Construction PMI: UK construction sector crept back into positive territory in October November 2, 2017 The pound edged off lows in morning trading after a closely-watched index suggested the UK’s construction industry showed a very slight expansion in October. IHS Markit’s purchasing managers’ index for the construction industry rose to 50.8 in October, up from 48.1 in September and ahead of expectations of 48.0. Any figure below 50 denotes a [...]
Government auditor puts Learndirect funding under investigation October 2, 2017 The UK’s biggest provider of adult learning and apprenticeships faces scrutiny over its standards and funding after the National Audit Office (NAO) announced an investigation this evening. The government’s auditor will examine why Learndirect was given £45m by Department for Education’s funding agency, despite its poor Ofsted rating. The company, which is owned by Lloyds [...]
Hbos Reading: Treasury Select Committee joins calls for further transparency over ‘shocking’ fraud case June 27, 2018 A second group of MPs have weighed into the Hbos Reading fraud case, following last week's explosive report, demanding "maximum transparency" over what took place. The Treasury Committee chair Nicky Morgan has written to Dame Linda Dobbs, who is currently carrying out an independent review of the case, saying the Committee expects to receive the [...]
Paul Pester steps down as TSB CEO after IT outages September 4, 2018 TSB boss Paul Pester is to step down from the UK high street bank, following seven years of service that ended amid a prolonged and ongoing IT crisis. However, the bank insisted Pester was not a “fall guy” for the outage that began in April, impacting around 1.9m customers. Read more: TSB apologises to customers [...]
Robert Tchenguiz accuses Grant Thornton of conspiracy over fraud office probe October 8, 2018 Lawyers for property mogul Robert Tchenguiz today accused audit firm Grant Thornton of conspiring to persuade the Serious Fraud Office (SFO) to launch an investigation into his business dealings with the Icelandic bank Kaupthing. The flamboyant millionaire was in a packed London courtroom to hear his Queen’s Counsel Stephen Rubin of Fountain Court accuse the [...]
Goldman Sachs considering expanding bitcoin operations further says chief operating officer David Solomon June 20, 2018 Goldman Sachs is exploring a possible expansion of its involvement in bitcoin beyond clearing derivatives for clients, according to its chief operating officer. David Solomon today said the bank was “cautious but exploring those activities”, in an interview with Bloomberg TV. In May the bank said it will launch a bitcoin trading desk, shortly after [...]
Boom time: Clear Bank founder Nick Ogden on his efforts to start a British banking revolution January 15, 2018 Even in the ancient world of City banking, 250 years is a long time. Yet that was how long the UK has had to wait for a new clearing bank until Nick Ogden launched Clear Bank out of the blue last year. A decades-long consolidation of clearing banks – which provide banking services to other [...]
The year crypto went crazy: what’s next for bitcoin in 2019? December 19, 2018 This was the year the world woke up to cryptocurrencies. When the Bitcoin price bubble burst in December last year, having hit almost $20,000 (£15,886) per coin in value, governments, banks and tech giants alike began to sit up and take notice. The City was faced with a decision: is Bitcoin a vehicle for fraud [...]
Lloyds Bank faces legal action over equal pensions for men and women August 8, 2016 A trade union at Lloyds Bank is undertaking legal action to address the pension pay gap between men and women. The case could set a precedent for other companies, potentially costing them over £13bn, the FT has reported. Read more: Lloyds Banking Group to cull a further 3,000 jobs Lloyds Trade Union has described the gap [...]
Budget 2017: Government provides updates on sales of Green Investment Bank, Lloyds and RBS March 8, 2017 The government remained largely quiet on its various privatisation processes in the Budget today. The Treasury announced no new sell-offs, and confirmed the sale of the Green Investment Bank and £12bn of student loans are ongoing. The Green Investment Bank sale process has come under intense scrutiny in recent months, with several MPs raising concerns about [...]