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Here’s What Happened in the City of London This Week

The economy, the battle for the Bank of England and finance’s skill shortage were all in focus

A statue of a dragon marking the boundary of the City of London, UK.
A statue of a dragon marking the boundary of the City of London, UK.Photographer: Jason Alden/Bloomberg

Good afternoon from Bloomberg’s UK finance team. Here are five news stories from the Square Mile and beyond that caught our eye this week.

1)   UK’s Pandemic Recovery Halts With Slowdown in Health and Retail
The UK economy shrank in the second quarter for the first time since the pandemic, driven by a decline in spending by households and on fighting the coronavirus.

2)  Bailey Defends BOE’s Independence in Letter to MPs
The head of the Bank of England has warned again that curbing its independence could jeopardize its international reputation and signaled that draft rules over financial services shouldn’t be changed to give more power to politicians. 

3)  Ping An’s HSBC Breakup Gambit Shows Peter Ma’s Thirst for Change
The gulf between HSBC and Ping An shows no sign of narrowing. Here’s a profile of Ping An’s chairman Peter Ma that will make for worrying reading for those hoping the dispute will simply fade away.