Sainsbury’s is to wind down its banking division as it continues to focus on its core food business. The supermarket said it planned a “phased withdrawal” from its core banking business, but said the 1.9 million customers of the service would see no immediate changes. Sainsbury’s Bank currently offers loans, credit cards and savings accounts. […]
Spotify has launched an outspoken attack on new transaction fees of up to 27% being levied by Apple in the US. On Wednesday, Apple announced it would permit app developers to sell products in places other than its own store – but only if they still paid commission. Spotify said that was “outrageous” and accused […]
The Chancellor, Jeremy Hunt, has given strong hints that he wants to cut taxes in the spring Budget. Mr Hunt said that countries with lower taxes have more “dynamic, faster growing economies”. In the Autumn Statement, the chancellor cut national insurance for workers by 2% and announced tax relief for businesses. If inflation falls this […]
The Post Office has cut the size of the compensation pot it set aside to pay branch managers wrongly convicted of theft and false accounting by half. Its annual accounts show it has now set aside £244m, down from £487m last year. Between 1999 and 2015, more than 700 Post Office staff were convicted when […]
Frasers Group has snapped up luxury clothing website Matches Fashion for £52million. The company, which is controlled by billionaire Mike Ashley, will buy Matches from private equity firm Apax Partners, its owner since 2017. It marks a further expansion of Ashley’s empire, with Frasers owning retailers including Sports Direct, House of Fraser and Flannels as […]
Barclays has reached an agreement to stay in its Canary Wharf headquarters until at least 2039, in a boost to the London docklands financial district following a string of exits from other high profile firms. Canary Wharf Group said the bank had agreed a five year lease extension on its tower One Churchill Place. Barclays […]
Artificial intelligence cannot be legally named as an inventor to secure patent rights, the UK supreme court has ruled. In a judgment on Wednesday, Britain’s highest court concluded that “an inventor must be a person” in order to apply for patents under the current law. The ruling comes after the technologist Dr Stephen Thaler took […]
Chancellor Jeremy Hunt is in Switzerland to sign a deal that makes it easier for UK and Swiss financial firms to deal with each other. Trade in financial services between the UK and Switzerland is worth more £3bn. The government is hoping that the Berne Financial Services Agreement will help that figure grow. The deal […]
The world’s biggest offshore wind farm is to be built in British waters after its developer said it planned to charge consumers higher prices for some of its electricity. Orsted said it was pressing ahead with the £8 billion Hornsea Three development, which could power more than three million homes, after threatening to pull the […]
Inflation has fallen faster than expected to its lowest level in over two years, dragged down by easing petrol and food prices, adding impetus to growing calls for the Bank of England to begin lowering interest rates next year. Prices rose 3.9 per cent over the year to November, down from an increase of 4.6 […]