police spokesperson defended the plans, saying: "That's why we have taken the tough choice to pursue some closures and a reduction in hours – allowing us to focus resources relentlessly on tackling crime and putting more officers into neighbourhoods across London."The spokesperson added that 5% of crimes were reported at front counters in the last year, "with the vast majority of Londoners doing it over the phone, online, or in person with officers elsewhere".With nearly a million crimes (948,241) reported to the Met in 2024 excluding fraud according to the latest government figures, that adds up to just under 50,000 crimes (47,412) reported at existing front Home Office and the Mayor of London have been contacted for comment. Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It'll be delivered straight to your inbox every weekday.
Telegraph
15-07-2025
- Business
- Telegraph
Red tape is ‘boot on the neck of businesses', says Reeves
Red tape is a 'boot on the neck of businesses' and risks undermining the UK's dash for growth, Rachel Reeves will say. In a major City speech, the Chancellor will urge Britain's regulators to ditch their 'excessive caution' and rewrite rules for banks and building societies to help more people on to the housing ladder and deliver better returns for savers. On Tuesday, Ms Reeves unveiled the biggest shake-up of financial services regulation in a decade, axing dozens of rules to boost the competitiveness of banks and insurers across the Square Mile. She is set to address City leaders and financial watchdogs at London's Mansion House on Tuesday night alongside Andrew Bailey, the Bank of England Governor, to lay out her plans to boost Britain's financial services sector. 'In too many areas, regulation still acts as a boot on the neck of businesses choking off the enterprise and innovation that is the lifeblood of growth,' she will say. 'Regulators in other sectors must take up the call I make this evening not to bend to the temptation of excessive caution but to boldly regulate for growth in the service of prosperity across our country.' Ms Reeves said slashing red tape would create a 'ripple effect' across the economy 'putting pounds in the pockets of working people'. As part of the offensive, the Treasury has unveiled a string of City reforms targeting consumers, banks, insurers and international investors in an attempt to revive Britain's sluggish economy. The measures, called the Leeds Reforms, will rewrite mortgage rules to make it easier for people to borrow up to 4.5 times their income when buying a house, as well as making it easier to remortgage. Banks will also be allowed to start pitching stocks and bonds to ordinary investors through a new regime known as 'targeted support', having been banned from doing so in the aftermath of the financial crisis. Major financial institutions such as Barclays and NatWest are also backing an advertising campaign with echoes of the 'Tell Sid' British Gas scheme in the 1980s to urge people to buy shares. Earlier this year Ms Reeves wrote to the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the Competition and Markets Authority (CMA) along with a number of other watchdogs asking them for a list of five things to boost growth. In a sign of her intent, the Chancellor effectively removed Marcus Bokkerink – the chairman of the CMA – after losing faith in his leadership.
Yahoo
10-07-2025
- Business
- Yahoo
Reeves warned it's ‘now or never' to save the City
Rachel Reeves has been warned she must act 'now or never' to give Britain's financial services a Singapore-style revamp or risk the City sliding into irrelevance. The City of London Corporation, which represents the interests of the Square Mile, urged the Chancellor to create a financial services investment hub to make it easier for foreign investors to invest in the UK. Chris Hayward, the authority's policy chairman, said Singapore and other financial centres had introduced methods of fast-tracking investments to boost inbound spending from foreigners – a move the UK could copy. The timing is significant because Ms Reeves is scheduled to deliver her Mansion House speech next week. The set piece event, where the Chancellor will lay out her financial services policy objectives, is hosted by the Corporation each year. She is facing growing pressure from trade groups to come up with bolder solutions to lift the gloom engulfing the Square Mile. Mr Hayward said: 'This is a now-or-never moment for UK financial services. If we don't act decisively, we risk losing our global position and the economic prosperity, jobs and innovation that come with it. 