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HSBC fined $353million

15 Nov, 2017

HSBC to pay $353 million fine over tax evasion

HSBC Holdings has agreed to pay 300 million euros ($353 million) to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland.   This agreement is the first under a new French system introduced in 2016 to allow companies to settle without being found guilty of the crime committed. […]

Trading growth rate at lowest level since records began

07 Nov, 2017

Trading growth levels are the lowest since records began

The British Retail Consortium (BRC) has revealed that trading levels have seen 0.2% growth in non-food sales over the past 12 months. It claims this is the lowest growth rate since records began.   The BRC said the surge in inflation, which is currently higher than average wage rises, has made life tough for shoppers […]

artificial intelligence risk

02 Nov, 2017

Financial regulator warns increase of artificial intelligence risk

The financial regulator has warned that the increase of artificial intelligence in financial services could create a risk to stability. A report published by The Financial Stability Board, which is made up of G20 major economies, features the implications of the rising use of machine learning and artificial intelligence (AI) in the finance sector. The […]

Barclays announces profits rise by 31%

26 Oct, 2017

Barclays announce profits up 31% despite drop in shares

Shares in Barclays have taken a drastic fall, despite the bank announcing pre-tax profits of £1.1 billion for the third quarter of this year. This is a 31% increase on the same period last year.   The bank claims the increase is due to previous historic issues being solved; such as the miss-selling of payment […]

Brokers giving customers bad deals say FCA

08 Nov, 2017

Brokers are giving their customers bad deals according to the FCA

The UK’s insurance industry is dealing with new allegations from the financial watchdog amid concerns that customers could be getting a bad deal from brokers. The Financial Conduct Authority (FCA) said that it would conduct a review of the wholesale insurance broking market.   The increase of available capital to underwrite claims in the insurance industry has […]

Living wage increases to £8.75

06 Nov, 2017

Living wage in the UK set to rise to £8.75 per hour

More than 150,000 workers across the UK will see a pay rise higher than current inflation rates. The UK living wage, which is paid voluntarily by more than 3,600 employers, has increased despite the rising costs of transport, food and housing. The pay rate, set by the Living Wage Foundation, will rise by 3.6% to […]

Bank of England inflation rates

01 Nov, 2017

Rates rise predicted for the first time in 10 years

The Bank of England (BoE) is predicted to increase interest rates for the first time since July 2007, when Gordon Brown took over from Tony Blair as Prime Minister. This would reverse the post-Brexit emergency cut seen in August 2016 when the BoE had to steady the economy after the Brexit vote to leave the European […]

IFS claim public spending is as bad as it was 10 years ago

30 Oct, 2017

IFS report claims public spending is creating a fragile state

A report published by the Institute of Fiscal Studies (IFS) has claimed that the UK’s level of public spending is no lower today than it was after 11 years of a Labour government in 2008. The think tank’s report shows that deep cuts have created a “fragile state” among the NHS, school and prisons. The […]

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