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The Viking Star cruise ship is moored at Greenwich with the City of London financial district in the distance, in London, Britain, August 29, 2023. It is absolutely the time for action over words," Alasdair Haynes, CEO of Aquis Exchange, a share trading platform, and chair of financial industry body TheCityUK's Business Council, told Reuters. The main problem for trade bodies is the vast scope of Britain's financial services industry, with each sub-sector and TheCityUK presenting their own reform priorities and ideas, often overlapping. In the meantime, top financial sector executives running global teams of bankers and traders are increasingly bewildered by Britain's inability to make faster progress on a matter of such economic significance. ELECTION LOOMINGSome senior financial industry sources say politics may hamper the City's reform agenda even further, with a general election expected next year.
Persons: Kevin Coombs, Alasdair Haynes, Jeremy Hunt, Nicholas Lyons, TheCityUK, ” Samuel Gregg, Richard Gardner, Huw Jones, Sinead Cruise, Hugh Lawson Organizations: Viking, City, REUTERS, London’s, Mayor, European Union, Aquis, Business, Reuters, Finance, stoke, of, Arm Holdings, Labour, Conservative, American Institute for Economic Research, Investment Funds Association, EU, Thomson Locations: Greenwich, London, Britain, Europe, Asia, United States, Edinburgh, of London, New York, Amsterdam, City, France
London CNN —The UK economy badly needs a boost — and the government hopes the nation’s vast pension savings might deliver one. All UK workplace pension plans offer default funds, which savers who don’t choose their own investment strategy are automatically enrolled into. Measures to tap pension fund cash come at a crucial time for an economy suffering from stubbornly high inflation, depressed investment and feeble growth. UK pension funds’ exposure to domestic stock markets has fallen even more sharply: from 53% in 1997 to 6% in 2021. The combination of measures is likely to have “far-reaching” effects on the types of assets pension funds invest in, easing companies’ access to the capital they need to grow, he added.
Persons: Jeremy Hunt, Mercer, ” Hunt, Hunt, , , Nicholas Lyons, Julia Hoggett, Nigel Peaple Organizations: London CNN, Aviva, London, European, London Stock Exchange, Nasdaq, EU, chipmaker ARM, House, of London Corporation, City of, Financial, New Financial, Pension, Lifetime Savings Association Locations: London, Britain, Frankfurt, Paris, New York, United States, United Kingdom, Edinburgh, City of London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLord Mayor of London discusses using pension funds to invest in growth companiesLord Mayor of London Nicholas Lyons says the "accelerator financing" of technology startups is "nearly always provided by international investors," which is a "terrible missed opportunity" for the U.K.
Persons: London Nicholas Lyons Locations: London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLord Mayor of London: Aiming to attract £20 trillion of investment by 2030Nicholas Lyons, lord mayor of the city of London, discusses how he plans on encouraging city investments post-Brexit.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation in the UK will remain worse and higher for longer, says Lord Mayor of LondonLord Mayor of London Nicholas Lyons joins CNBC's 'Squawk Box' to discuss inflation in the U.K. after the Bank of England raised its key interest rate by half a point.
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