UK economy... More recovery needed before rate rise

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UK economy… More recovery needed before rate rise

More recovery needed before rate rise
Bank of England Governor Mark Carney said yesterday that Britain’s recovery has “some way to run” before the Bank of England will consider raising interest rates from their record low. Mr Carney said he expected growth to steady over the coming year amid a slowdown in household spending, which has been fuelled by Britons dipping into their savings. Mr Carney said he was more pessimistic about export growth, as the recovery in the euro area, the UK’s biggest trading partner, remained “weak” and “uneven”.
The Daily Telegraph Business, p. 4

Cable confronts Lloyds over business staff cuts
Vince Cable is demanding an urgent meeting with the boss of Lloyds Banking Group after the bailed-out bank made deep cuts to the number of its small business experts.
The Guardian, p. 27

Mortgages & Residential Property

House prices rising across the board, says Nationwide
Nationwide Building Society has stated that the strong housing recovery has continued into the new year. Figures from the Land Registry showed that large parts of the country were being left behind.
The Times, p. 38
Also appeared in : Financial Times, p.4, The Guardian, p.7

Retail Banking

£330m bill for Barclays as branches face cuts
Barclays is facing an extra £330m in costs for legal and regulatory bills, the bank announced yesterday, as it confirmed that its branch network faces an overhaul in the coming years.
The Guardian, p. 28
Also appeared in : City AM London, p.3, Independent i, p.42, The Times, p.38

Citi becomes latest bank to cut weekend work for junior staff
Citigroup will follow in the steps of other major banks this February, as the group encourages junior staff to stay out of the office on Saturdays.
City AM London, p. 7

Appointments

WATCHDOG OBJECTS TO BOSTOCK’S DUAL ROLE
The Prudential Regulation Authority (PRA) has reportedly objected to Santander’s hiring of Nathan Bostock as both deputy chief executive and chief risk officer. Sky News originally reported the decision, suggesting that the bank will have to hire somebody else to fill the risk role.
City AM London, p. 7
Also appeared in : The Times, p.35, The Daily Telegraph Business, p.5

Round Up

Brussels tries to ban prop trading in UK and Europe
Banks face a ban on proprietary trading in the UK from 2017 under European Commission proposals published yesterday, a major shock to lenders who had not expected an outright ban.
City AM London, p. 2

Barclays said to be planning 400 jobs cuts in investment banking unit
Barclays is preparing to cut as many as 400 jobs in its investment bank as part of an effort to trim costs, according to a person familiar with the matter.
International New York Times, p. 16

Barclays. sets aside £330m for litigation costs
Barclays will take a £330m charge against the cost of forthcoming litigation and fines when it reports its full-year results next month.
The Daily Telegraph Business, p. 1

The above articles appeared on 30.01.2014. Reproduced with the kind permission of Kantar Media UK. All rights reserved.

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