Warwick Business School establishes new fintech centre
£3 million of newly received funding will be used to establish the Gillmore Centre for Financial Technology, led by renowned academics and fintech business leaders. The centre will focus on developments in AI, machine learning, blockchain and cryptocurrencies.
Unexpected rise in mortgage approvals
Despite predictions to the contrary, mortgage approvals unexpectedly increased in the last month, an indication that many homeowners are seeking to lock-in rates before further interest rate increases. Demand nonetheless remains below 2022 averages.
Financial market overhaul
The FCA has announced its biggest shake-up of the financial services industry in 20 years, introducing a new ‘consumer duty’ regime which sets higher standards for firms to abide by. Existing products which do not meet the new standards are expected to be withdrawn from the market.
New North Sea oil and gas licences
The government has approved over 100 new drilling licences for the maximum extraction of North Sea oil and gas in an aim to increase domestic supply, despite widespread condemnation that it would have a negative impact on the UK’s aim of achieving net zero targets.
Liverpool Investment Zone funding boost
Extra funding provided by the government is set to enhance inward investment into the city, complementing the Liverpool Freeport that opened in January. It is expected to create an additional 4000 job opportunities in the region.