Day: September 20, 2016

    Mark Carney, the Governor of the Bank of England, has told a group of children that he expects the penny to be scrapped shortly. He was being filmed for a BBC TV show, and was asked about the future of the penny by one of the children. He responded that he thought its days were numbered, because it wasn't worth very much. So what will this mean for you? On one level, it's not a major issue. If the penny was scrapped, anything priced at 1p would see the price increase, but very few things actually cost 1p nowadays - even penny sweets now cost around 5p. A study back in 2012 found that 50% of people would be perfectly happy to do away with coppers altogether, and round up or down to the nearest 5p. The same study found that one in ten people admitted they regularly threw cop...

    The City of London will be able to cope with the loss of banks passporting rights if Britain leaves the EU’s single market, according to an influential credit rating agency, assuaging fears that the UK’s financial services sector will be crippled by Brexit. EU passports allow lenders and other financial companies to operate across the 28-nation bloc without having to secure approval for access to each country individually. Opponents of Brexit have argued that losing passporting rights would deal a heavy blow to London’s status as a global financial centre that gives banks around the world access to the EU. However, in a boost to the City, analysts at Moody’s Investors Service have largely dismissed concerns that London would be unable to withstand the consequences of the U...