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SECURING POSTBREXIT EUROPE By Ana Palacio, former Spanish foreign minister and former Senior Vice President of the World Bank
It is said that good things come to those who wait. If so, then the European Union’s new Global Strategy on Foreign and Security Policy, more than a decade overdue, must be a very good thing. Actually, it is exactly what Europe needs. But the timing of its release – in the immediate aftermath of the United Kingdom’s vote to leave the EU – could relegate it to irrelevance. How the EU moves forward with the strategy will be a bellwether for the future of the European project. The strategy, developed by Federica Mogherini, High Representative of the Union for Foreign Affairs and Security Policy, does precisely what it should: it provides a coherent guiding vision and a flexible framework for adopting concrete policies. It strikes the ideal balance between realism and ambition, recognizing the EU’s limitations and pinpointing the improvements that are needed.
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In the run-up to the Alliance’s Warsaw summit, John Andrews assesses the views of Wolfgang Ischinger, Yuriko Koike, Javier Solana, and others on the three main challenges it faces. The strategy’s grounded perspective is apparent from the first sentence: “We need a
stronger Europe.” This signals a major shift from the previous, outdated strategy, issued in 2003, whose much-maligned opening sentence declared, “Europe has never been so prosperous, so secure, nor so free.” Specifically, the strategy emphasizes the importance of the EU’s enduring soft power, in which prospective enlargement plays an important role, while acknowledging that soft power alone is not enough to ensure security. Moreover, it implicitly establishes the right sequence for the development of the EU’s approach to the world, by offering a far more specific vision for addressing regional challenges than it does for global challenges. The message is clear: the EU needs to get its act together within its neighbourhood before it
can grasp a broader role. All of this is well and good, but it will amount to nothing if EU leaders do not “join up,” as Mogherini puts it, to ensure that the strategy fulfils its potential. And, so far, the outlook does not look particularly promising. “Brexit,” which has thrown global markets into turmoil and raised serious questions about the Union’s future, has eclipsed the release of the security strategy, which barely got a mention in the conclusions of the latest European Council summit. Making matters worse, instead of inspiring muchneeded soul-searching among EU leaders, the British referendum seems to have spurred many to allow national political interests, not to mention personal ambitions, to guide their thinking. This self-serving impulse was on display in European Parliament President Martin Schulz’s fiery comments calling for the UK to invoke Article 50 (the withdrawal procedure) immediately – a move surely intended as a shot across the bow of his political rival, German Chancellor Angela Merkel, who had called for deliberation and time. It can also be seen in French President François Hollande’s tough posturing, which seems motivated by the expectation of a battle with the far-right National Front’s Marine Le Pen in next year’s presidential election. And it is abundantly clear in the struggle between the European Council and Continued on page 2
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Securing Post-Brexit Europe Continued from page 1
the European Commission for control over the forthcoming Brexit negotiations, in which the Council is concerned primarily about upholding the autonomy of the member states. This is precisely the kind of short-sightedness that has long undermined the EU’s image in the world and, by reinforcing the impression of fecklessness and ineptitude, in the member states as well. If it continues, Brexit could, as the doomsayers warn, be the EU’s downfall. If, instead, EU leaders rise to the challenge that Brexit poses and come together to realize the vision set out in the new global strategy, the EU could emerge from this tumultuous period stronger than ever. In uncertain times, Europe must decide how it will address the existential challenges it faces. The sensible way forward is to minimize weaknesses by maximizing collective strengths. The alternative – for each country to go its own way, as the British have chosen to do – would be reckless. But the most dangerous approach – the one that would bring the most strife and insecurity – would be to
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continue pretending to be united, while acting independently.
Support project syndicate’s mission
Project Syndicate needs your help to provide readers everywhere equal access to the ideas and debates shaping their lives. Already, EU leaders have missed an important opportunity. They could have woven the process of defining Europe’s aspirations, and of drafting a security strategy that reflected them, into broader discussions of what the EU should be, including at the most recent European Council summit. They should not also miss the opportunity presented by the strategy that has been produced. Such opportunities do not come along every day. Whether the new EU strategy symbolizes the start of a new chapter for Europe or a dead letter about a defunct project will depend on whether European leaders can overcome their parochialism and commit to cooperation. The early returns are not promising.
