Banking

Andrew Bailey has warned that populist political movements pose a "serious challenge" to the Bank of England's independence, cautioning that institutions seen to stand in the way of popular will risk being branded an "unrepresentative elite." The Governor of the Bank of England was speaking at the L

Interest rates will need to rise quickly to head off the threat of inflation, according to the Bank of England’s chief economist. Huw Pill told an audience in Edinburgh that there were “dangers” in waiting for firmer evidence of the impact of conflict in the Middle East, reports ou

Pepper Money has appointed Michael Walsh as regional development manager (RDM) for Scotland to lead its broker engagement ahead of the launch of its First Charge mortgage proposition in the region this September. Mr Walsh will work closely with intermediaries across the country, helping them access

Royal Bank of Scotland has provided £82.6m of funding to support Rosethorn Capital Partners and Eagle Street Partners with the acquisition and repositioning of three purpose-built student accommodation (PBSA) assets in Birmingham, Edinburgh and London. The financing will support the acquisitio

Sandy Begbie has a message for anyone convinced artificial intelligence is about to wipe out entry-level jobs in Scottish financial services: it isn't happening, not yet, and not the way the debate suggests. "No one is saying to us that there's any major job losses," the Scottish Financial Enterpris

Chancellor John Healey is facing "sleepless nights" over a growing "inflation monster" due to surging oil prices, rising interest rate expectations and spikes in government gilt yields threatening markets on both sides of the Atlantic ahead of his inaugural Budget. High borrowing costs are expected

John Swinney has promised to advance the Scottish Government's £1.5 billion bond plans, nicknamed 'kilts', to help attract new investment into Scotland, as he unveiled his programme for government. The First Minister pledged to "deliver the investment needed to achieve Scotland’s economi

Private non-financial corporations (PNFCs) raised almost no net finance in July, a sharp turn from June's £2.4bn of net repayments, according to a new report. Statistics released by the Bank of England's money and credit report showed that bank lending to businesses, including overdrafts, and

A Budget tax raid on British banks would hand a competitive gift straight to rival global financial centres, according to the chief executive of one of the world’s largest independent financial advisory organisations. Nigel Green of deVere Group urged Chancellor John Healey to dismiss union le

Bankers and lawyers have been asked by the Treasury to share feelgood stories about how they blocked dirty money from entering the UK, as ministers try to prove the government's money-laundering controls are working. Officials from The Treasury are hoping to illustrate the UK has improved when it co

The Governor of the Bank of England Andrew Bailey has warned of a severe downturn in global stock markets if the AI bubble bursts. Mr Bailey sent a two-page letter to G20 finance ministers and central bank governors as part of his role as chair of the International Financial Stability Board (FSB), r

Allica Bank has applied for a banking licence in Sweden, its first expansion outside the UK, and hired a new executive team to lead the push into a market that could eventually give it access across the EU. The fast-growing digital business bank confirmed it has made an application for authorisation

Hedge funds, insurers and pension funds across the City are scrambling to close out internal misconduct investigations before new FCA rules, designed to stop so-called "rolling bad apples", take effect next month. The term refers to rogue employees who move between firms without ever facing conseque

Not so long ago, opening a savings account meant receiving a passbook, a modest interest rate, and possibly a gift from the cashier. Today, it might mean securing a badge for a seven-day savings streak, or competing with friends on a leader board for the highest amount saved in a month.

Lloyds Banking Group has appointed Kelly Bennett as an independent non-executive director to its boards. Mr Bennett served as a chief marketing officer with Netflix from 2012 until 2019. He previously held senior positions within Warner Bros Entertainment, including vice president, interactive, worl