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Bank of England left embarrassed by forecast u-turn

November 5th, 2016 (No Comments)

The Bank has binned gloomy post-referendum growth projections and now admits it may have to hike interest rates after all. Let’s be frank, this is hardly the first time the Bank of England has got something wrong. It missed the financial crisis, it misjudged the strength of the housing market in the run-up to it, it underestimated […]

Why Philip Hammond should be getting ready to break up RBS

November 3rd, 2016 (No Comments)

The new series of The Missing is surely the gloomiest television of the year. But it has nothing on the endless saga of RBS, which seems to use the same disturbing time-shift device: whenever there’s a horrible new plot twist, you have to spot whether we’re in 2008, 2011 or today. The crippled bank, still […]

Regulator accused of letting down poorer bank customers

November 2nd, 2016 (No Comments)

The Competition and Markets Authority (CMA) has been accused of letting down the financially vulnerable in its recent report on banking. Labour MP Rachel Reeves said the CMA was guilty of a “dereliction of duty”, after it decided not to cap unauthorised overdraft charges. Instead the CMA’s August report suggested that banks should each set their own maximum […]

Barclays’ PPI costs rise by another £600m

November 2nd, 2016 (No Comments)

The cost of the payment protection insurance scandal has topped £40bn after Barclays took another £600m hit to pay compensation to customers who were mis-sold the product. The extra provision, announced as the bank reported a 10% fall in nine-month profits, takes Barclays’ costs to £8.4bn. Data compiled by the thinkthank New City Agenda shows that […]

The worst airline for delays – and what you’re owed if your trip is affected

November 1st, 2016 (No Comments)

Flights get delayed all the time – but not all airlines are happy about paying up afterwards. These are the worst (and best) airlines when it comes to disrupted travel. Every day at this time of year, the UK’s airports help to ferry hundreds of thousands of British holidaymakers all around the world. And, while we […]

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