Branson and May met as tycoon demands new poll
ruled out the prospect of a second referendum, saying: “Brexit means Brexit.” A source close to the Home Secretary said she had made that position clear during her meeting with Sir Richard. The Virgin Group founder said last week that his company had cancelled a deal to acquire an unnamed UKbased company in the wake of the referendum result. He also pointed to the slide in the share price of Virgin Money in the days following the Brexit vote. In a blog-post published on 27 June, Sir Richard wrote: “The vast majority of MPs voted in by the electorate want the UK to stay part of Europe. In light of the misrepresentations of the Leave campaign, Parliament should reject the results of this nonbinding referendum as Nicola Sturgeon has announced she will do in Scotland’s Parliament. Before the UK government invokes Article 50 of the European Treaty and does irreversible damage to the United Kingdom, the people’s elected representatives must decide whether the facts that have emerged really warrant abandoning the EU and whether a second referendum will be needed.”
The Virgin Tycoon Sir Richard Branson has held secret talks with Theresa May in an effort to boost his plea for a second referendum on the UK’s membership of the European Union (EU). Sky News understands that Sir Richard and the Home Secretary, who is the front runner to succeed David Cameron as the Conservative Party leader and Prime Minister, met last week following his warning that Brexit would cause “long-term damage [to Britain’s economy] that is on the verge of going beyond repair”. A source close to the Virgin founder said the meeting should not be interpreted as him offering support for Mrs May’s leadership bid, although it was unclear whether he had also discussed his views on the referendum with any of the other four candidates for the Tory crown. “There is no political endorsement and there was no ask of her beyond the need for politicians to show leadership,” the source said. “Richard simply explained why he felt there needed to be more details on what Brexit means and for the options to be debated in parliament.” Mrs May has publicly
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Councils to ensure children’s carers get full support Hounslow Council is asking people across the borough to let it know if they are looking after a child who is not related to them, to make sure they are receiving the support they are entitled to. As part of National Private Fostering Week, [4-10 July], the council is encouraging people looking after a child or children as part of a private agreement with the child’s family, to come forward and the let the council know, so that the children in their care can receive additional support, if needed. Private fostering is when a child under the age of 16 [or 18 if disabled] is living and being looked after by someone other than a parent or other close relative for more than 28 days. This may include someone from the child’s
extended family and friends of the family who have been asked to look after them as part of an informal agreement due to circumstances such as separation or divorce of parents. It could also be that the parents or guardians have to travel away for work or a situation when parents have left their children in the care of a friend while travelling abroad for a holiday. A privately fostered child is not looked after by the local council under the Children Act 1989 but education, health and other professionals working with children do have a legal responsibility to notify the local authority of a private fostering arrangement that comes to their attention. The council has a duty to visit children
Hate crime in London up 50% since Brexit vote
who are privately fostered to ensure they are being looked after and that those caring for them are receiving advice and any benefits they may be entitled to. Hounslow Council is supporting National Private Fostering Week by increasing contact with local communities and working professionals in education and health through forums and focus groups. A Private Fostering Seminar will also be held on Friday 16 September, at the Civic Centre, Lampton Road, Hounslow, TW3 4DN, where more can be found out about what private fostering includes, responsibilities and where to go for advice and support. For more details on the seminar, please contact Manjeet.Panesar@hounslow.gov.uk or call 020 8583 3426. Councillor Tom Bruce, Cabinet Member for Education and Children’s Services, Hounslow Council, said: “As a local authority, it’s our main priority to make sure that all
The Met Police says it recognises that people “are feeling anxious” about perceived increased intolerance since the EU referendum By Mark White
The number of hate crimes reported in the capital has risen by more than 50% in the days since the EU referendum result, the latest figures show. Scotland Yard has confirmed the average number of hate crimes reported daily in London has risen to 67 - a 52% increase on the pre-referendum average of 44. A total of 599 incidents of race hate crime were reported to the Metropolitan Police between 24 June and 2 July. Commander Mark Chishty, head of community engagement at the Met, said the force recognises that people “are feeling anxious at the perception of increased intolerance against certain communities”. He said: “We are carefully analysing every incident to see what is happening across London and these figures may change as victims come forward and report incidents after the event.The vast majority of these incidents involve abusive and offensive language. I would strongly urge both victims and witnesses to come forward and report any such incidents to police as soon as possible.” Figures from last year also highlight a rise in reports of hate crime in the capital over a
longer period. Prior to 24 June 2015, 40 hate crimes a day were reported to police, an average which rose to 44 incidents in the subsequent period. June 2016 showed a 19% increase in hate crime reported in comparison to June 2015, with 216 more alleged offences brought to police. The latest figures come as the Archbishop of Canterbury, Justin Welby, hit out at the spreading of intolerance and hatred in the days following the EU referendum result. He said: “Since the referendum, we have seen an outwelling of poison and hatred that I cannot remember in this country for very many years.” Crime reports have shown an increase in hate crime incidents following the referendum elsewhere in the country. Avon and Somerset police figures showed that 10 incidents were being reported per day after the referendum, compared to four before the vote. A national police portal received a fivefold increase in reports in the days following the referendum. A total of 331 incidents were reported to True Vision, a police-funded website for reporting hate crime, between 23 June and 29 June. The 47-a-day average, disclosed by the National Police Chiefs’ Council, compared with a previous weekly average of 63 reports.
