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UK New immigration check requirements on banks and building societies: are you prepared?

LONDON (Capital Markets in Africa) – From 1 January 2018, banks and building societies will be required to undertake quarterly immigration status checks on all existing customer current accounts. Following this, the Home Office may then require the bank (or building society) to close any accounts or products operated by or for a person who does not have leave to remain in the UK. Those subject to the requirements should act now to ensure that…

EU Wins First Battle of Brexit Talks as U.K. Retreats on Timing

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The U.K. lost its first battle with the European Union over the timetable for Brexit talks as the bloc’s chief negotiator warned that the consequences of leaving will be “substantial.” On day one of the negotiations, Prime Minister Theresa May’s government gave in to EU demands to discuss the terms of its divorce — including the exit fee — before any consideration can begin on the future trade deal Britain…

British Pound Slides as U.K. Vote Springs Hung Parliament Before Brexit

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The pound headed for the biggest drop in a year after it emerged that the ruling Conservative Party has fallen short of an overall majority, just 10 days before Brexit negotiations are set to begin. The currency slumped against all of its major peers as Theresa May’s Tories were set to miss the target of 326 seats needed to form a majority government, contrary to what many polls were predicting…

Britain Votes as Narrowing Polls Indicate These Five Scenarios

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – Polls are open and voting is underway in a U.K. election dominated by Brexit, austerity and in the closing phases, security. The first indications of the result will come at 10 p.m. London time, when broadcasters will release an exit poll. While such surveys have generally been accurate in the past, they are not precise and the final result will not be known until Friday morning. Prime Minister Theresa May called the snap election to…

OECD Sets Out an Economic To-Do List for Next U.K. Government

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – As campaigning comes to a close before Thursday’s U.K. election, the Organization for Economic Cooperation and Development has issued a list of priorities for the next government. In its latest global outlook, the OECD says the U.K.’s exposure to international trade has helped the economy, but some industries have suffered and jobs have been lost. It also warned that poorer regions, reliant on manufacturing and agricultural exports, are “exposed to…

Expecting the unexpected: A post-Brexit world

Posted on by The Editorial Team

LONDON (Capital Markets in Africa) – The Brexit vote and the election of Donald Trump mark the rise of nationalism and risk intensifying the politics of fragmentation in the European Union. A new report by Amundi Asset Management and CREATE-Research shows how investors are adapting to the post-Brexit world. Its main focus is on political risks, asset allocation and product innovation. One of its conclusions is that investment processes need to go well beyond financial…

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