Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Posts Tagged ‘UK’

Bank von England will Steuerzahler vor Bankpleiten schützen

Posted by hkarner - 2. Oktober 2017

Mit höheren Kapitalanforderungen will die Bank of England verhindern, dass bei einem Zusammenbruch einer britischen Bank erneut die Steuerzahler zur Kasse gebeten werden.

Bis 2022 müssten die britischen Institute für diesen Zweck insgesamt noch vier Milliarden Pfund (4,5 Milliarden Euro) an zusätzlichen Eigenmitteln und Anleihen einsammeln, teilte die Notenbank am Montag mit. Damit werde sichergestellt, dass selbst große Banken nicht mehr zu groß sind, um sie untergehen zu lassen („too big to fail“), sagte der Vize-Gouverneur der Bank of England, Jon Cunliffe. Allein zur Rettung der Royal Bank of Scotland sowie Lloyds waren während der Finanzkrise umgerechnet rund 74,7 Milliarden Euro an Steuergeldern geflossen.

Die europäischen Regeln zur Bankenabwicklung sehen vor, dass bei einem Banken-Kollaps Anteilseigner und Gläubiger zuerst für die Verluste gerade stehen müssen („bail-in“), bevor Geld der Steuerzahler fließt. Die Banken müssen deutlich machen, welches Eigen- und Fremdkapital im Pleitefall zur Verfügung steht. 116 Milliarden Pfund an Fremdkapital, das die Banken bereits aufgenommen haben, müssten klar als „bail-in“-Mittel (MREL) ausgewiesen werden, erklärte die Bank of England. Den Rest des Beitrags lesen »

Advertisements

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Theresa May Finds Threats to Her Brexit Vision Within Her Own Cabinet

Posted by hkarner - 19. September 2017

Date: 19-09-2017
Source: The Wall Street Journal

Foreign Secretary Boris Johnson publishes article playing down transition period at heart of prime minister’s exit plan

LONDON—As Brexit negotiations hit a critical juncture, Prime Minister Theresa May is finding some of her biggest adversaries are in London, not Brussels.

Mrs. May is struggling to quell dissension from cabinet ministers as she prepares to deliver a major policy speech on Britain’s departure from the European Union, underscoring her tenuous position after a failed election gamble in June left her without a majority in Parliament.

Boris Johnson, Britain’s colorful and unpredictable foreign secretary, over the weekend outlined his own vision, undercutting Mrs. May ahead of her closely watched speech in Florence—her first on Brexit in six months—and fueling speculation he is positioning himself to succeed her.

In a 4,000-word piece in the Daily Telegraph, Mr. Johnson said Britain “will succeed mightily” outside the bloc. He made no mention of a transitional period in which EU rules would continue to apply and revived a discredited referendum promise that a post-Brexit Britain would be able to spend £350 million ($475 million) more a week on its public health-care system. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

For the first time since the crisis, more Britons are going bust

Posted by hkarner - 26. August 2017

Date: 24-08-2017
Source: The Economist
Subject: The no-longer-managings

Credit-card borrowing has soared. As households are squeezed, a growing number can’t keep up

IN THE window of an electrical-goods shop in Stoke-on-Trent, in the English Midlands, is a television worth ten times the local weekly wage. Though most passers-by could not afford such goodies, the retailer offers a generous credit plan. “0% FREE CREDIT: £500 MIN SPEND” is painted in large letters on the window. In a shopping centre nearby, easy finance is available on everything from furniture to jewellery. Local wages have stagnated in recent years, yet consumer lending in Stoke galloped up by 10% in 2016.

Stoke’s taste for credit is typical of the country as a whole. In the year to June, overall consumer debt (such as borrowing on credit cards) grew by 10%. The stock of outstanding consumer debt recently passed the £200bn ($260bn) mark for the first time since 2008. Finance to buy cars has been on a tear. In the past four years it has more than doubled, and now makes up over a quarter of the total. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

U.K. Government Open to Temporary Customs Union With EU After Brexit

Posted by hkarner - 16. August 2017

Date: 15-08-2017
Source: The Wall Street Journal

EU officials say Britain won’t be able to achieve frictionless trade with the bloc post-Brexit

The U.K. government said a forthcoming paper will set out two long-term options for post-Brexit customs arrangements with the EU.

LONDON—The U.K. government on Tuesday will formally signal it is open to creating a temporary customs union with the European Union after Brexit as it prepares for fresh talks on its separation from the bloc later this month.

In a statement, the U.K.’s department for exiting the EU said that its forthcoming paper will set out two long-term options for post-Brexit customs arrangements with the EU aimed at making trade in goods as “frictionless” as possible after the U.K. formally withdraws from the bloc in early 2019.

One option calls for a “highly streamlined” customs arrangement aimed at simplifying border checks on goods moving between the U.K. and the EU. The second envisages a new “customs partnership” that would “negate the need for a customs border between the U.K. and the EU,” according to the statement. Further details are due to be published later Tuesday. EU officials have warned however that Britain won’t be able to achieve frictionless trade with the bloc once it leaves. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Brexit Down on the Farm

Posted by hkarner - 12. August 2017

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Businesses are preparing for the worst version of Brexit

Posted by hkarner - 5. August 2017

Date: 03-08-2017
Source: The Economist
Subject: The sucking sound

As uncertainty about Britain’s departure from the EU deepens, bosses are preparing to move elsewhere


Planning their next move

IT IS a truth universally acknowledged that business abhors uncertainty, and nothing is more uncertain than Brexit. Yet investment decisions must be made, new products developed and staff hired, even as March 2019, the date for the end of the Article 50 negotiations, looms ever closer.

