FTX implosion shows urgent need for crypto rules, says Bank of England November 21, 2022 The implosion of FTX has underlined the need to rapidly bring crypto within the remit of financial watchdogs before it threatens the stability of the wider financial system, the deputy governor of the Bank of England has warned today.
Virgin Money shares soar after handing staff 10 per cent pay rise November 21, 2022 Virgin Money shares have jumped today after the company handed out 10 per cent pay rises to most of its 7,500 staff. The pay bump comes on top of a £1,000 one-off payment in August to help combat the cost of living crisis. Staff will receive around nine and 11 per cent extra across two [...]
Nationwide’s incomes boosted by higher interest rates November 18, 2022 Nationwide Building Society today posted a more than 13 per cent uptick in its underlying profits after its incomes were boosted by higher interest rates. The Swindon headquartered building society saw its pre-tax profits for the six months ending on 30 September 2022 increase 13.6 per cent to 969m. The uptick came as Nationwide’s net [...]
Government slashes bank surcharge in boost for the City November 17, 2022 The government has slashed a surcharge on bank profits to three per cent today in a bid to keep the UK's finance industry internationally competitive.
FTX: Bankman-Fried claims he ‘basically forgot’ about account holding $8bn customer cash November 17, 2022 FTX founder Sam Bankman-Fried has launched an attack on regulators for failing to protect consumers today, even as he admitted he “basically forgot” about an account holding $8bn of customer’s cash.
Investec rolls out £350m share buyback as revenues jump November 17, 2022 Investec said it would roll out a share buyback programme today
Rishi Sunak: City should show ‘restraint’ on pay – but no u-turn on banker bonuses November 15, 2022 Rishi Sunak said Britain’s top business bosses needed to show ‘restraint’ on pay this year amid inflation concerns. “In a situation like this, I’m sure executives of most companies will be thinking about pay settlements for senior management, for their workers, and making sure they are fair,” the Prime Minister told broadcasters whilst in Bali [...]
Without Brexit, there would never have been a harsh austerity Budget this week, says BoE veteran November 15, 2022 The real reason Britain is facing harsh austerity measures is the UK’s departure from the EU, according to a senior economist. Former Bank of England interest rate policy maker Michael Saunders said that Brexit has ‘permanently damaged’ the UK’s economy. “The UK economy as a whole has been permanently damaged by Brexit,” said Saunders, who [...]
Barclays makes green property push by giving eco-friendly home owners £2,000 November 15, 2022 Barclays bank said this morning it plans to run a trial to pay back customers who install new insulation, heat pumps or solar panels, among other solutions. Barclays will start paying up to £2,000 to its mortgage holders to help them green their home as three in four say they cannot afford the changes they [...]
Post-Brexit trade: Over half of UK firms pivoting to EU for growth, HSBC report says November 15, 2022 More than half UK firms are pivoting toward the European Union to navigate their way through economic turbulence. A groundbreaking survey carried out by HSBC UK found that 53 per cent of companies are targeting trade with the continent in spite of post-Brexit rules and renewed Brussels red tape. Surveying 2,000 firms in one of [...]