British Business Bank cuts jobs in automation push Banking The British Business Bank slashed its headcount in the last year as the government-owned economic development bank underwent a major restructuring. The bank – which backs loans from financial institutions in a bid to drive up UK small business lending – said in its annual report “a number of colleagues were placed at risk under [...]
Mahmood called for banker bonus tax to fix youth unemployment Banking Shabana Mahmood has previously called for a tax on banker bonuses to fix youth unemployment in a move that will renew fears the sector could be targeted for a cash grab. The front-runner to be Andy Burnham’s Chancellor was a staunch supporter of a bill set out by Labour in opposition that sought to levy [...]
Burnham set for crunch decision on JP Morgan’s £10bn tower Banking Andy Burnham’s government will face a crunch decision on the future of JP Morgan’s flagship tower in Canary Wharf as it weighs whether to uphold a major tax break for the project despite opposition from industry groups. The next Chancellor will serve as the final arbiter on the framework of a business rates exemption for [...]
JP Morgan’s Jamie Dimon under fire over whether he lobbied Treasury on Epstein advice July 13, 2026 The boss of JP Morgan is facing mounting scrutiny from US lawmakers on whether he lobbied the UK government on tax affairs on the advice of convicted sex offender Jeffrey Epstein. Jamie Dimon – who is well-regarded as one of the world’s most influential figures in finance – said under oath in 2023 that he [...]
Rachel Reeves’ legacy of tinkering with the City is not enough, says Mel Stride July 9, 2026 Sir Mel Stride has branded Rachel Reeves’ legacy in government as mere “tinkering” with City reform as the top Tory predicted her successor will create a “hostile” environment for the banking sector. In an interview with City AM, the shadow Chancellor branded Reeves’ two-years in the Treasury as “managerial incrementalism,” adding it was “not enough”. [...]
UK fintech Starling to axe 130 roles in AI-powered simplification drive July 3, 2026 Starling is gearing up to cut some 130 roles in a bid to streamline its operations following a fall in profit over the last year. The London-based fintech told staff this week it would restructure its banking and tech operations as it leveraged AI across operations ahead of an influx of new projects. It said [...]
City watchdog suspends parts of £9bn motor finance scheme after industry backlash July 2, 2026 The UK’s financial watchdog has suspended parts of its under-fire £9bn motor finance redress scheme amid fierce backlash from industry and consumer groups. In a statement on Thursday, the Financial Conduct Authority (FCA) said the suspension will require firms to continue preparations for its scheme but avoid work that “may need to be repeated” if [...]
Interest rate cut is ‘off the table’, says Bank of England governor July 2, 2026 Andrew Bailey has said cutting interest rates is “off the table at the moment” in the clearest sign yet borrowing costs are likely to stay elevated for the rest of the year. The Bank of England governor said on a panel at the European Central Bank’s annual conference in Portugal that inflationary pressures following the [...]
Halifax ends 173-year high street run as Lloyds ditches branding July 1, 2026 Lloyds Banking Group is set to ditch its Halifax brand in a move that will end the retail bank’s 173-year run on the high street. The FTSE 100 titan – whose subsidiaries also include Bank of Scotland and Scottish Widows – said on Wednesday it would rebrand Halifax under the central moniker of Lloyds. Lloyds [...]
Natwest hit with £250m lawsuit tied to Thurrock Council scandal July 1, 2026 Natwest could be on the hook for more than a quarter of a billion pounds for allegedly aiding a businessman in secretly transferring funds from his investment firm. The FTSE 100 giant’s subsidiary – the Royal Bank of Scotland – has been engulfed in the collapse of Rockfire Group, which was triggered by a fraud [...]