HSBC has become the first bank to agree to delay the closure of a last branch in town until alternative banking arrangements are in place. The bank’s move means a number of communities will now not spend months bankless while a new banking hub is opened – or a cash deposit service introduced. Last year, […]
The head of the International Monetary Fund has warned of increased risks to the stability of the financial system after weeks of banking sector turmoil. It comes as markets brace for another week of volatility following panic over the health of Deutsche Bank. IMF managing director Kristalina Georgieva said uncertainty in the global economy remained […]
Energy giant Ovo has launched its first deal for customers cheaper than the government’s cap on household bills. The firm will offer a fixed 12-month tariff of £2,275 for existing customers, at a time when the government is limiting typical household bills to £2,500. It comes as falling wholesale gas prices start feeding through to […]
The Chief Executive of UK Export Finance (UKEF), Tim Reid, meets with the Albanian Prime Minster, Edi Rama and Finance Minister, Delina Ibrahimaj, to cement their £4bn ambition for a closer UK-Albania export relationship. This £4bn marks a doubling of the previously published market risk appetite for UKEF support for Albania and signals the huge […]
Ten construction firms have been fined a combined £60m by the competition regulator for “illegally colluding” to rig bids for lucrative contracts for projects including Bow Street magistrates court and Selfridges department store. The Competition and Markets Authority (CMA) found that the companies had acted as a cartel over 19 private and public sector contracts […]
Just 1% of the estimated £1.1bn lost from the government’s Covid business support programme in England as a result of fraud and error has been recovered so far, the public spending watchdog has said in a report urging ministers to learn lessons from the scheme. The “overwhelming majority” of fraud and error occurred during the […]
Accenture has announced plans to cut 19,000 jobs, about 2.5 per cent of its workforce, as corporate clients grow increasingly cautious about the strength of the global economy. The business, one of the world’s biggest consultancy groups, follows others in the sector in implementing sweeping layoffs after lowering its annual forecast of sales and profits. […]
Consumer confidence continued to rise this month despite growing concern about personal finances, a closely watched survey shows. It rose by two points to minus 36 on the monthly index by GfK, the market intelligence company. The biggest factor was a rise in the likelihood that people would buy big-ticket items such as furniture and […]
The Bank of England has pushed up the cost of borrowing to its highest level in nearly 15 years amid concerns that inflation will persist. The central bank raised interest rates by a quarter of a percentage point to 4.25 per cent, its highest level since November 2008, in the latest increase as the central […]
Retail sales volumes beat expectations to rise by their biggest margin in months to return to pre-pandemic levels in February. Sales rose by 1.2 per cent in February, the largest monthly growth since October, after a revised 0.9 per cent rise in January, according to new figures published by the Office for National Statistics. Strong […]