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children are being looked after and properly cared for, so that they get the best possible start in life. “While children in private fostering agreements are being looked after well, it is still a vulnerable time being away from their immediate families, especially if they don’t have regular contact with their parents or relatives during that time. “We are asking for people to get in touch, let us know if they are caring for someone else’s child for more than 28 days so they can get the support that is out there for them and the children they are caring for.” For more information on private fostering, visit www.hounslow.gov.uk/privatefostering.htm
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German companies to support Namami Gange, Swachh Bharat and Smart City Programmes Courtesy of the Embassy of India In Germany, Berlin
German companies have expressed interest to participate and contribute to Ganga Rejuvenation Mission, Swachh Bharat Abhiyan and Smart Cities Mission of the Government of India. Addressing a business meeting organized for the German investors and technology providers in the water and waste sector at the Embassy of India, Berlin, Dr. Andreas Jaron, German Federal Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) conveyed that both countries are identifying specific areas and projects to develop the water and waste sectors in India including identification of Best Available Technologies, assistance in capacity building, developing markets, business models and a roadmap for bilateral cooperation. Germany has already pledged 126 million for the Ganga rejuvenation mission and has also identified the cities of Kochi, Coimbatore and Bubaneswar for development as Smart Cities. Several German companies from the
waste management and water to-energy sectors are keen to expand their footprint in India. In this regard, the business event organized by Embassy of India, Berlin in partnership with the German Ministry for the Environment, Nature Conservation, Building and Nuclear Safety (BMUB) and German Water Partnership sought to mobilize greater B2B collaborations in the sectors of
New President at Hindu Forum of Europe
Dr Lakshmi Vyas
Educationist, academician, and a member of Religious Education Council, UK, Dr. Lakshmi Vyas has taken over as president of Hindu Forum of Europe recently. Hindu Forum of Europe, with six existing member countries and two in the pipeline, aims to protect the rights of Hindus in European countries such as France, Spain, Switzerland and Belgium. “Hindus are not recognised as any independent religious category in many European countries, but are grouped under ‘others’. Some funds need be allocate to run temples and offer priest services in these countries”, says Dr Vyas. Her knowledge on Hinduism and her objective towards uniting the Hindus of Europe under one umbrella makes her the most suitable person to head the HFE.
water and waste. Speaking on the occasion, Arun Lakhani, Member, CMD Vishvaraj Infrastructure Ltd and Member, FICCI Water Mission mentioned that German companies should take note of the market developments in the water and waste sector in India which is rapidly changing. He advised German companies to adapt as well as improve their technologies and solutions to suit the Indian conditions. He suggested for adoption of successful business model including PPP modes to be successful in India. German companies are global lead-
ers offering advanced solutions in the water and waste sectors. Senior officials from German Water Partnership and German Waste Industry Association (ReTech) participated in the event and identified potential areas of cooperation with India leveraging the strengths of the German industry in water and waste sectors. Many of the German companies showed interest to forge new partnership with India seeking support under the Make In India Mittelstand (MIIM) programme, being run by the Embassy to ease the entry of German SMEs to India.
