Bank of England asks banks if they are ready for negative rates
The Bank of England has contacted UK banks to ask them how ready they would be if the base rate was cut to zero or turned negative. Although the Bank…
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Covid-19 ‘bounce back’ loans could cost UK taxpayers £26bn
Up to 60% of borrowers may default on business loans provided through the UK Government's Bounce Back Loan Scheme, the National Audit Office (NAO) has warned. A new report by…
Co-op Bank to close 18 branches
The Co-operative Bank has announced plans to cut around 350 jobs and close 18 branches across the country. The high street bank said that the move was necessary due to…
Mark Carney criticises protectionist trend
Bank of England Governor Mark Carney has spoken out against the ‘low road’ of protectionism, saying the trend would cost jobs and growth, according to Bloomberg. Carney said signs of…
FCA floats basic savings rate plan
The Financial Conduct Authority (FCA) has proposed a minimum interest rate for savings accounts to improve returns for loyal savers, according to BBC News. The FCA has said savers who…
Lloyds to cut back office staff, invest in tech
Lloyds Banking Group has announced plans to cut 450 back-office jobs in the latest attempt to cut costs and focus on digital initiatives, according to Reuters. The group has said…
Visa says broken switch caused 1 June payment failures
Visa has cited a broken switch as the root cause of payment processing problems on Friday 1 June that saw failed transactions across Europe, according to the Guardian. Some 5.2m…
Clydesdale and Yorkshire Banks to merge with Virgin Money
Two major banking brands are set to disappear from the High Street following a Virgin Money takeover of Clydesdale and Yorkshire banks, according to the Guardian. The £1.7bn acquisition is…
FSMB consults on ‘statement of good practice’ following Libor
The FICC Markets Standards Board (FSMB) has published draft guidance on what information traders can share, in the aftermath of the Libor rigging scandal, according to Reuters. The FSMB said…
Tax havens required to build public company ownership registers
The government has said it will support a legislative amendment which will force British Overseas Territories to create public registers of company ownership, helping to address the global system of…
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