As it happened: FTSE 100 rallies after Democratic sweep in midterms and oil retreats FTSE 100 Live Welcome back to City AM‘s FTSE 100 liveblog. London’s blue-chip index has rallied into the afternoon while Wall Street also opened on the front foot after the midterm elections. Brent crude fell around $100 per barrel, extending the week’s decline as investors weighed up possible outcome of ongoing peace negotiations between the US and Iran. [...]
Barclays begins early motor finance payouts as FCA sets ground rules Banking Barclays will begin offering payouts to motor finance consumers ahead of the forthcoming legal battle after the City watchdog introduced its “minimum expectations” for lenders wishing to settle early. The bank said it would make payments using the Financial Conduct Authority’s (FCA) redress scheme methodology and acceptance would be optional. Once a consumer accepts the [...]
Rachel Reeves claims £66bn tax raid made UK ‘stronger’ Economics Rachel Reeves has launched a defence over her two tax-heavy Budgets, claiming they enabled a “stronger fiscal buffer” and shifted the “tax system towards rewarding work”. In her first major speech since been ousted as Chancellor, Reeves said she made “difficult choices” that were “not without controversy” but defended them as helping end the UK’s [...]
As it happened: FTSE 100 drops; oil reverses gains on hopes of end to US-Iran war November 3, 2026 Welcome back to City AM‘s FTSE 100 liveblog. London’s blue-chip index came under pressure after a mixed bag for oil trading. The price of Brent crude has crept above $106 per barrel following reports of a US attack on Iran’s Qeshm Island, a key strategic military location controlling the Strait of Hormuz. The reported strike [...]
Natwest shares slump after muted quarter October 30, 2026 Natwest shares fell after the bank delivered its third-quarter following a muted quarter for profit growth. The FTSE 100 bank recorded a pre-tax profit of £2.2bn, broadly in line with internal consensus and up 1.9 per cent from the same period last year. Its stock fell some four per cent to 611p in early trading. [...]
Why the City isn’t buying a ‘time-limited’ bank tax hike October 30, 2026 John Healey may have opened Pandora’s Box with an increase to the UK bank surcharge. Samuel Norman looks at whether he will resist the temptation to extend it. Few things in British politics have proved to be as permanent as a “temporary” tax. When the Conservatives introduced the 25 per cent energy profits levy in [...]
Natwest and Nationwide set for biggest profit hit from Healey’s bank tax raid October 29, 2026 Natwest, Nationwide and Lloyds are set to feel the biggest hit to profit from John Healey’s bank tax raid, analysts have said. The trio of British banks, which have a larger domestic focus than their peers HSBC and Barclays, are the most exposed to Healey’s doubling of the surcharge, according to analysts at RBC. The [...]
Healey tells Bailey to loosen UK banking regulation after tax hike October 29, 2026 John Healey has told Bank of England governor Andrew Bailey to loosen banking regulation “as quickly as possible” after the government raised taxes on the sector in the Budget. The Chancellor wrote to Bailey following the Budget with a direction for the Financial Policy Committee (FPC) to balance its stability mandate with support for economic [...]
Lloyds shares fall after high interest rates boost income October 29, 2026 Shares in Lloyds Banking Group tumbled on Thursday morning after the bank beat profit expectations in the third-quarter after a boost from high interest rates and a reduction in its cost base. The FTSE 100 giant reported a £2.3bn pre-tax profit for the latest three months, up nearly 99 per cent on last year’s figure. [...]
Santander UK turns to more cost-cutting after profit slip October 28, 2026 Santander UK said it expects to make more “efficiencies” after its profit slipped in the first nine months of the year due to a drag from restructuring costs and motor finance costs. The UK arm of Spain’s Banco Santander reported a £1.2bn pre-tax profit for the nine months ending 30 September, down six per cent [...]