Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Barclays shares slump to bottom of FTSE 100 as investors take fright at profit drop February 15, 2023 Barclays shares tanked nearly eight per cent today, sending them to the bottom London’s FTSE 100 index, driven by investors fretting over the bank announcing today weaker than expected profits. The firm’s profit in the three months to December last year fell eight per cent to £1.3bn despite a £800m revenue bump, taking the lender’s [...]
Barclays cuts bonus pool as profits tumble eight per cent on £500m provisions for loan defaults February 15, 2023 Barclays performed worse than expected in the final quarter of 2022, as higher expenses and an increase in bad loan provisions weighed on performance, leading to a £200m bonus cut for top staff. Profit fell in the quarter after the bank set aside £498m in impairment costs in case of bad loans, compared to a [...]
Natwest: Pensions fintech bought by bank in £144m deal which will ‘shake up savings’ February 13, 2023 Natwest is to buy pensions fintech Cushon for £144m in a move the bank says will bolster its offerings of “financial wellbeing” products. The FTSE 100 lender said it would take an 85 per cent stake in the London-based fintech while the company’s existing management would retain the remaining 15 per cent. The chief of [...]
UK banks set to report record profits of £37bn beating pre-financial crisis highs February 13, 2023 The UK’s top banks are set to unveil record profits in the next two weeks after sharp interest rate hikes boosted the lenders’ coffers last year. The big five FTSE 100 banks – Barclays, HSBC, Lloyds, NatWest and Standard Chartered – could post cumulative pre-tax profits of £37.4bn as they reveal their earnings for 2022, [...]
Bank chiefs hit back at accusations of profiteering on higher interest rates February 7, 2023 Chief executives from the UK’s four largest lenders today hit back at accusations from MPs that they were too quick to charge customers more interest on their mortgages without offering higher rates on savings accounts. The bank chiefs were asked why interest rates on instant savings accounts remain around one per cent while the Bank [...]
Bank of England not poised to slash interest rates until middle of next year despite inflation cooling February 5, 2023 A year of interest rate pain is still in store for households, businesses and mortgagors even after Bank of England governor Andrew Bailey and his team of economists have already lifted borrowing costs 10 times in a row. That is according to several top City economists, who do not expect interest rate cuts until early [...]
NatWest boss U-turns on snub of Westminster committee after plea to ensure it won’t be an all-male panel February 3, 2023 The boss of NatWest has U-turned on her decision not to appear in front of MPs next week as they scrutinise the UK’s biggest banks on why savings rates are so low while borrowing costs have spiked. Dame Alison Rose, NatWest’s chief executive, came under pressure from the Treasury Committee after saying she was too [...]
Another interest rate hike to boost banks’ profits, but how long will the windfall last? February 2, 2023 Bank shares prices were mixed after the Bank of England raised interest rates by 50 basis points earlier today, as the pressure on banks to pass on higher interest rates to savers grew. The more domestically focused Lloyds and Natwest were trading 1.0 per cent and 0.6 per cent higher respectively. Barclays was up 0.8 [...]
NatWest boss refuses summons by MPs probing savings rates February 1, 2023 The boss of NatWest has refused a request to appear in front of MPs to answer questions on why banks are being slow to pass on higher interest rates to savers. Chief executive Alison Rose has told MPs on the Treasury Select Committee that she does not have the time to speak to them next [...]
Natwest calls for stamp duty rebate to fund green home improvements February 1, 2023 The government should offer a rebate on stamp duty to fund energy efficiency plans for new homeowners, argues Natwest.