Terry Murden, Daily Business Editor

The Bank of England has raised the cost of borrowing, as forecast, by 0.25 percentage points to 4%, the first rise in three years. The decision by the nine-member monetary policy committee was unanimous and financial markets are still pricing in three further rate hikes by the end of next year.

Sandy Begbie has announced his intention to step down as chief executive of Scottish Financial Enterprise by next summer’s AGM. Mr Begbie was appointed CEO of the financial services trade body in October 2020, following a career which included senior roles at Tesco Bank, Aegon, Standard Life,

Edinburgh investment and development business Ediston has announced a funding partnership with a Singapore investor to help tackle the shortage of housing in Scotland. The partnership with 42 Capital Partners will be marked at a signing ceremony at the British High Commission in Singapore and will c

Aberdeen Group has sold part of its stake in Standard Life to institutional investors and is reinvesting the proceeds in strengthening its balance sheet.

The British Business Bank and NatWest (RBS) are investing alongside HSBC and M&G in venture capital firm Phoenix Court. The investment is the latest move to get more capital into promising young businesses.

The UK economy grew by 0.4% in July, faster than analysts’ expectations, and offering some relief to battered markets. Some economists had predicted no growth and the latest figure builds on growth of 0.3% in June and zero growth in May.

Aberdein Considine Wealth, trading as AC Wealth, has been acquired by Shackleton Advisers, which will significantly expand its presence in Scotland. The acquisition adds about £800 million in assets under management or advice to Shackleton, taking the total in Scotland to £1.3 billion.&n

Standard Life expects £800 million in ‘net synergies’ from its £2 billion acquisition of Aegon UK which will be complete by the end of the year. This is likely to be achieved by savings and adding value and noted it was poised for a “step-change” in strengthening