Bank branches across the UK are closing at a rate of around 60 a month, new research from consumer group Which? has found. By the time we reach the end of 2018, 2,868 branches will have closed in the last three years. RBS has led the way in closures, but the rate of branches shutting […]
The government has lost more than £2bn through the latest RBS share sale. More than £2.5bn of government-owned RBS shares have been sold as part of returning the bank to private ownership. The government’s shareholding has been reduced by 7.7 per cent to 62.4 per cent. Through the deal 925 million shares were sold at […]
The Bank of England has picked the only man on a shortlist of contenders to join its rate-setting panel, drawing criticism from a number of influential MPs. While the Treasury said roles were chosen on merit and it is “committed to diversity and encouraging the broadest range of candidates”, Treasury select committee chair Nicky Morgan said […]
Bank of England governor Mark Carney has told economists that rate-setters will be forced to make harsh cuts to support the economy if Brexit is not smooth. Speaking in London last night, Carney says the bank is ready to act in the face of a messy exit from the European Union, warning that the contingency […]
Barclays could be set for a tie up with a competitor bank in the wake of pressure from one of its largest shareholders. The Financial Times reports that names in the frame include Standard Chartered, which two people close to the situation say was a favoured option of Barclays chairman John McFarlane and potentially supported […]
Peter Hargreaves has jumped to 42nd position on the Sunday Times Rich List, a climb of nine places from last year, after seeing his wealth grow £849m to £3.2bn. Hargreaves is no longer on the Hargreaves Lansdown board but has kept a 32.2 per cent stake in the company – the value of which has […]
The Bank of England’s Monetary Policy Committee has voted to keep interest rates on hold at 0.5 per cent. Announcing this decision, the Bank also cut its growth forecast for 2018 from 1.8 to 1.4 per cent. Seven out of nine of the MPC members voted to keep the base rate on hold. There was speculation earlier […]
Lloyds Banking Group’s pre-tax profits have jumped 23 per cent to hit £1.6bn for the quarter, latest results show. For the three months to the end of March, the bank has reported net income of £4,3bn, up 4 per cent year on year, as Lloyds sounded a bullish note on the prospects for the UK […]
Metro Bank’s chairman Vernon Hill has been re-elected despite opposition from activist shareholders such as Royal London. Hill has received criticism from a number of major shareholders over payments to his wife’s company Interarch totalling £21m since Metro Bank’s inception in 2010. The board at Commerce Bank previously ousted Hill from his former role at […]
Having written down its stake in its troubled banking division, Co-op has swung back into profit for 2017. The conglomerate has reported £72m of profits for 2017, on the back of £132m loss the year before. Insurance sales dropped by a quarter, but the firm has put this down to a change in the way […]
Chancellor Philip Hammond earmarked more cash for affordable housing in his Spring Statement today. The Chancellor assigned an extra £1.7bn for affordable housing in London, equating to 26,000 new homes. Hammond said the extra cash would take the total planned affordable housing levels in London to 116,000 by the end of 2021/22. Hammond also added that […]
In today’s Spring Statement Chancellor Philip Hammond announced the forecast for UK GDP in 2018 revising it upwards compared to previous data. Estimates from the Office for Budget Responsibility say the UK economy has grown 1.7 per cent in 2017, compared to the previous forecast of 1.5 per cent announced in the Autumn Budget in November. […]
As the outlook for the UK’s economy remains uncertain, how can advisers prepare portfolios for any change in inflation? As higher inflation fails to appear on the horizon and wages grow faster than expected, fund managers are weighing up their portfolio moves for any potential changes in the economy. The UK consumer prices index rose […]
Schroders is set to downgrade its global growth forecasts for the first time in more than 18 months. The manager is set to downgrade next quarter on a host of macroeconomic and geopolitical fears, chief economist Keith Wade announced at Schroders’ investment conference in Edinburgh today, despite raising it every quarter for the last year […]
Peter Hargreaves has jumped to 42nd position on the Sunday Times Rich List, a climb of nine places from last year, after seeing his wealth grow £849m to £3.2bn. Hargreaves is no longer on the HL board but has kept a 32.2 per cent stake in the company – the value of which has reportedly […]
Royal Bank of Scotland has agreed to pay the US Department of Justice $4.9bn (£3.6bn), paving the way for the British government to sell more shares in the bank. RBS said the settlement was agreed on Wednesday night and most of the sum is already covered. The prospect of a heavy fine by US authorities […]
Aviva is planning to buy back £600m of its own shares, in an effort to deploy £2bn of excess capital this year. The provider says it has “significant excess capital” and this year will use £900m for debt reduction, £500m for acquisitions and £600m for the share buy-back. The buy-back will run from today to […]
Data that shows the appetite for UK equities is back has left analysts and investors wondering whether the asset class has pulled through its Brexit slump. UK equity funds saw net retail sales of £114m in November, their first inflow of 2016. They had suffered £5.1bn outflows since the previous January, £3.8bn of which followed […]
From endless trade disputes to long drawn out speeches from unelected bureaucrats clinging desperately to power – there are some stark similarities between the Star Wars saga and the EU. But as Disney’s latest instalment cleans up at the box office, Prime Minister May has her own cabinet rogues to keep under control. Whether its […]
At the Conservative party conference last week, Theresa May announced she will trigger Article 50 by the end of March 2017 and that a Great Repeal Bill will be brought forward at the next Queen’s Speech. While some were calling for more time before pressing the big red Article 50 button (notably one Mr George […]
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Changes in the way long-term care is paid for was the dog that did not bark in Chancellor Philip Hammond’s first Autumn Statement. It failed to get even a mention, despite many telling us there is a crisis in long-term care for older people. There have been calls for tax subsidies for those who save […]
The UK will be living the consequences of Brexit for years to come – yet the rest of the world seems to have moved on. At least that is the conclusion you would draw when observing recent moves in global stock markets. That said, there is no getting away from the fact the global recovery […]