London’s economy powers through August in ‘growth mode’ as UK stalls September 12, 2022 London’s economy powered through August in “growth mode” despite the UK stalling, a new survey published today reveals. High street bank NatWest’s London purchasing managers’ index (PMI) remained in positive territory in August at 54.9. However, the PMI dropped sharply from 58 in July and was the weakest reading in nearly a year and a [...]
NatWest forced to dish out £600,000 refunds after breaching banking rules August 31, 2022 The UK’s competition watchdog has forced NatWest to dish out £600,000 in refunds after it ruled the bank breached rules by forcing business customers to open “costly” current accounts to access loans.
Fintech lenders have failed to educate FCA on financial crime, says digital bank chief August 23, 2022 Fintech lenders have done a “poor job” of educating the UK’s financial regulators on how to stamp out financial crime as banking has shifted onto digital apps, the chief of Cashplus has said.
Canary Wharf’s giants stand by idly as Brits flock en masse to challenger banks Monzo and Starling Bank August 20, 2022 In yet another sign that traditional High Street banks are losing ground across the UK, challenger banks have overtaken the established Canary Wharf institutions in a survey ranking how satisfied people and firms are with their services amid the worsening cost-of-living crisis. Starling Bank and Monzo were the top-ranked current account providers, while high-street lenders [...]
Most employers believe four-day working week will be the norm before 2030 August 3, 2022 The majority of employers believe that a four-day working week will become the norm in the UK before 2030. According to a survey conducted by Censuswide on behalf of NatWest Rapid Cash, 78 per cent of employers believe it will happen by the end of the decade while 52 per cent of recruiters said it [...]
London markets lose early gains despite UK banks’ best efforts August 1, 2022 A bumper crop of results from Britain’s largest lender and Asia-focused HSBC initially boosted London markets today, before an afternoon collapse. The capital’s premier FTSE 100 index dropped 0.13 per cent to 7,413.42 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 0.22 per [...]
NatWest shock profits lift London’s FTSE 100 July 29, 2022 London markets were boosted by investors piling into NatWest after it announced it will hand back £2.1bn to investors. The capital’s premier FTSE 100 index climbed 0.39 per cent to 7,374.25 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, added 1.32 per cent to [...]
NatWest ups dividends as profits surge on the back of interest rate hikes July 29, 2022 NatWest today upped its dividend after its pre-tax profits increased 13 per cent to more than £2.6bn for the first half of 2022. Higher lending incomes on the back of the Bank of England’s interest rate hike lifted NatWest’s finances and saw the bank raise its full-year revenue forecast to around £12.5bn, up from previous [...]
London markets jump ahead of expected big US Federal Reserve rate rise July 27, 2022 London markets shrugged off bets on the US Federal Reserve hiking rate steeply later today to jump during opening exchanges. The capital’s premier FTSE 100 index added 0.43 per cent to reach 7,337.93 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, increased 0.07 per [...]
Virgin Money announces plans to take UK’s fast-growing ‘buy now, pay later market’ by storm July 26, 2022 Virgin Money said this afternoon the bank plans to enter the buy now, pay later (BNPL) market later this year. With an offering called Virgin Money Slyce, Virgin Money is set to launch a new BNPL credit card product. Any spend over £30 can be spread across three, six, nine or 12-month repayment plans. Paying [...]