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Britain Sets out How it will Regulate the City after Brexit

Britain sets out how it will regulate the City after #Brexit

LONDON – Britain “will adapt” capital rules for legacy insurers from the European Union as it regains control of its crucial financial services sector, Finance Minister Rishi Sunak said. Britain left the EU in January and will no longer be required to follow the bloc’s financial rules after December when …

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Bank of England Injects £100bn Into U.K. Economy

Bank of England

LONDON – The Bank of England has announced that it will expand its bond purchase program by £100 billion to help the economy through the COVID-19 pandemic, which is expected to cause the worst recession in 300 years. The Bank voted by an 8-1 margin to increase the size of …

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UK Lends £21 Billion to Small Firms Hit by Coronavirus

UK lends £21 billion to small firms hit by Coronavirus

LONDON – Britain’s small businesses borrowed more than £21 billion from a government-guaranteed coronavirus program in May, well before other support programs, write Kate Holton and Guy Faulconbridge. The Treasury said loans under the bounce back program had fallen to £21.3 billion as of May 31 from £18.5 billion on …

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Stocks Turn Lower Amid Questions Over Economic Recovery

Stocks turn lower amid questions over economic recovery

BEIJING – Global markets turned lower on Monday as investors wanted clarification about how easily policy efforts to relax public-life lockdowns could help revive economic activity. Several European countries have this week relaxed their market constraints as the number of new coronavirus infections eases. Yet how easily this would enable …

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Johnson, UK, Battles Worsening Symptoms of Coronavirus in ICU

Johnson

LONDON – British Prime Minister Boris Johnson was treated on Tuesday for worsening symptoms of the coronavirus in an Intensive Care Unit (ICU) on Tuesday, with his Minister of Foreign Affairs replacing him to tackle the COVID-19 crisis. Johnson, 55, was admitted to St Thomas Hospital in central London on …

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UK Health Minister Tests Positive for Coronavirus

Minister

LONDON – British MP Nadine Dorries, Minister of Health, has tested positive for the coronavirus, she said in a statement on Tuesday. “I can confirm that I have tested positive for coronavirus … and that I have self-isolated at home,” said the Conservative MP. Health officials are now trying to …

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Brexit Planning Cost Britain $5.7Billion

Brexit

LONDON – The British government has spent around 70% of the funds allocated to cover the cost of preparations for Brexit. The money was mainly used to cover staff costs, new infrastructure and the collection of external expertise. Preparations for UK exit from the European Union cost British taxpayers £4.4 …

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World Bank Pledges $12bn in Emergency Aid for Corona Virus

World Bank

LONDON – The World Bank has committed $12 billion in aid to developing countries struggling with the spread of the coronavirus. The emergency package includes low-cost loans, grants and technical assistance. The action comes as world leaders pledge to protect their countries from the economic impact of the epidemic. This …

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