Many companies, therefore, are investing heavily in contingency planning. Such is the concern that the financial-services industry has been obliged to do so by regulators. Some are now acting on those plans. Given the chaos in the government over Brexit, that involves preparing for the worst and pining for the best, including a transitional deal. In practice, this means starting to shift jobs and functions out of Britain. The sucking sound is now audible. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Brexit Could Lead to the Loss of 17,000 U.K. Investment Banking Jobs, Study Shows

Posted by hkarner - 3. August 2017

Date: 01-08-2017
Source: The Wall Street Journal

Such a departure won’t mortally wound the country’s reputation as a financial hub but could reduce efficiencies

The Canary Wharf financial, business and shopping district in London, U.K., on Monday. Up to 17,000 investment banking jobs could leave the U.K. soon after Brexit, according to estimates by consulting firm Oliver Wyman.

LONDON—Up to 17,000 investment banking jobs could leave the U.K. soon after Brexit, according to the latest estimates by consulting firm Oliver Wyman.

With the U.K. government negotiating an exit from the European Union, there is a chance that banks will lose their rights to sell products to EU clients. To offset this, banks are putting into place contingency plans to build out their operations in the trade bloc. Based on those initial plans, Oliver Wyman says 15,000 to 17,000 wholesale banking jobs are set to be relocated into the EU. Over the longer term, that number could rise to 40,000, the firm says.

There are around 560,000 people employed in banking in the U.K, so such a departure is unlikely to mortally wound the country’s reputation as a financial hub. But it could reduce the efficiencies of having Europe’s investment banking services located in one place, the firm added. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

Posted by hkarner - 1. August 2017

Date: 31-07-2017
Source: The Wall Street Journal
Subject: Brexit Cited As Fewer EU Citizens Seek Work in U.K.

Some industries concerned that labor shortages could crimp expansion plans and slow economy

About 40% of the 150 employees at Colpac, a food-packaging business in Flitwick, Bedfordshire, are from other EU countries.

FLITWICK, England— Neil Goldman, who employs workers from across the European Union’s in his food-packaging business, blames the U.K.’s Brexit vote last year for making vacancies harder to fill.

Britain has for years been a magnet for European job seekers drawn by decent wages, the English language, and plentiful openings in the country’s easy-to-hire economy. That attraction now appears to be waning as a consequence of its vote to leave the EU, as well as accelerating growth in the eurozone.

In industries as diverse as agriculture, health care and manufacturing, executives are growing anxious about labor shortages that they fret could crimp expansion plans and restrain the British economy. Already, growth in the U.K. is sputtering as quickening inflation squeezes consumer spending. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Britain and America suffer from similar delusions on trade

Posted by hkarner - 28. Juli 2017

Date: 27-07-2017
Source: The Economist

A special relationship with reality

NO TWO countries are doing more to strain the fabric of modern trade than America and Britain. President Donald Trump wants to rewrite the terms of America’s trade relationships with everyone from Mexico to South Korea. After its vote to leave the European Union, Britain faces having to negotiate fresh trade deals with both the EU and countries beyond.

The pair’s tone on trade is different: one wants to put “America First”, the other to create a “global Britain”. But both visions are predicated on the idea of striking swift, bilateral deals, and each has identified the other as the perfect partner. At a meeting of G20 leaders this month, Mr Trump spoke of a “powerful deal, great for both countries”, which would be done “very, very quickly”. On July 24th Liam Fox, Britain’s international trade secretary, met his American counterparts to start talks about a post-Brexit agreement. A day later the president tweeted his excitement: “Working on major Trade Deal with the United Kingdom. Could be very big & exciting. JOBS!”

An agreement between Britain and America would be a good thing in principle. Tariffs are already pretty low, although Mr Trump may have his eye on a 10% tariff on cars imported from America. But differences in rules and standards impede the flow of goods and services, worth $227bn in 2016, between the two countries. In practice, however, Mr Trump and, especially, the Brexiteers suffer from several profound delusions. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , | Leave a Comment »

Don’t Expect the EU to Ride to the U.K.’s Rescue

Posted by hkarner - 20. Juli 2017

Date: 20-07-2017
Source: The Wall Street Journal By Simon Nixon

The bloc is neither equipped nor disposed to toss Britain the post-Brexit lifeline the country hopes for

The rest of Europe can be forgiven a little schadenfreude as it looks across the English Channel. So far, the decision to quit the European Union appears to have bought little but political instability and economic uncertainty to Britain—while the eurozone economy appears to go from strength to strength. But is the EU being too complacent about the risks it could face from a botched Brexit?

The EU already faces increasingly conflictual relations with two of its biggest neighbors, Russia and Turkey. Some in the U.K. government fear the EU is underestimating the risk that Brexit creates an increasingly conflictual relationship with a third. Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »