Jeremy Hunt’s Autumn Statement dominates proceedings and researchers tout a way to avoid costly bank bailouts
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Good afternoon from Bloomberg’s UK finance team. Jeremy Hunt’s Autumn Statement was blessedly boring, Britain’s economic turbulence is an opportunity for some fintechs, while a robot may decide who gets the next bank bailout. Here’s five stories that sum up the past five days.
1) City of London Gets Long-Awaited Insurer Reform, Surcharge CutThe Chancellor confirmed on Thursday that the government would push forward with reforms for insurers and cut the surcharge on UK bank profits.2) Clifford Chance to Quit Canary Wharf and Move Back to the CityThe law firm has been based in Canary Wharf since 2003 but is moving to the City of London. 3) UK Fintechs Are Now on the Sharp End of Cost of Living CrisisHere’s how various startups are looking to position themselves as the natural home for customers who feel they have been poorly served by traditional banks.4) Alias-Using Financier Tied to Kyrgyz Bank’s Collapse Joins UK Fintech’s BoardIn Kyrgyzstan, Mikhail Nadel is known for his alleged role in a political and banking scandal that shook the central Asian country. In the UK, the financier has just joined the board of an authorized payments firm.5) Computer Says No? A Robot May Decide Who Gets Next Bank BailoutResearchers have created an algorithm that assesses whether a bailout is the best strategy for the public purse.
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