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Brightsun Travel celebrates 30th anniversary with Diamonds and Pearls Themed Party
Mr & Mrs Nangla
Deepak and Payal Nangla
Mayor Ajmer Grewal, Lord Loomba CBE
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Brightsun Travel Team
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Keith Vaz MP, Pritam Grewal, Lydia Nazareth
Mr RS Nangla, Farhana Mubarak, Veena Nangla
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Brightsun Travel celebrated their 30th anniversary with over 300 industry guests at a Diamonds and Pearls themed party at the Hilton Syon Park in London. The Mayor of Hounslow, Lord Loomba CBE, Keith Vaz MP, Seema Malhotra MP, Ruth Cadbury MP, airline partners, corporates, tourist boards, suppliers, family and friends joined the company to celebrate a hugely successful 30 years in the travel industry. The evening, compèred by magician Pete Heat, included a speech from Managing Director Deepak Nangla recollecting the jour-
ney of Brightsun, light-hearted industry awards for airline staff that have gone above and beyond in their support for Brightsun Travel, and a surprise flash mob choir singing “Diamonds” from Urban Voice Collective. Deepak Nangla said: “We are proud that our business has grown to include corporate travel, trade and holiday clientele. We wanted to thank everybody that has helped us get where we are today, so this party was for our partners, suppliers, corporates and our fantastic team. We are also proud to be supporting several charities who do in-
credible work, Silver Star Diabetes and the Loomba Foundation supporting widowers worldwide, and tonight was an opportunity to raise awareness and funds for them ’. The Mayor of Hounslow Ajmer Grewal marked the occasion with an award presented to the founders of Brightsun Travel, Mr and Mrs Nangla, and said in her speech: “I’m honoured to be here tonight to celebrate Brightsun’s anniversary, a company which has contributed significantly to the London Borough of Hounslow.”
The Brightsun team marked the anniversary with a cake cutting, the event was certainly the icing on the cake of a fantastic year for Brightsun after they were identified for the second year running as one of London Stock Exchange’s 1000 Companies to Inspire Britain. They were also approached by The Telegraph to feature in a video ‘masterclass’ showcasing how business leaders have set up and run successful companies which was shown on the night. Airline partner Richard Oliver of Qatar Airways said: “Congratulations to you all. 30
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years young and achieved so much. No doubt Brightsun will be glowing, shining and warming the hearts of many travelers in the next 30 years!” Brightsun Travel is a family business, established in 1986. The entrepreneurial drive of Mr & Mrs Nangla, a husband and wife team led them to start up their own travel venture. They started their business from a small office in Soho with three staff and a single typewriter. To date, they have made a profit every year, and employ around 200 people in offices spanning the UK and India.
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FBI recommends no charges against Hillary Clinton over emails The FBI has announced it will not recommend criminal charges against Hillary Clinton over her use of private email while she was secretary of state. FBI Director James Comey said “no reasonable prosecutor” would pursue a case but said the likely Democratic presidential nominee was “extremely careless” with classified information. The decision ends the legal uncertainty that has dogged the Clinton campaign. However, Mr Comey was highly critical of Mrs Clinton and her staff. There was no clear evidence that Mrs Clinton intended to violate laws governing the handling of classified information, Mr Comey said. But he added: “There is evidence that they were extremely careless in their handling of very sensitive, highly classified information.” The FBI’s key findings: • it is possible that “hostile actors” gained access to Mrs Clinton’s email account • there were more than 100 emails that contained classified information when they were sent or received, contrary to her claims • Mrs Clinton employed multiple email servers and devices
Hillary Clinton
• the FBI said Mrs Clinton did not delete emails in an effort to conceal them Although the criminal investigation into Hillary Clinton’s private email server is drawing to a close, the political fallout could last through the November general election.
EU CHAOS: Sweden calls emergency meeting as demand for referendum rises after Brexit
By Lizzie Stromme/ Express
Britain has been Sweden’s strongest ally in the EU but after the Leave camp’s success was revealed this morning the Scandinavian country now faces political and economical turmoil. Prime Minister Stefan Lofven said the government’s faith in Brussels remained strong, despite Sweden’s EU minister issuing dire warnings about the harm a Brexit could cause to the country’s economical and political status. Mr Lofven said: “We are apart of this community to get power over our shared future. “We respect the decision. The election results are a wake-up call for Europe. But it is worrying. I hope that the British people can unite and look to the future. “Sweden is strong and the government has prepared for this. We are monitoring the economic developments closely.”
