Bank of England will set back some Basel III reform rules
Bank of England will set back some Basel III reform rulesSep 25, 2023
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Bank of England maintains interest rates at 5.25%The Bank of England has chosen to hold the bank rate at 5.25%, after yesterday’s announcement that UK inflation had unexpectedly fallen in August. Today’s decision from the Bank of England ends a series of 14 successive increases in the cost of borrowing since December 2021, which had lifted the base rate to a 15-year high.
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UK inflation unexpectedly slow to 6.7%UK inflation unexpectedly fell in August, with falling hotel and air fare costs along with a slowdown in food price rises helping to offset a rise in fuel prices, according to official figures. The Office for National Statistics (ONS) said that Consumer Prices Index (CPI) was 6.7% in August 2023, down from 6.8% in July, and down from a recent peak of 11.1% in October 2022. The rate in August 2023 was the lowest since February 2022.
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FCA introduce new screening checks to approve financial advertsTo help people to make informed decisions to save, invest and borrow with confidence, the Financial Conduct Authority (FCA) is introducing new screening checks for firms that approve financial adverts. Firms approving financial marketing for unregulated firms will have to demonstrate they have the necessary skills and expertise to approve adverts. Those signing them off must understand the product, to ensure the promotion is accurate and fairly balances risk and reward.
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House of Lords inquiry into transition to electric vehiclesThe House of Lords Environment and Climate Change Committee announced an inquiry into electric vehicles on August 9th. The aim of the inquiry is to understand how the Government will achieve its upcoming 2030 and 2035 deadlines for the phase out dates for non-zero emission vehicles, with a focus on passenger cars, as well as exploring the main obstacles and barriers to meeting these targets.
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UK Business Climate Hub to support SMEs to go greenThe UK Government has launched a new sustainability hub to support Britain’s small and medium sized businesses (SMEs) to decarbonise. British businesses will be able to access new advice and support to reduce their energy bills and cut their carbon emissions from the UK Business Climate Hub.
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UK inflation slows to 6.8% thanks to falling energy pricesThe latest UK monthly inflation estimates have been announced by the Office for National Statistics (ONS) showing the Consumer Prices Index (CPI) rose by 6.8% in the 12 months to July 2023, down from 7.9% in June. On a monthly basis, CPI fell by 0.4% in July 2023, compared with a rise of 0.6% in July 2022.
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Bank of England raises UK interest rate to 5.25%The Bank of England has today raised interest rates by a quarter of a point to 5.25% as it continues its battle against inflation, which remained high at 7.9% in June. The Bank’s move - the 14th successive increase in the cost of borrowing since December 2021 - lifts the base rate to a fresh 15-year high.
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New Consumer Duty sets higher standards for financial services customersToday, the long-heralded Financial Conduct Authority (FCA) rules, known as the Consumer Duty, have come into force for financial services firms that set higher and clearer standards of consumer protection in financial services. Firms must be able to evidence that customers are now truly at the heart of their businesses.
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June inflation rate lower than expected at 7.9%The rate of the UK’s price rises has fallen from 8.7% in May to 7.9% in the 12 months to June, according to the latest Consumer Prices Index (CPI) from the Office of National Statistics (ONS). The UK’s annual inflation rate fell by more than expected to its lowest level since March 2022, with the ONS citing falling motor fuel prices as the biggest driver behind the drop in CPI annual rates.
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MPs launch inquiry into the financing of SMEsThe Treasury Committee has launched a new inquiry into small business access to finance and small and medium-sized enterprise (SME) lending. The cross-party Committee of MPs will examine the key challenges SMEs face when seeking finance, the regulation of small business lending, and the role the Government can play in enhancing lending to small businesses.
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Provisional agreement reached on the implementation of Basel III reformsThe EU is about to boost the resilience of banks operating in the Union and strengthen their supervision and risk management by finalising the implementation of the globally agreed Basel III regulatory reforms. Today, negotiators from the Council presidency and the European Parliament reached a provisional agreement on amendments to the Capital Requirements Regulation and the Capital Requirements Directive.
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Bank of England hikes UK interest rates to 5%The Bank of England has today raised UK interest rates by 0.5 percentage points to 5 percent as it continues its battle against inflation, which remained high at 8.7% in April and May. The Bank’s move - the 13th successive rise in the cost of borrowing since December 2021 - lifts the base rate to a 15-year high.
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