Bank of England pushes back rates decision to late September September 9, 2022 The next decision on interest rates will be made a week later than anticipated, following the death of Queen Elizabeth II. The country has entered into a period of mourning after it’s longest-reigning monarch died yesterday at Balmoral Castle, aged 96. An original meeting of the Monetary Policy Committee scheduled for 15 September has now [...]
Banknotes and coins with The Queen’s iconic face will remain legal tender, for now September 9, 2022 The nation has become accustomed to the Queen’s face adorning our bank notes, pound coins and stamps. But as the country now mourns her passing, many have wondered what will happen to the iconic symbol of the monarch on our coins; whether her face will continue to be printed on the currency, and whether indeed [...]
Funding Circle slashes guidance as profits tumble September 8, 2022 Lending platform Funding Circle slashed its guidance for the year today as it reported a plunge in profits to £1.6m in the six months to June.
All eyes on the Pound as Sterling set for bounce on Truss’s energy bill freeze September 8, 2022 It’s a big day in the markets with Liz Truss set to confirm her energy plans. The proposals are set to place a huge burden on the UK’s already strained finances. UK energy bills are set to rise to more than £3,500 a year for the average household from October, with Truss expected to outline [...]
Not having it: Revolut hits back at cost-cutting claims September 8, 2022 Revolut has hit back at claims it is cost-cutting and labelled them “misleading and incorrect” today after reports it was in the midst of a major review of its cost base.
Phones ringing in Canary Wharf as new Chancellor Kwarteng summons Britain’s bank and insurance chiefs September 7, 2022 The brand new Chancellor, Kwasi Kwarteng, will set out the Government’s new economic approach to the bosses of UK’s major banks after he summoned the banking heavyweights to the Treasury for talks on his first full day in office. Along with the chief executives, the new occupant of No 11 Downing Street invited the leaders of [...]
Liz Truss could be the gear shift Britain needs September 6, 2022 Should you be in need of a slightly bitter laugh during your lunch break, we recommend you pop down an internet wormhole and find the video of Britain’s former business secretary and now Net Zero czar Alok Sharma proudly pressing the red button on the demolition of SSE’s Ferrybridge coal plant. It is just over [...]
Truss urged by City to keep bank tax cut to boost competitiveness September 5, 2022 Liz Truss has been urged by City figures to slash taxes on banks amid speculation the incoming Prime Minister could lighten the tax burden for UK firms. Ex-chancellor Rishi Sunak last year announced a cut in the UK bank surcharge on profits from 8 to 3 per cent to offset the effect of a planned [...]
Shawbrook owners put plans to sell the challenger bank on ice September 4, 2022 The owners of Shawbrook Bank have reportedly shelved their plans to sell the lender. Private equity firms BC Partners and Pollen Street Capital were seeking bids of around £2bn for the challenger bank, which specialises in lending to small and medium-sized companies. The Financial Times reported, however, that the firms had failed to attract offers [...]
Weekend Read: As the Pound crashes to record low, what can be done to halt Sterling’s freefall? September 4, 2022 City A.M. reported yesterday that the pound is on course to plunge to a record low against the US dollar, largely driven by the UK tumbling into a tough recession. Sterling is expected to drop to $1.05 by the middle of next year, but could fall close to parity with the greenback, according to consultancy [...]