The top-line from James Comey’s news conference - no recommended indictments is positive for the presumptive Democratic nominee, but the bureau’s findings are sure to sting. At this point, Donald Trump and the Republicans have a choice. They could attack the FBI for failing to throw the book at Mrs Clinton - as many on the right will be up in arms over this. Or they could hammer the former secretary of state on what Comey did say - using his words to paint her as evasive and reckless. Do the former, and their message will likely be written off as yet more partisan conspiracy-mongering. Do the latter, and the blows will likely land on target. In the past Mr Trump has overplayed his hand when presented with a target of opportunity. He was widely criticised for his response to the Orlando attacks and the UK Brexit vote, for instance. Now he has been handed a golden cudgel, courtesy of the FBI. Will he know how to use it? The likely Democratic presidential nominee’s use of private email has been a talking point in the election, with critics saying Mrs Clinton believes she is above the law. Republican presidential hopeful Donald Trump called the decision “very unfair” and said Mrs Clinton’s use of private email com-
Mr Lofven added as the UK is Sweden’s second largest trading partner in the EU, the vote to leave the 28-strong bloc would have major consequences for the country’s economy. The pro-EU nation’s finance minister, Magdalena Andersson, also warned that Britain’s decision to cut ties with the red-tape obsessed bloc could result in rising market prices. Ms Andersson said: “Our trade is likely to become more expensive depending on the trade agreement [we get] with Britain. The pound weakened pound is a consequence of increased uncertainty in the economy. Despite Mr Lofven’s reassurance that the country remains pro-EU, Britain’s historical decision to break with red-tape obsessed Brussels has set of a series referendum demands across the Continent, also in Sweden. As Denmark, France and the Netherlands face calls for referendums, the Sweden Democrats have joined the rally demanding that the Swedish people are given a vote. SD leader Jimmie Akesson said: “British citizens have shown that EU memberships can be reassessed. The long term trend is now broken and hopefully it will show the way for other countries. “The development in the UK is something I hope to see in Sweden.” The call for a Swexit was blasted as irresponsible by PM Lofven.
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promised national security. The Clinton campaign said on Tuesday that they were “glad that this matter is now resolved”. Mrs Clinton said she set up the email address for reasons of convenience, because it was easier to do everything from one device than to have several phones or tablets. She had previously said she did not knowingly send any classified material from her account. But investigators found that a number of messages that were marked classified at the time were sent from her account. The FBI ended its investigation after agents interviewed Mrs Clinton for more than three hours over the weekend about her email habits. The Department of Justice will ultimately decide whether to press charges, but Attorney General Loretta Lynch has said she would follow the FBI’s recommendation. Mrs Clinton’s campaign says it showed that her practices were consistent with those of other secretaries of state who “also used personal email” and she was “not unique” in doing it. However, she has apologised for using the private email system, calling it “a mistake”. “As I look back at it now, even though it was allowed, I should have used two accounts... I’m sorry about that. I take responsibility,” she said.
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What does Brexit mean for gold? Gold is on a path back from being a forgotten asset to a core allocation in a deeply uncertain world. Brexit exacerbates trends already firmly in place deeply uncertain world driven ultimately by negative real interest rates and the dawning realisation that any global “normalisation” is a long way off. Gold remains an underowned hedge against global central bank credibility and under-appreciated global risks, particularly from China.
Compelling case for gold equities (shares)
We believe investor allocations to gold should continue to grow. Within the gold in-
vestment universe, gold equities in particular could offer a compelling investment case and we believe should outperform the gold price in coming years. This contrasts starkly with the experience of equity investors through the prior gold bull cycle from 2003 to 2011 when rampant cost inflation and management indiscipline saw the gold producer share prices markedly underperform the gold price. With balance sheets significantly repaired, gold miners have an opportunity to produce gold ounces into an environment of rising prices and contained cost bases. Against consensus opinion we do not believe that a rapid return to the bad old days of “growth at all costs” across the industry is likely (though some poorly-managed companies will not be able to resist) Even after the year-to-date rally gold equities remain ~60% below previous cycle highs. Cashflow-based valuation multiples3 show significant potential for re-rating. Companies with the ability to generate organic production upside4, while retaining cost and balance sheet discipline, are the companies which should deliver long-term returns, and perform strongly in a rising gold price environment. quark/charts/netchart/savings.qxd
By James Luke and Mark Lacey/ Private Investor Shoulders
Gold remains an underowned hedge against global central bank credibility and under-appreciated global risks, particularly from China. Potential inflation, currency and financial market outcomes globally are arguably more extreme now that at any point since the end of the Second World War. More immediately, last week’s “Brexit” vote had an instant impact on gold prices, which jumped over 6.5% to an intraday high of US$1,340/oz1 on Friday. In sterling terms gold appreciated close to 20% in a 48-hour period. When thinking about market impacts, we need to distinguish between short-term fast-money flows and longer-term asset allocations. Short-term safe haven flows are often transitory and contain an element of knee-jerk panic. To understand the longerterm significance of Brexit on the gold market we need to set the event in the context of two key trends. Firstly, real 2 interest rates. Secondly, global political populism.
