Tagged: hm treasury

April 4, 2022 @ 9:46 pm By JD Alois  |  

HM Treasury announced today that the UK government will acknowledge stablecoins as a form of valid payment. The government is expected to create legislation to bring stablecoins within the payments regulatory perimeter, creating conditions for stablecoins issuers and service providers to operate and invest in… Read More

March 25, 2022 @ 9:47 am By JD Alois  |  

  The UK Competition and Markets Authority (CMA) has issued a statement outlining its recommendations regarding the pursuit of Open Banking. The statement follows a consultation that was initiated in the spring of 2021. The CMA said its recommendations will guide a future entity that… Read More

October 27, 2021 @ 12:40 pm By JD Alois  |  

“We are making this country a modern science and technology superpower,” Rishi Sunak, Chancellor of the Exchequer. The Autumn Budget 2021 was unveiled today as UK Chancellor of the Exchequer Rishi Sunak took the podium in Parliament to sell his vision. Once again, the Budget… Read More

September 29, 2021 @ 11:09 am By JD Alois  |  

The Bank of England and HM Treasury have joined the central bank digital currency (CBDC) Engagement and Technology Forums. The Forums were created earlier this year alongside a task force exploring a digital pound sterling. CBDCs have emerged as a hot policy issue in the… Read More

July 2, 2021 @ 10:32 am By JD Alois  |  

The Chancellor of the Exchequer Rishi Sunak has outlined his vision for financial services in the 2021 Mansion House speech. Charting the roadmap forward post-Brexit, the Chancellor noted the importance of financial services for the UK economy. Financial services currently employs around 2.3 million people… Read More

May 1, 2021 @ 9:17 pm By Omar Faridi  |  

The UK has reached a key stage for the ongoing development of Open Data initiatives.  The Open Banking Implementation Entity (OBIE) is now nearing the completion of creating Open Banking guidelines and the Competition and Markets Authority (CMA) has finalized a consultation on the updated… Read More

April 24, 2021 @ 8:12 pm By Omar Faridi  |  

The United Kingdom has been touted as a world leader in Fintech, and it also has the “accolades” to back this position, according to a blog post by London-based Pollinate, a global software business that teams up with banks to assist them with deepening and… Read More

April 19, 2021 @ 10:11 am By JD Alois  |  

As UK Fintech week kicks off today, Rishi Sunak, Chancellor of the Exchequer addressed members of the industry outlining proposals designed to “enhance the UK’s competitive advantage in Fintech.”  This includes regulatory support and reforms to help Fintech firms grow. The Chancellor also commented on… Read More

April 19, 2021 @ 9:28 am By JD Alois  |  

The Bank of England and HM Treasury have jointly announced the creation of a task force to explore a central bank digital currency or CBDC. The CBDC will be a digital currency issued by the Bank of England for use by consumers as well as… Read More

January 11, 2021 @ 11:01 am By JD Alois  |  

At the end of last week, HM Treasury published a consultation on cryptoassets (digital assets) and stablecoins. An earlier consultation on cryptoasset promotions concluded on 26 October with results expected soon. The consultation is said to be the first stage in the government’s process concerning… Read More

January 8, 2021 @ 11:33 am By JD Alois  |  

In March of 2020, the Chancellor of the Exchequer Rishi Sunak delivered the UK budget. Included in the presentation was the announcement of a Fintech sector review – a study to be led by Ron Kalifa OBE, who was previously CEO Worldpay and current Chair… Read More

December 17, 2020 @ 11:07 am By JD Alois  |  

UK Chancellor of the Exchequer Rishi Sunak has extended the government-guaranteed Covid-19 business loan schemes until the end of March. The announcement was joined by confirmation that the furlough scheme has been extended until the end of April 2021. The Chancellor said: “Our package of… Read More

August 9, 2020 @ 12:49 pm By Omar Faridi  |  

Emergency COVID-19 funding or financial relief for companies in the UK will reportedly go back to the Treasury at the end of this month if it’s not claimed, the BBC reports. About four months after £12 billion in Coronavirus related funding was approved to help… Read More

August 5, 2020 @ 10:33 am By JD Alois  |  

Today the British Business Bank has announced that it has approved Allied Irish Bank, Investec Bank plc, and Mercedes-Benz Financial Services UK Limited have been accredited under the Coronavirus Large Business Interruption Loan Scheme (CLBILS). These three new CLBILS lenders will be able to provide… Read More

July 20, 2020 @ 10:46 am By JD Alois  |  

HM Treasury has issued two public consultations today. One is a review of the current requirement for an authorized firm to approve the financial promotion of an unauthorized firm that may not operate as a strong enough safeguard to ensure such financial promotions are compliant… Read More

July 14, 2020 @ 11:22 am By JD Alois  |  

This week’s update on COVID-19 support schemes indicates that over 1.1. million UK businesses have been approved to receive £46 billion. The numbers breakdown as follows: Approximately 1.05 million smaller firms have received a total of £31.7 billion through the Bounce Back Loan Scheme, an… Read More

July 8, 2020 @ 9:42 am By JD Alois  |  

In a speech today entitled “Plan for Jobs” by the Chancellor of the Exchequer Rishi Sunak, he announced the elimination of the Stamp Duty at a certain threshold in a move to improve the UK housing market. The Chancellor explained: “… to catalyse the housing… Read More

July 7, 2020 @ 10:03 am By JD Alois  |  

  HM Treasury has posted its weekly update on its COVID-19 business support schemes and as one would expect the numbers continue to push higher. HM Treasury reports that more than one million businesses have been approved to receive £45 billion in financing support. In… Read More

July 3, 2020 @ 8:12 am By Samantha Hurst  |  

Nextfin, a UK-based investment aggregation platform, announced on Thursday it has launched its “Free Our Startups” campaign to help entrepreneurs and startups that are impacted by the COVID-19 pandemic. Along with the “Free Our Starups” campaign, Nextfin also revealed it penned an open letter to… Read More

June 30, 2020 @ 7:53 am By JD Alois  |  

The Chancellor of the Exchequer has adjusted the Future Fund to enable businesses that contribute significantly to the UK economy but do not have their parent company based in the UK because they participated in a non-UK based accelerator program to qualify for the Fund…. Read More