The Co-operative Bank has brought in the former commercial banking head at Lloyds Banking Group to be its chief executive following several years of turmoil. Andrew Bester is to replace Liam Coleman, who has spent a year and a half in the job. According to The Times, the appointment is the fifth change at the […]
The Bank of England’s Monetary Policy Committee has voted to keep interest rates on hold at 0.5 per cent, but with an increased number of members calling for a rate rise. Chief economist Andy Haldane has joined those calling for a rise. The BoE revealed that six members voted to keep rates on hold, with […]
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 […]
Prime minister Theresa May has promised to fight any attempt to remove her from office after two cabinet ministers quit in 24 hours. Boris Johnson quit as foreign secretary yesterday and Brexit secretary David Davis left his post on Sunday evening. Davis warned May’s proposal to keep Britain closely aligned to European Union rules was in […]
Although a ‘known unknown’, an EU exit has the power to move markets in a major way
The Treasury is considering whether to introduce a flat rate of pension tax relief to help fund the National Health Service. According to The Times, the Treasury has started to investigate the flat-rate proposal and says it could raise an additional £4bn in revenues. In June, the government promised to increase spending on the NHS […]
The number of taxpaying pensioners has nearly doubled since the mid-1990s, a Freedom of Information Act request has revealed. An FOIA request to HM Revenue and Customs by Royal London shows the growing tax bills faced by pensioners in different parts of the country. Between the mid-1990s and the mid-2010s the number of taxpayers over […]
Lawmakers may not approve appointments to the Bank of England in the future over concerns about the lack of diversity at the institution. While the Treasury select committee approved two male appointments at the Bank this week, it expressed concerns again about the absence of women in senior positions. This means the committee could decide […]
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 […]
News and expert analysis straight to your inbox
Sign up
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 […]