1. Real interest rate expectations are today a core driver of gold markets in our view
The deeply entrenched expectation that ultimately a systematic Federal Reserve (Fed) programme of rate hikes would drive up real interest rates and keep the dollar strong has been a key driver of gold price weakness in the last few years. As most investors we spoke to over the past 18 months concluded: “why hold gold in this environment?” The consensus expectation has been shaken this year. In the US the extent of “normalisation” has been one 25 basis points (bps) rate increase. Central banks elsewhere remain addicted to increasingly (absurdly?) accommodative stances. The European Central Bank (ECB) has recently begun purchasing high grade corporate debt. Brexit feeds and extends this trend. Yet, easier monetary
policy is now likely. This is most obviously true of the ECB and the Bank of England. What of the US? In her last Federal Open Market Committee press conference, Fed Chair Janet Yellen directly referenced Brexit as a risk factor. The reality of a Brexit vote will likely push out even further the Fed’s “dot plot” (committee members’ estimates of future interest rate ranges). “Even lower for even longer” is a sensible conclusion for nominal rates. What of inflation? As much as Brexit is ringing policy-maker alarm bells, the impact on nominal inflation is less clear. Energy and agricultural prices are showing broadbased recoveries, US labour market conditions, even after May’s dismal jobs numbers, remain firm. Brexit occurs with global central bankers inherently dovish but inflation trends already firming. Against this backdrop the probability of negative real interest rates for an extended period increases, and with it the probability that allocations to gold continue to rise.
2. Global political populism
Brexit appears to be the first time that populist undercurrents in developed economies (Trump, Sanders, Corbyn, Le Pen…) have translated into an actual establishmentrattling political outcome. This ratchets up fears over future political disruption, particularly of a domino effect through the EU. Heightened populism, and policymaker fear of it, also raises the probability of a more populist economic policy response. Discussions around direct fiscal stimulus have moved from the margins much closer to the centre of policy debate. This adds to uncertainty around geopolitical and inflation outcomes, likely increasing portfolio hedge allocations to assets such as gold. Taking a big step back, we think Brexit exacerbates trends already firmly in place Even without Brexit gold had already set out on the first steps of a path back from being a forgotten asset to a core allocation in a
MONEYFACTS SAVERS SELECTION Telephone Account Notice Deposit % Interest Number or Term AER Paid EASY ACCESS ACCOUNTS WITH BONUS Tesco Bank www.tesco.com Internet Saver None (W) £1 1.27%* Yly Post Office Money® www.postoffice.co.uk Online Saver 21 None (W) £1 1.00%* Yly TSB Via branch Easy Saver Instant £1 1.00%* Yly TSB www.tsb.co.uk eSavings None (H) £1 1.00%* Yly SAGA 0800 066 5701 Telephone Saver (18) None (T) £1,000 1.00%* Yly BM Savings www.bmsavings.co.uk Online Extra (Issue 21) None (W) £25,000 1.00%* Yly EASY ACCESS ACCOUNTS WITHOUT BONUS RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Yly Virgin Money www.virginmoney.com Defined Acc E-Saver 6 None (W) £1 1.26% Yly United Bank UK Via branch Online Easy Access