The Square Mile and Me with Rowland Thomas on the energy of the City and its changes over time July 20, 2023 Each week we ask a City figure to take a trip down memory lane. Today, it’s Rowland Thomas, Close Brothers property finance managing director What was your first job? At the local greyhound kennels spreading sawdust on the training runs. I was accidentally paid double rates – £1 instead of 50p per hour – which [...]
Coutts treatment of Farage ‘ought to jeopardise’ Natwest’s bank licence, senior Tory says July 19, 2023 Top Tory MPs have piled pressure on Coutts and its owner Natwest after the private bank reportedly closed Nigel Farage’s account because his views do “not align with our values”. Former Brexit secretary David Davis said the decision amounted to “thinly veiled political discrimination” and called it a “vindictive, irresponsible and undemocratic action”. Speaking during [...]
Farage claims documents show Coutts closed his accounts for political reasons July 19, 2023 Former Brexit Party leader Nigel Farage said he has obtained documents that show his accounts with the private bank Coutts, a unit of taxpayer-backed bank Natwest were being closed primarily for political reasons. In a video posted on Twitter on Tuesday, Farage said he received a 40-page document from Coutts after filing a “subject access [...]
Banks must tell savers if better deals are available under Consumer Duty, FCA says July 18, 2023 The Financial Conduct Authority (FCA) has warned banks that they must inform savers if better deals are available once the new Consumer Duty comes into force at the end of the month. In a letter to the Treasury Select Committee, the FCA said it is “more critical than ever that borrowers and savers are offered [...]
Bosses from Natwest, Shell and Sainsbury’s join PM’s new taskforce to boost growth July 18, 2023 Top bosses from firms including Barclays, Aviva and Shell have joined the Prime Minister’s new business council aimed at supercharging the UK’s growth. Prime Minister Rishi Sunak will chair the first business council meeting at No10 today, followed by a glitzy reception for scores of industry bigwigs to celebrate UK enterprise. CEOs including Alison Rose [...]
FTSE 100 close: Slowing China economy sends London index into red as Barclays and NatWest jump July 17, 2023 London’s FTSE 100 kicked off a fresh week today in downbeat fashion, dragged lower by signs that China’s economic recovery from the pandemic is whittling away. The capital’s premier index shed 0.38 per cent to close at 7,406.43 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
FTSE 100 close: Barclays, NatWest and Lloyds all surge after Bank of England gives clean bill of health to lenders July 12, 2023 London’s FTSE 100 was yanked higher today by Britain’s biggest banks surging after being given a clean bill of health by the Bank of England this morning. The capital’s premier index notched one of its best days in weeks, surging 1.83 per cent to 7,416.10 points, while the domestically-focused mid-cap FTSE 250 index, which is [...]
Bank of England says UK’s big banks passed stress test and are ‘resilient’ to rising rates July 12, 2023 The UK’s largest lenders passed the Bank of England’s stress tests with flying colours, even as concerns grow around the health of the mortgage market. In its latest stress test, the Bank of England concluded that banks were “resilient”, enabling them to withstand persistently higher inflation and a deep global recession. “The UK banking system [...]
London economy steams ahead of every other UK region but interest rate hikes contain growth July 10, 2023 London’s economy is steaming ahead of every other region in the UK, but there are signs higher interest rates and a return of recession jitters is holding the capital back, a new survey out today shows. Economic growth in London in June was far above the UK average and even its closest competitor, the south [...]
‘Blatant profiteering’: Bank chiefs hauled in front of FCA to discuss failure to pass on interest rates to savers July 6, 2023 Bank chiefs are meeting Financial Conduct Authority (FCA) officials on Thursday to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages. Bosses from HSBC, Natwest, Lloyds and Barclays are expected to attend. According to data from Moneyfactscompare.co.uk, the average easy access savings rate on offer on Thursday is 2.49 per cent. [...]