Business Live: Nigel Farage demands resignation of NatWest executives following chief executive’s departure due to Coutts dispute

Business Live: Nigel Farage demands resignation of NatWest executives following chief executive’s departure due to Coutts dispute



From 1h agoKey events15m agoLloyds Banking Group profits ⁢hit by gloom over UK economy46m agoCity‍ minister: ‘It is​ right that the NatWest CEO has resigned’1h agoNigel Farage calls ‌for more leaders to go after NatWest boss​ resignsFilters BETAKey events (3)NatWest Group (5)Alison Rose (5)Coutts (4)Nigel Farage (4)BBC News (3)15m ago03.08 EDTLloyds Banking Group profits ⁤hit by gloom over UK economyKalyeena MakortoffA sign outside a Lloyds Bank in‍ New Street, Birmingham.A sign outside a Lloyds Bank in New Street, Birmingham. Photograph:⁣ Joe Giddens/PA

This is why bank shares have ​dragged down the FTSE 100 ​in early trades this morning: a slump ⁣in profits at the UK’s biggest high street bank.

Profits for Lloyds Banking Group⁢ tumbled 29% in the three months to June, as it prepared for an​ increase in customers falling behind on costly loan and mortgage payments because‌ of rising interest rates.

Lloyds, which is UK’s largest mortgage lender and owns Halifax, said pre-tax profits fell to £1.6bn in the second quarter. That marked a drop from £2.3bn a ​year earlier, and was slightly slower than average analyst‍ estimates for £1.7bn.

While the bank’s net⁤ interest​ margin ‍– which accounts for the difference between what is charged for loans and ⁢mortgages and what is ‌paid out⁢ for savers – was broadly flat at £3.5bn, ⁤the bank’s profits were ‍hit by its predictions for the British economy.

The lender ‌said that although its own economists were expecting “stronger” GDP‍ growth compared with six months ago, ​that was offset by fears that higher interest rates would​ lead to “increased ⁣losses”. It put aside £419m to cushion the blow of any potential defaults, where mortgage or loan borrowers fall behind, or potentially default, on their payments.

19m ago03.04 EDT

NatWest Group ​shares​ have fallen ⁣by 2.2% in the opening minutes ‍of trading on the FTSE 100.

However, it appears that it may be economics driving the move rather than the resignation of Alison Rose: the biggest faller on the FTSE 100 ⁢is ‍rival Lloyds Banking Group, which is down 2.9%.

25m ago02.59 EDT

Nigel Farage has called for legislation to prevent banks considering political views when making decisions on who can⁣ hold an account – while also taking a swipe at the pro-LGBT+ marketing campaigns Coutts has previously run.

Speaking this morning to his employer, GB News, Farage said:

The government, being⁢ a⁢ 36% shareholder in this bank, along with other major investors, needs to ‍appoint a new temporary board to take control of⁤ this bank, ⁢and then‌ what we ​need to do ⁢is, starting very early in the autumn, is to put in place ⁣legislation that says banks cannot and ⁣must not discriminate against customers because ⁢they support Brexit or they don’t‌ think putting rainbow flags on the⁢ front of the bank is right.

We need to address the ​money laundering regulations that have effectively become the sledgehammer to miss the nut. It’s the innocent that are getting hurt, whilst the big-time crooks still get away ‍with it.

Farage also declined to attack the BBC…

2023-07-26 02:08:57
Post from www.theguardian.com
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