Articles
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3 weeks ago |
thetimes.com | Patrick Hosking
Reforms to enable employers to extract surpluses from traditional pension schemes will release only £8.4 billion over ten years, a small fraction of the £160 billion that ministers have previously suggested could be available. A newly published impact assessment report from the Department for Work and Pensions estimates that unlocked surpluses would amount to £957 million a year and could be as little as £153 million a year.
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3 weeks ago |
thetimes.com | Patrick Hosking
HSBC has appointed a stop-gap chairman after the incumbent Sir Mark Tucker brought forward his exit from the bank to return to his old employer the Asian insurance giant AIA Group as chairman. Brendan Nelson, a former KPMG partner and HSBC audit committee chairman, will take the overall chairmanship on an interim basis from October 1 while the senior independent director Anne Godbehere continues the search for a permanent successor.
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3 weeks ago |
thetimes.com | Patrick Hosking
Spin it how you will, it’s hard to see Wise’s decision to shift its primary listing to New York as anything but a serious blow to London’s reputation as an international capital markets centre and a nurturing home to the potential worldbeaters of tomorrow. The money transfer platform had the potential to be a jewel in London’s stockmarket crown. It is big, highly profitable, growing very fast, loved by its customers, innovative and with bags of technological know-how.
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3 weeks ago |
thetimes.com | Patrick Hosking
Here’s an eye-catching claim from the Treasury. The average male worker in Britain stands to be £5,900 better off as a result of the policymaking alchemy of the Pension Schemes Bill, which is due to be published on Thursday, it says. The pension pot of a 22-year-old today on minimum contributions will grow to £169,500 under the new rules, not £163,600 — which is its likely fate under the existing regime. If only all Acts of Parliament could deliver such supposed financial wizardry.
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3 weeks ago |
thetimes.com | Patrick Hosking
Monzo Bank chief executive TS Anil has dashed speculation about a flotation of the digital bank any time soon in spite of reporting an eight-fold increase in underlying pre-tax profits to £114 million. Also reporting a 2.4 million increase in customer numbers to more than 12 million in the year to March, Anil said it was “too early” to think about an initial public offering. “Honestly, an IPO is not something we’re focused on right now,” he added.
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