Starling Bank has been fined £29 million by the Financial Conduct Authority (FCA) for “shockingly lax” financial crime controls that left the UK’s financial system exposed to criminals and sanctioned individuals. The FCA’s investigation revealed that the digital bank failed to design and implement adequate systems to mitigate financial crime risks, particularly as it rapidly […]
The UK’s equity markets have taken a hit as the Labour government’s pessimistic portrayal of the country’s economic outlook reverses a brief recovery in investor interest. New figures from Calastone, a global fund network, show that UK-focused funds suffered net withdrawals of £666 million in September, while other geographically focused fund sectors recorded inflows. Overall, […]
Andrew Bailey, Governor of the Bank of England, has indicated that the Bank may take a more aggressive stance on cutting interest rates if inflation continues to decline. However, he cautioned that escalating tensions in the Middle East could lead to a sharp rise in oil prices, which would complicate the Bank’s policy outlook. Speaking […]
One-third of homes currently for sale in the UK are chain-free, as landlords and second-homeowners rush to sell amid speculation over potential capital gains tax increases in the forthcoming Budget. According to Zoopla, the property search website, the number of agreed house sales has risen by 25% compared to this time last year, driven in […]
Sainsbury’s chief executive, Simon Roberts, has raised concerns that uncertainty surrounding potential tax increases is discouraging consumers from making significant purchases. With Labour’s shadow Chancellor, Rachel Reeves, preparing her first Budget, which is expected to address the £22bn public finance gap, households are holding back amid fears of higher taxes. Mr Roberts emphasised that customers […]
Tesco is lowering prices “as quickly as possible,” according to its chief executive, in the latest sign that inflationary pressures in the UK may be subsiding. The country’s largest supermarket has cut prices on thousands of products as the cost inflation it faces eases. The retailer is continuing to work closely with suppliers to pass […]
Tata Consumer Products, the owner of Tetley Tea, has initiated legal action against striking factory workers, accusing them of trespassing during an ongoing pay dispute. The company has applied for a trespass injunction after workers allegedly entered Tetley’s Teesside production site in County Durham, violating picketing rules and engaging in “intimidating” behaviour towards managers. The […]
An official report has revealed that most UK businesses that benefited from £23bn in government Covid grants during lockdown would have survived without the financial aid. According to the Department for Business and Trade’s analysis, only a quarter of the 1.4 million businesses that received state support would have collapsed without it. The 100-page report, […]
The Bank of England has issued a stark warning that the UK could face a credit crunch, as financial markets remain vulnerable to a “sharp correction.” Policymakers cautioned that a sudden crash in global markets could significantly raise borrowing costs for both households and businesses in the UK. The Financial Policy Committee (FPC), chaired by […]
The UK government is exploring the introduction of extended probation periods for workers returning from long-term sickness, in an effort to encourage businesses to hire them without the risk of legal repercussions. Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds are leading discussions around “flexible probation periods” as part of a broader strategy […]