Connect with us

Hi, what are you looking for?

Editor’s Pick

Chancellor Zahawi on US trip to bang the drum for London finance

Chancellor Nadhim Zahawi will embark on a US trip this week in an attempt to bang the drum for Britain’s post-Brexit financial future.

Zahawi will visit the New York Stock Exchange and meet with senior global bank representatives with “the aim of setting the highest possible standard for global financial services co-operation between the two nations.”

He will also talk up potential reforms in the UK’s Financial Services and Markets Bill – reforms that some in the City say do not go far enough – as part of his US trip.

The Chair of the London Stock Exchange has warned that the capital is “in a foot race with our competitors and we cannot afford to be ignorant of that or complacent about what we need to do if we want to stay relevant,” according to a submission to the Financial Conduct Authority seen by the Telegraph. 

Michael Findlay was writing to the watchdog as part of a primary markets review which aims to set the framework for the UK’s capital-raising markets.

Findlay said that the UK has a “once in a generation opportunity to implement radical reforms” as a result of the country’s departure from the EU, but that failing to do so would leave London with a “material risk of diminishing to that of a regional exchange.”

There are already concerns that the UK has ceased to be a positive market for capital listings, with a number of recent floats failing to deliver. UK equities are also relatively underpriced compared to global competitors, leading to a recent feeding frenzy of foreign firms looking to take UK-listed outfits private.

Nadhim Zahawi will also visit Washington DC where he will meet with officials from the Fed and the US Treasury.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.