None (W) £500 1.25% Yly State Bank of India www.sbiuk.com Online Instant Access 4 None (W) £500 1.25% Mly Shawbrook Bank www.shawbrook.co.uk Easy Access - Issue 5 None (W) £1,000 1.25% Yly Nottingham BS www.thenottingham.com eSaver Instant Issue 4 None (W) £500 1.21% Yly 1 YEAR FIXED RATES Fidor Bank www.fidorbank.uk Savings Bond 18 Month Bnd (W) £100 1.90% F OM Charter Savings Bank www.chartersavingsbank.co.uk Fixed Rate Bond 18 Month Bnd (W) £1,000 1.85% F Yly Fidor Bank www.fidorbank.uk Savings Bond 12 Month Bnd (W) £100 1.80% F OM Charter Savings Bank www.chartersavingsbank.co.uk Fixed Rate Bond 1 Yr Bnd (W) £1,000 1.79% F OM Al Rayan Bank 0845 6060 786 Fixed Term Deposit 18 Month Bnd £1,000 1.76% F Qly BLME www.blme.com Premier Deposit Account 18 Month Bnd (W) £25,000 1.74% F OM 4 YEAR AND OVER FIXED RATES FirstSave www.firstsave.co.uk Fixed Rate Bd 6th 7 Yr Bnd (W) £1,000 2.55% F Yly BLME www.blme.com Premier Deposit Account 5 Yr Bnd (W) £25,000 2.55% F Yly Union Bank of India (UK) Ltd 0207 332 4250 Term Deposit 5 Yr Bnd £1,000 2.50% F OM Ikano Bank www.ikano.co.uk Fixed 5 Year Saver 5 Yr Bnd (W) £1,000 2.45% F Yly Raphaels Bank 01296 436661 Fixed Rate Bond 60 Month Bnd £5,000 2.35% F Yly BLME www.blme.com Premier Deposit Account 4 Yr Bnd (W) £25,000 2.35% F Yly MONTHLY INTEREST Charter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Mly RCI Bank UK www.rcibank.co.uk Freedom Savings None (K) £100 1.45% Mly Charter Savings Bank www.chartersavingsbank.co.uk 60 Day Notice Issue 2 60 Day (W) £1,000 1.45% Mly Buckinghamshire BS 01494 879500 Chiltern Gold Generator 7 180 Day £1,000 1.35% Mly FirstSave www.firstsave.co.uk 60 Day Notice 60 Day (W) £5,000 1.35% Mly Charter Savings Bank www.chartersavingsbank.co.uk 30 Day Notice Issue 2 30 Day (W) £1,000 1.30% Mly NOTICE Bank and Clients 01935 609600 6 Month Notice Account 6 Month £1,000 1.60% Yly Charter Savings Bank www.chartersavingsbank.co.uk 95 Day Notice Issue 9 95 Day (W) £1,000 1.55% Yly Shawbrook Bank www.shawbrook.co.uk 120 Day Notice Issue 35 120 Day (K) £1,000 1.55% Yly Raphaels Bank 01296 436661 Sapphire Account 6 Month £5,000 1.55% Yly Al Rayan Bank 0845 6060 786 120 Day Notice 120 Day £250 1.51% Mly Hampshire Trust Bank www.htb.co.uk 90 Day Notice (7) 90 Day (P) £1,000 1.50% Yly VARIABLE ISAS Al Rayan Bank 0845 6060 786 Notice Cash ISA 120 Day £250 1.55% Mly Bank and Clients 01935 609600 90 Day Cash ISA 90 Day £1,000 1.50% Yly Yorkshire Bank 0113 807 2000 Cash ISA - 40 Day Notice 40 Day £15,000 1.50% Yly Clydesdale Bank 0800 222426 Cash ISA - 40 Day Notice 40 Day £15,000 1.50% Yly Buckinghamshire BS 01494 879500 Mly Income Cash ISA 6 180 Day £100 1.36% Mly Coventry BS 0800 121 8899 Easy Access ISA (3) Instant £1 1.30% Yly * = Introductory rate for a limited period. B = Operated by Post or Telephone. F = Fixed Rate. H = Operated by Internet or Telephone. K = Operated by Internet, Telephone or Post. OM = Interest paid on maturity. P = Operated by Post. T = Operated by Telephone. W = Operated by Internet. All rates are shown as AER. All rates and terms subject to change without notice and should be checked before finalising any arrangement. No liability can be accepted for any direct or consequential loss arising from the use of, or reliance upon, this information. Readers who are not financial professionals should seek expert advice.
FIGURES COMPILED ON: 30 June 2016 Source:
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