'The UK must urgently first match, then exceed these standards to remain competitive. This is an opportunity to protect and grow our future prosperity by encouraging government departments and regulators to work more collaboratively.' It comes after the Confederation of British Industry (CBI) called on Ms Reeves to introduce significant reforms to ensure the London Stock Exchange remains competitive. Rupert Soames, the CBI chairman, warned that London 'has seen a far greater loss of domestic liquidity than other markets' as investors shun buying UK shares. Mr Soames, who is also chairman of the FTSE 100-listed Smith & Nephew, added that London had 'also seen a higher level of attrition of membership' caused by companies leaving the stock market and going private. In recent years, the London market has suffered a string of high-profile exits, with companies abandoning listing in London for higher valuations in New York. A number of FTSE 350 businesses have also been taken private as low valuations make them an attractive takeover target. In her Mansion House speech, the Chancellor is expected to lay out a shake-up of mortgage rules and announce a cut to the annual tax-free cash Isa allowance. Earlier this year, Jeremy Hunt, the former chancellor, said the UK should copy the model of Singapore in order to improve prosperity and drive economic growth. Mr Hunt also urged the Prime Minister to pursue reforms to make Britain a low-tax nation that welcomed free trade. The phrase 'Singapore-on-Thames' has become shorthand for the goal of turning the country into a low-tax economy with a flexible jobs market and educated workforce. 'Countries like Singapore demonstrate, openness can still deliver excellent results. Over the last half century, its living standards have grown five times faster than ours,' Mr Hunt wrote in The Telegraph. The Treasury was contacted for comment. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Telegraph
10-07-2025
- Business
- Telegraph
Reeves warned it's ‘now or never' to save the City
Rachel Reeves has been warned she must act 'now or never' to give Britain's financial services a Singapore-style revamp or risk the City sliding into irrelevance. The City of London Corporation, which represents the interests of the Square Mile, has urged the Chancellor to create a financial services investment hub to make it easier for foreign investors to invest in the UK. Chris Hayward, the authority's policy chairman, said Singapore and other financial centres had introduced methods of fast-tracking investments to boost inbound spending from foreigners – a move the UK could copy. The timing is significant because Ms Reeves is scheduled to deliver her Mansion House speech next week. The set-piece event, where the Chancellor will lay out her financial services policy objectives, is hosted by the Corporation each year. She is facing growing pressure from trade groups to come up with bolder solutions to lift the gloom engulfing the Square Mile. Mr Hayward said: 'This is a now-or-never moment for UK financial services. If we don't act decisively, we risk losing our global position and the economic prosperity, jobs and innovation that come with it. 'The UK must urgently first match, then exceed these standards to remain competitive. This is an opportunity to protect and grow our future prosperity by encouraging government departments and regulators to work more collaboratively.' It comes after the Confederation of British Industry (CBI) called on Ms Reeves to introduce significant reforms to ensure the London Stock Exchange remains competitive. Rupert Soames, the CBI chairman, warned that London had 'seen a far greater loss of domestic liquidity than other markets' as investors shun buying UK shares. Mr Soames, who is also chairman of the FTSE 100-listed Smith & Nephew, added that London had 'also seen a higher level of attrition of membership' caused by companies leaving the stock market and going private. In recent years, the London market has suffered a string of high-profile exits, with companies abandoning listing in London for higher valuations in New York. A number of FTSE 350 businesses have also been taken private as low valuations make them an attractive takeover target. In her Mansion House speech, the Chancellor is expected to lay out a shake-up of mortgage rules and announce a cut to the annual tax-free cash Isa allowance. Earlier this year, Jeremy Hunt, the former chancellor, said the UK should copy the model of Singapore in order to improve prosperity and drive economic growth. Mr Hunt urged the Prime Minister to pursue reforms to make Britain a low-tax nation that welcomed free trade. The phrase ' Singapore-on-Thames ' has become shorthand for the goal of turning the country into a low-tax economy with a flexible jobs market and educated workforce. 'Countries like Singapore demonstrate [that] openness can still deliver excellent results. Over the last half century, its living standards have grown five times faster than ours,' Mr Hunt wrote in The Telegraph.
