Barclays, Lloyds, Halifax and Bank of Scotland to shut 63 more branches – including in London June 2, 2023 Two of the country’s biggest banking giants have announced they are slashing another 63 branches, taking away services from local communities around the UK. Barclays and Lloyds Banking Group between them announced a series of closures which are due to take place later this year or early next year. Barclays said on Friday it was [...]
British American Tobacco investors hope to cash in on pivot to vape sales June 2, 2023 Investors will be hoping Lucky Strike maker British American Tobacco (BAT) has stubbed out historic misconduct issues and is cashing in on its pivot to vapes and e-cigarettes. The FTSE 100-listed giant will give an update on its progress with a new boss at the helm when it unveils its trading update on Tuesday. The [...]
Pound records strong week as London markets expects Bank to hike rates further June 2, 2023 The pound has recorded its strongest week against the dollar in half a year as investors expect the Bank of England to keep hiking rates after the Fed has paused. Across the week, the pound gained more than 1.5 per cent against the dollar to trade at over $1.2530 on Friday afternoon. The pound performed [...]
Boris Johnson sends ‘all unredacted WhatsApps’ to Covid inquiry – going around the cabinet office June 2, 2023 Boris Johnson said he has sent “all unredacted WhatsApps” directly to the Covid-19 inquiry ahead of a legal clash between the probe and the Cabinet Office over access to the messages. The former prime minister told the inquiry’s chairwoman Baroness Hallett he would “like to do the same” with messages that are on an old [...]
Purplebricks: Troubled estate agent sold to rival Strike for £1 as job cuts loom June 2, 2023 Purplebricks has been sold for £1 to online estate agency Strike after shareholders approved the offer from the only remaining bidder. It will see the troubled firm come under the ownership of its rival, backed by Carphone Warehouse founder Sir Charles Dunstone. The online agency agreed to sell its business and assets to Strike for [...]
BBC announce Dame Elan Closs Stephens as acting chair after Richard Sharp’s exit June 2, 2023 Dame Elan Closs Stephens has been appointed acting chairwoman of the BBC following Richard Sharp’s departure. Mr Sharp resigned after publication of a report which found he broke the rules by failing to disclose that he played a role in getting then-prime minister Boris Johnson an £800,000 loan guarantee. The Government announced on Friday that [...]
HSBC leads banks’ plans to hike savings rates – and analysts say they could go up even further June 2, 2023 HSBC UK is boosting the interest rates on some savings accounts with increases of up to 0.75 percentage points, the bank has announced. The increases will come into effect next week, on Thursday June 8. They include a 0.75 percentage point increase on the bank’s mysavings and premier savings youth accounts, taking rates to 5.00 [...]
National Grid’s electricity system operator to allow energy firms to connect new projects June 2, 2023 Energy firms will be able to build their own connections to the grid, confirms National Grid's electricity system operator.
Cost of insurance against UK debt default has more than doubled over last year June 2, 2023 The cost of insuring the UK’s debt against default has more than doubled in the past year, as rising rates, increased borrowing and a deteriorating economic environment spooked investors. According to exclusive data from reinsurance firm Chaucer, the cost of a credit default swap (CDS) on the UK’s debt has increased 131 per cent. A [...]
Sticky inflation and regulatory pressure push UK deals to lowest level since 2016 June 2, 2023 Deals in the UK have slumped to their lowest level since 2016 amid sticky inflation and regulatory pressure.