UK financial watchdog expands bullying rules to 37,000 City firms

The UK’s financial watchdog is expanding bullying and harassment rules to more than 37,000 City firms, in an effort to crack down on “rolling bad apples” who avoid consequences by hopping from firm to firm.It means that “serious, substantiated cases of poor personal behaviour” by senior managers at a range of firms including hedge funds, insurers and pension firms will have to be reported to the Financial Conduct Authority (FCA), as well as future employers who are assessing whether new hires are fit and proper for the job.Previously, only banks were required to report bad behaviour to the watchdog. The rules will now apply to tens of thousands of other firms across the City that are bound by the so-called senior managers and certification regime (SM&CR) that is meant to hold senior bosses accountable for wrongdoing at their firms.The regulator said the expanded rules would help “prevent ‘rolling bad apples’ – people moving from firm to firm without appropriate action being taken or without past serious non-financial misconduct being disclosed”

If AstraZeneca goes to the US, it will be a major blow for London and Labour

Three years ago Pascal Soriot received the ultimate accolade for turning around AstraZeneca – a knighthood for services to UK life sciences and leadership in the global response to the Covid pandemic.Soriot, who fended off a takeover from the US predator Pfizer in 2014, has grown AstraZeneca into Britain’s most valuable company, thanks to an astute eye for promising medicines and developing one of the first Covid vaccines.Now the 66-year-old trained equine vet is looking at his own US adventure. He has reportedly discussed moving AstraZeneca’s stock market listing, and perhaps even its corporate base, to the US.The company declined to comment on the bombshell report, but it sent shockwaves through Britain’s scientific community

Santander takeover of TSB is boost to Reeves as she fights to keep City’s trust

Santander’s takeover of TSB will be music to Rachel Reeves’ ears: sparing the under-pressure chancellor the potential embarrassment of having to explain why a major high street lender had given up on Britain.On Tuesday night, Spanish-owned Santander said it would buy TSB from its fellow Spanish owner, Sabadell, for £2.65bn, ending months of speculation over the future of the British bank – and reaffirming Santander’s commitment to the UK.Rumours had emerged in January that Santander UK could pull out of high street banking, potentially reversing gains made in stepping up its British presence with the acquisition of Abbey National two decades earlier. Bosses had started slashing 2,000 jobs months earlier, fuelling speculation that it was trying to create a leaner business that could lure potential suitors

UK bond yields rise sharply amid speculation over future of Rachel Reeves

UK government borrowing costs have risen sharply amid speculation over Rachel Reeves’s position as chancellor, as City investors warned Labour’s welfare U-turn had blown a multibillion-pound hole in the public finances.After Keir Starmer failed initially to give his full backing to a tearful chancellor at prime minister’s questions on Wednesday, the yield on 10-year UK government bonds, also known as gilts, was on course for the biggest jump in a day since Liz Truss was in No 10, while the pound slumped.The yield – in effect the interest rate – rose by as much as 0.2 percentage points to trade close to 4.7%, climbing by the most in one day since October 2022 when investor confidence in Britain remained shaken after Truss’s mini budget

Heathrow fire caused by preventable fault, report finds, as Ofgem launches investigation into incident – as it happened

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Ofgem has opened an investigation into National Grid after the substation fire on 20 March that led to the closure of Heathrow, as a review found that the root cause of the fire was a “preventable, technical fault”.This caused a “catastrophic failure” on one of the transformer’s high voltage bushings at the North Hyde electricity substation in Hayes, west London.The energy regulator said it had launched an official enforcement investigation into National Grid Electricity Transmission (NGET). It will examine the incident, its causes and take further action as necessary

Tell us: what would you like to see on a redesigned bank note?

Banknotes issued by the Bank of England are to have a major redesign for the first time in more than 50 years.Historic figures such as Winston Churchill and Jane Austen feature on the current banknotes, but the Bank of England is proposing that the next series could move on to a new theme.We’d like to hear your suggestions for a new theme, whether it’s a historical figure or event, a piece of architecture, technology, culture, sport or a landscape.You can tell us who you'd like to see on the redesigned bank note and why using this form.Please include as much detail as possible