Revolut’s UK banking licence bid faces global risk scrutiny October 14, 2025 Revolut’s pursuit of a full UK banking licence has hit another stumbling block as regulators seek further information on the fintech’s risk controls in light of its accelerating overseas growth. Officials at the Bank of England have sought commitment from the digital banking juggernaut that it will bulk up its risk management infrastructure to match [...]
Detached, ignorant, and selfish: City broker blasts the Treasury October 14, 2025 City broker Shore Capital has blasted the Treasury as incapable of creating economic growth, as Britain gears up for a tax-raising budget. Rumours of various taxes that Rachel Reeves might introduce in this Autumn’s budget in an attempt to plug a £40bn gap in the nation’s finances have been swirling, despite strong pushback from companies and consumers. [...]
Public sector pay outpaces private amid Budget pressures October 14, 2025 Public sector pay has outstripped private sector pay on an annual basis, according to new official data, with the added pressures on public finances set to force Chancellor Rachel Reeves to hike taxes at the Budget. The Office for National Statistics (ONS) said annual average regular earnings growth was 4.4 per cent for the private [...]
City watchdog unveils plans to support tokenisation as it pursues further growth October 14, 2025 The City watchdog has set out fresh plans to support tokenisation as it ploughs ahead with its growth agenda. The Financial Conduct Authority (FCA) unveiled guidance that provides firms and asset managers clarity on how to adopt the technology effectively in order to boost competitiveness and increase the amount of choice for consumers. Tokenisation allows [...]
Goldman Sachs chief warns Rachel Reeves against bank tax October 14, 2025 The boss of Goldman Sachs has warned Chancellor Rachel Reeves that an increase to the financial burden slapped on the banking sector would dent economic growth ambitions. In a private meeting with the Chancellor, David Solomon said hitting the industry with higher taxes would dampen wider prospects for the country’s growth. The remarks come ahead [...]
Unemployment rises as concerns grow for UK jobs market October 14, 2025 The unemployment rate rose slightly to 4.8 per cent in September, while the inactivity rate was 21 per cent, “largely unchanged” on the previous quarter but below levels seen a year ago. The estimated number of vacancies in the UK also fell by 9,000, marking the 39th consecutive period of job posting declines. The ONS [...]
Close Brothers takes swing at FCA after near-doubling motor finance provisions October 14, 2025 Close Brothers’ frustration at the City watchdog has stepped up a gear after the firm was forced to almost double its provisions for the motor finance scandal. The FTSE 250 lender, which had previously set aside £165m, hiked its provisions by a further £135m following the Financial Conduct Authority outlining details of its industry-wide redress [...]
Goodbye Nutmeg, hello Clove: New investing service lands £10m funding October 14, 2025 As the London fintech world bids goodbye to investing app Nutmeg, a new spice-themed alternative is about to rise up from the ashes. Investing startup Clove, a new venture from serial entrepreneur Christian Owens, has emerged from stealth after landing a bumper £10m funding round. The pre-seed round featured a host of prominent investors including [...]
Why don’t London’s luxury hotels make any money? October 13, 2025 London is home to some of the most iconic and well-known luxury hotels in the world. The Savoy, the Ritz, The Dorchester and Claridge’s, to name just a few, are renowned the world over and have played host to the ultra wealth, celebrities and royalty. Also appearing in a string of popular films, London’s luxury [...]
A harmful budget risks shattering IPO revival, Cavendish chief warns October 13, 2025 The boss of a London-listed investment bank has warned Rachel Reeves must be “careful” her budget policies do not damage the recuperating IPO market. Speaking to City AM at City & Financial Global’s Capital Markets Summit, Julian Morse, chief executive of Cavendish, said: “The main driver [of the IPO market] is the economy, so if [...]