News

Christine Lagarde is to stand down as president of the European Central Bank (ECB) in February, one year before her term finishes. Lagarde has held the role, one of the most important in global monetary policy, for more than seven years.

St James’s Place has reported a drop in net inflows in the third quarter, from £1.76bn a year earlier to £570m, blaming market volatility and pre-Budget caution. It said the comparison was against an unusually strong period last year, but funds under management (FUM) still hit a re

Lloyds Banking Group is finally reaping the rewards of its transformation over the past five years as the lender reported a near doubling of pre-tax profits over the third quarter to £2.3bn. The FTSE 100 lender also reported a 42% rise in profits to £6.6bn in the first nine months to Sep

Crypto firm Zumo has signed an agreement with Quantum Chain to build digital asset services designed to withstand future quantum computers. The memorandum of understanding aims to support quantum-safe digital currency and asset management for central banks, banks and regulated financial institutions

Morningstar DBRS has said the Chancellor’s decision to double the bank surcharge to 6% will be “manageable” for the sector, though UK-focused lenders will feel the greatest impact. The credit rating agency said the decision to increase the Bank Corporation Tax Surcharge from 3% to

Sandy Begbie has blasted Chancellor John Healey over the temporary increase in the bank surcharge announced in his maiden Budget, warning it prioritised short-term politics over the UK’s long-term economic health. The chief executive at Scottish Financial Enterprise acknowledged the "tough tas

The City of London Corporation has said the temporary rise in bank taxation announced in Chancellor John Healey’s maiden Budget “must end as scheduled”, calling for a long-term tax plan. Mr Healey confirmed that banks would pay a total surcharge of 6% on profits above £100m,

Santander UK has told shareholders to expect more “efficiencies” this year after its profits slipped in the first nine months of the year, due to a drag from motor finance and restructuring costs. The group revealed a £179m increase in its motor finance provisions, booked in the fi

The Scottish National Investment Bank (SNIB) has appointed Richard Hope, Dr James McCourt and Lynne Rennie-Smith as non-executive directors to its board. The appointments were made by the Scottish Government’s Cabinet Secretary for Economy, Tourism and Transport, Stephen Flynn MSP, ahead of th

Chancellor John Healey will abandon his predecessor Rachel Reeves’ “car crash” ISA reforms in his maiden Budget later today, according to reports. The Chancellor will reverse the decision to cut the Cash ISA allowance from £20,000 to £12,000, which was set to come into

Economists have predicted that John Healey’s first-ever Budget will likely omit clear plans to reform taxes, curb the welfare bill and boost defence spending, in a move that would kick “tough decisions into the long grass”. Mr Healey is expected to delay several major financial dec

The financial services industry is worried about the impact of cyber security, operational resilience and dependence on external technology providers, as a new survey reveals growing dependence among firms on artificial intelligence (AI). A joint report by the Bank of England and the Financial Condu

Asia’s grip on the supply chain will enable it to continue building exports despite the threat of higher tariffs by Western economies, according to a trust manager. The dominance of China, Taiwan, India and Korea across a number of sectors from renewables to car production means they are capab

Peter Gallanagh is to step down as Azets’ UK&I Chief Executive Officer at the end of the year to move into an advisory role. Prior to taking on his UK remit, Glasgow-based Mr Gallanagh was the firm’s Managing Partner for Scotland.

Independent professional services and accounting firm Wbg has acquired employee-owned Dunedin Advisory, the licensed insolvency and chartered accountancy practice based in Glenrothes. Eleven staff will transfer to Wbg, taking the headcount of its restructuring function to 33.