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Britain seeks to stop foreign "dirty money" hiding in UK property market


SINGAPORE - The UK government on Tuesday said it would clamp down on the use of "dirty money" to buy up expensive properties, promising to expose the owners of anonymous foreign shell companies hiding cash in London's buoyant housing market.

British pensions scam losses triple in month after freedoms 27 Jul 2015

LONDON - Losses to British pensions through criminal scams tripled in the month after the introduction of reforms which allow over-55s to spend their pension pots as they like, London police said on Monday.

Payday lender Cash Genie faces 20 million pound compensation bill 27 Jul 2015

LONDON - Payday lender Cash Genie has agreed to put aside 20 million pounds to compensate more than 92,000 customers for unfair practices, Britain's Financial Conduct Authority said on Monday.

Bank of England's Haldane sees no need for rush to raise rates 27 Jul 2015

LONDON - The Bank of England's chief economist, Andy Haldane, said he did not see the need to move quickly to raise interest rates because Britain's labour market is still recovering from the financial crisis and risks remain in the global economy.


Bank of England minutes show some rate-setters edging towards hike 22 Jul 2015

LONDON - A number of Bank of England rate-setters are moving towards voting for the first increase in borrowing costs in over eight years, adding to expectations of a split among policymakers in August.


UK government moves to slash renewable subsidy costs 22 Jul 2015

LONDON - Britain’s government on Wednesday moved to rein in the spiraling costs of renewable power subsidies which it said threatened to push up household bills.

UK households bring forward rate hike expectations after Carney hint 22 Jul 2015

LONDON - Bank of England Governor Mark Carney's message that higher interest rates are approaching has been heard by British households who are braced for tougher times ahead, according to a survey published by financial data firm Markit on Wednesday.


More Britons ditch their banks after new rules make switching easier 22 Jul 2015

LONDON - New rules making it easier for Britons to switch banks resulted in a 4 percent increase in customers moving accounts in the year to the end of June, the body overseeing the system said on Wednesday.

BoE's Miles says time for rate hikes is coming 22 Jul 2015

LONDON - The time for a Bank of England interest rate hike is nearing and it is "highly likely" that rates will continue to rise over the next few years, policymaker David Miles said in an interview published on Wednesday.

Capital Group opens up equity strategy to European, Asian investors 22 Jul 2015

LONDON - U.S. fund manager Capital Group plans to launch a fund later this year to give European and Asian investors access to one of its equity strategies, which has $60 billion under management, it said on Tuesday.


Indian tycoon seals hotel deal at London's Old Scotland Yard

LONDON - Indian tycoon Yusuffali M.A has agreed a 110 million pounds ($171 million) deal to develop a luxury hotel on the site of the original Scotland Yard Police Station in London, as foreign buyers bet on the resilience of Britain's prime property market.


Rothesay Life insures 1.6 billion pounds of UK aviation regulator pension

LONDON - Specialist pensions insurer Rothesay Life said on Wednesday it was insuring 1.6 billion pounds ($2.5 billion) of the pension scheme of Britain's Civil Aviation Authority (CAA), bringing its new business this year to 3.4 billion pounds.


Carney signals Bank of England rate hike decision around turn of year

LONDON - Bank of England Governor Mark Carney has raised the possibility that the central bank could lift interest rates from their record low before the year is out, his strongest hint yet that the BoE is moving towards tighter policy.

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