£9bn in housing funds sit idle in council accounts March 1, 2026 More than £9bn in developer contributions earmarked for schools, transport, healthcare and affordable housing is sitting unspent in council bank accounts, according to new research. A freedom of information survey by the Home Builders Federation (HBF) estimates that £6.6bn in Section 106 payments and £2.2bn raised through the community infrastructure levy (CIL) remain unspent. Of [...]
On this day: the nationalisation of the Bank of England March 1, 2026 The Bank of England Act 1946 came into effect 80 years ago today, formalising a compact and a degree of cooperation between the Bank and the Treasury which had been developing for years, writes Eliot Wilson The Bank of England is the second-oldest central bank in the world. Only the Sveriges Riksbank in Stockholm, which [...]
Top Barclays executive to take the helm at UK banking watchdog February 27, 2026 A senior Barclays executive and former Treasury official has been appointed as the chief supervisor for British banks and insurers, reinforcing the government’s drive to ease regulations brought in after the 2008 financial crisis. Katharine Braddick, head of strategic policy at Barclays and senior adviser to the chief executive, will succeed Sam Woods as the [...]
Consumer confidence slips in latest setback for Labour February 27, 2026 Consumer confidence slipped slightly in February despite hopes of a turnaround, adding to fears the UK economy could slump this year. A closely-monitored survey conducted by the research firm GfK said consumer confidence dropped by three points to -19. The reading reflects dampened spirits among British consumers in what will likely worry Labour strategists keen [...]
On this day: The collapse of Barings Bank February 26, 2026 On 26 February 1995, 31 years ago today, Baring Bank, one of the City’s most venerable institutions, was declared insolvent after a massive fraud by one of its employees, Nick Leeson, recalls Eliot Wilson In the 1990s, following the wake of Big Bang and the influx of brash but wealthy, “Greed is good, greed is [...]
Why Rachel Reeves’ low-key Spring Statement still matters February 26, 2026 This is the Spring Statement that Chancellor Rachel Reeves has long been waiting for in opposition: a moment of sheer insignificance. In May 2023, six months after the mini-budget debacle, Reeves offered a speech in opposition to Washington DC’s top independent think tank, the Peterson Institute, exalting her core economics philosophy of ‘securonomics’. She summarised [...]
Tory MP accuses Starmer of ‘blatant lie’ over energy bills claim February 25, 2026 A Tory backbencher has lashed out at Sir Keir Starmer for a “blatant lie” after he praised a drop in the energy price cap set by Ofgem. Katie Lam, who has weighed in on issues ranging from growth to immigration, said energy bills under Labour had spiked since it took to power in mid-2024. She [...]
Revolut investors eye $100bn price tag in push for new share sale February 25, 2026 Revolut is weighing a fresh secondary share sale in the second half of 2026 as investors at the fintech giant hope to secure the $100bn price tag ahead of its highly-anticipated public debut. The London-born digital bank is in early talks over a transaction that would give new investors the opportunity to buy into the [...]
Bank of England chief: Interest rate cut is an ‘open question’ February 24, 2026 The governor of the Bank of England has said that an interest rate cut in March was an “open question” as policymakers suggested the jobs market would remain weak over the coming months. Appearing before the Treasury Select Committee on Tuesday, Andrew Bailey said he had not seen enough evidence to back an interest rate [...]
Retail investors become largest UK investment owners as wealth managers look elsewhere February 24, 2026 Retail investors solidified their place as the largest group of investment trust owners last year, as wealth managers and institutional investors decreased their holdings. As of 2025, retail investors hold a combined £50.5bn, equivalent to a 37 per cent stake, according to the latest state of the nation report from Warhorse Partners. This was up [...]