4 months ago

Private equity could be crucial to the ‘everyday economy’

By Matt Bevington We’re all familiar with public image of the private equity industry: a group of eye-wateringly rich executives who buy up vulnerable companies, sell off their assets, cut pensions for workers, enact mass lay-offs and run firms into the ground before sailing off to their tax havens. Like all industries, however, the reality is more complex. There are genuine concerns about private equity ownership. The CMA, for instance,…

5 months ago

ESG must find an answer to the human rights challenge

By Johnny Patterson The sharp disparity between the rhetoric of investors about ESG and their actions relating to human rights deserves greater scrutiny. The majority of investors rightly state in their Governance and Sustainability guidelines that they expect all the firms they invest in to comply with the United Nations Guiding Principles for Business and Human Rights. The major players are part of the UN’s Principles for Responsible Investment network…

5 months ago

If you want to get serious about ESG, send for the accountants

By Jake Atkinson Amongst all the announcements taking place at last year’s COP in Glasgow, it was easy to have missed what was regarded by many as the most exciting development for the accountancy profession in a generation (I’ll leave it to the reader to determine how exciting that actually is).  The International Sustainability Standards Board (ISSB) was announced, created through the merger of some of the ingredients comprising the…

5 months ago

Labour should embrace UK leadership on impact investing

By Joe Dharampal-Hornby The need has never been greater to mobilise more private sector capital, at scale, to address social and environmental challenges. Within the environmental, social and governance (ESG) movement, impact investing has emerged as a leading solution. Despite ESG’s familiarity, it means different things to different people, and can often include approaches that seek to mitigate harm rather than creating impact. Impact investing, by contrast, requires investment to…

1 year ago

Too little trust after Brexit for equivalence to work

by Nick Smith Why would you want to be the same as a competitor?  In any other walk of life – commerce, sport, romance, politics – we focus on differentiating ourselves.  While having parity can be helpful in some respects, what we do better than the other person is always more important. While the UK was always a competitor while inside the EU, there was a framework to that competition. …

1 year ago

The UK needs to focus on equivalence where it most matters

By Shayne Halfpenny-Ray Equivalence is an often discussed and at times overestimated outcome for the UK/EU negotiations, particularly in the space of financial services. Its not inevitable, its likely not to happen, and there are huge chunks of financial services unlikely either to be equivalent or have a mechanism to ever seek such a vaunted goal. I could of course end this killjoy blog here and move on to stamping…

1 year ago

The City is now asking whether equivalence is needed at all

By Tanisha Aggarwal With news that the UK and the EU have reached a deal on financial services co-operation, a pathway to future EU market access is now open for the City of London. However, the technical details do not include the UK Government’s coveted request for equivalence. The EU has indicated that this Memorandum of Understanding may open up the possibility of an equivalence agreement further down the line….

1 year ago

There is an alternative: progressive views on rebuilding post-pandemic Britain

Labour in the City and Cicero/AMO are delighted to present this collection of essays on the City and its relationship with the UK economy. We are grateful to all our contributors for providing such thought-provoking and original insights, taking in everything from Albert Camus to net zero, and hope you find them equally compelling. Contributions: Introduction – Nicholas Smith & Tom Frackowiak Foreword – Rt Hon Pat McFadden MP Something is…

1 year ago

What Labour can learn from Goldman Sachs

By Nick Smith Sympathy seems to be in short for the Goldman analysts whose feedback on their working environment made it into the public domain earlier this week. While the content was familiar territory – who’d have thought investment banking entailed long hours and a huge amount of work preparing presentation materials? – it’s rare to see concerns documented and put to management in this fashion. Some may sneer at…

2 years ago

Shorting the City: The Tories’ Brexit deal fails the financial services industry

By Pat McFadden There was a revealing moment in the House of Commons debate on the Government’s Brexit deal.  Labour MP Peter Kyle asked the Prime Minister about the absence of coverage for financial services in the deal.  The Prime Minister ducked the question but said he was glad Labour was “backing the bankers”. The Prime Minister’s response summed up how the financial services sector has been viewed by much…

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