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Mark Carney’s comments to the BBC labelled “Project Fear” by Brexiteers.

In an interview on the BBC’s flagship “Today” programme, the Governor of the Bank of England, Mark Carney, spoke of his belief that a no-deal was “highly undesirable and a relatively unlikely possibility, but it is a possibility".

However, he went on to describe how the UK banking system was robust and well tested with the UK being the financial hub of the EU. This makes the UK important for the EU too and their interests lie in it continuing to be successful. For this reason he believes that a reasonable settlement will be found for both sides.

This weekend, Liam Fox announced that he thought the chances of a no-deal were 60-40%, a comment which did nothing to slow the slipping pound against most major currencies.

This morning, the pound was trading at just over 1.29 dollars.

Posted in FinTech news
Small Business Commissioner encourages P2P borrowing

Paul Uppal, past MP for Wolverhampton South, has been talking about the financial option disparities in the UK. Identifying the differences in funding opportunities for those in the Home Counties and those in the rest of the UK, he notes that P2P lending could reach out better to small and growing businesses to make their products better known outside the London area. Charged with helping to change the culture of habitual late payment of invoices to small and medium business by big business, the access to financial products is just one part of the equation. In the UK, £2.5 billion a year is lost to the UK economy by late payment by big companies to small companies where 90 days is not uncommon. Uppal knows from personal experience that the 5.5 million small business owners are too busy trying to keep afloat to be able to challenge the big companies. As the Small Business Commissioner, he will be able to help resolve difference between the large and the small companies.

“I was very lucky when I first set up my own business as I had strong mentors, which was a hugely helpful aspect in terms of me just getting through those difficult first few years. It can be very stressful and lonely and you have to take risks. For me, my Dad was actually my biggest mentor, and he has the experience of running a business in East Africa. That’s really what I see as the SBC – being a sort of mentor to small businesses, especially micro businesses, and it’s my plan and ambition to deliver that level of support.”

Paul Uppal, past MP for Wolverhampton South, has been talking about the financial option disparities in the UK. Identifying the differences in funding opportunities for those in the Home Counties and those in the rest of the UK, he notes that P2P lending could reach out better to small and growing businesses to make their products better known outside the London area. Charged with helping to change the culture of habitual late payment of invoices to small and medium business by big business, the access to financial products is just one part of the equation. In the UK, £2.5 billion a year is lost to the UK economy by late payment by big companies to small companies where 90 days is not uncommon. Uppal knows from personal experience that the 5.5 million small business owners are too busy trying to keep afloat to be able to challenge the big companies. As the Small Business Commissioner, he will be able to help resolve difference between the large and the small companies.

 

“I was very lucky when I first set up my own business as I had strong mentors, which was a hugely helpful aspect in terms of me just getting through those difficult first few years. It can be very stressful and lonely and you have to take risks. For me, my Dad was actually my biggest mentor, and he has the experience of running a business in East Africa. That’s really what I see as the SBC – being a sort of mentor to small businesses, especially micro businesses, and it’s my plan and ambition to deliver that level of support.”

Posted in FinTech news
P2P gets the Treasury’s “thumbs up”

Suzie Neuwirth writes today in P2P Finance News that the Treasury have noted Fintec as being an important part of reducing the risk of concentration and P2P lending is a big part of this.

The office for Budget Responsibility noted that there is a risk to the UK economy in having too much reliance on the banking sector.

“Fintech – technology-driven innovation across financial services – has the potential to reduce the economy’s reliance on the banking sector and diversify the financial sector, reducing concentration,” the Treasury said.

“In 2016 P2P lending to businesses was the equivalent of seven per cent of all new loans by UK banks to small businesses.”

 

 

Posted in FinTech news
Crypto-Currencies

In a recent report, U.S.-based cybersecurity firm CipherTrace found that the first half of 2018 recorded 3 times the exchange theft of the whole of 2017. Last year, $266 million was stolen in crypto-currency exchanges compared with $761 in only the first 6 months of this year. As a side-note, Bitcoin is at its lowest since November. As a vehicle for money laundering, crypto-currencies are proving to be a boon for the criminal classes.

Posted in FinTech news