Danske Bank shares surge after record profit haul February 7, 2025 Shares in multinational lender Danske Bank surged on Friday after the lender beat forecasts with record annual profits. In its full-year results, Denmark’s biggest bank said it had raked in profits of £2.6bn on the back of a boost in “customer activity” along with low loan losses . The bank, which has had offices in [...]
Bank of England Chief Economist: Job on inflation not done yet February 7, 2025 "I think that is a reason for caution, for carefulness in the way we proceed with removing monetary policy restriction and cutting bank rate," Pill said.
Week in Business: Growth hammer blow means Reeves must change course February 7, 2025 If the Chancellor was still on a high from last week’s big growth-focused speech, the Bank of England has just pulled her back down to earth and, for good measure, poured a bucket of cold water over her. This is a time for hard truths and none harder than the hammer-blow fact that the Bank [...]
Lloyds places thousands of jobs under review in tech overhaul February 7, 2025 Lloyds Banking Group has placed thousands of jobs in its IT division under review as the lender races to beef up its engineering teams and modernise its digital banking offer, City AM can reveal. The FTSE 100 bank told some 6,000 tech and engineering staff on Wednesday that their jobs may be at risk of [...]
Stagflation: Chancellor Rachel Reeves faces mess of her own making February 7, 2025 The Bank now expects the UK economy to grow 0.7 per cent this year, cut from a previous estimate of 1.5 per cent. Inflation, meanwhile, will hit 3.7 per cent later this year.
Cost-cutting pays dividends at TSB as bank reports record year February 7, 2025 TSB's pretax profit increased to £290.4m, 22 per cent higher than the year before and a record since the bank returned to the high street in 2013.
Why the Bank of England slashed its growth forecasts February 6, 2025 The Bank of England delivered Chancellor Rachel Reeves a mixed blessing on Thursday. Alongside cutting interest rates by 25 basis points, Bank officials halved the UK’s expected growth rate in 2025 to 0.7 per cent from a previous estimate of 1.5 per cent. This will come as a blow to Reeves, who has staked her [...]
Compass: Revenue surges as acquisition drive continues February 6, 2025 Catering company Compass Group recorded organic revenue growth of 9.2 per cent last quarter, with all divisions contributing to growth. The FTSE 100 food service group reported 9.7 per cent organic revenue growth in North America, 8.4 per cent in Europe, and 7.9 per cent in the rest of the world, it said in a quarterly [...]
Watches of Switzerland: Rolex retailer bolstered by US sales February 6, 2025 Watches of Switzerland has expressed optimism about the European luxury market and noted momentum in the US, in the latest signs the global luxury market is beginning to recover from a two-year downturn. The watch retailer said the luxury market, which has been under pressure from lower disposable income and changing trends, has stabilised. The [...]
Discounts push retail footfall to first January rise in nearly a decade February 6, 2025 Retail footfall rose year on year in January for the first time since 2016, although the boost was likely due to Brits delaying festive spending in favour of discounted goods in the new year sales. Footfall rose by 1.4 per cent in January 2025 compared to 2024 in all UK retail destinations, according to data [...]