UK Inflation Holds at 4%
In the United Kingdom, inflation remained at 4% in January, demonstrating what corresponds to such a concept as stability.
UK - page 8
Revolut Launches Phone Plans for Travelers
Revolut, based in the United Kingdom and operates in the sphere of financial technologies, announced the launch of phone plans.
Barclays to Acquire Tesco Bank
Barclays has entered into an agreement to acquire Tesco’s retail banking business, including its credit cards, operating infrastructure, deposits, and unsecured personal loans.
Bank of England Governor Andrew Bailey Embraces AI
Governor of the Bank of England Andrew Bailey agrees with the opinion of the House of Lords that artificial intelligence should not be perceived as a risk to business.
Bank of England Opens Prospect of Rate Cuts in 2024
For the first time since the beginning of the coronavirus pandemic, the Bank of England opened the door to cut interest rates, confirming forecasts that the inflation rate will reach the target level in the coming spring, and warning of the likelihood of renewed price pressure.
Probability of Interest Rate Cut by Bank of England Grows
The Bank of England on Thursday, February 1, is likely to keep the interest rates at 5.25%, keeping this indicator within what can be described as sustainable stability.
Revolut Launches Cross-Border Mobile Wallets
Digital bank Revolut has introduced a new cross-border money transfer service called Mobile Wallets that redefines remittance experiences, requiring only receivers’ contacts for transactions.
India Is Among Top Fintech Cluster Hubs Globally
The World Economic Forum emphasised the role of thriving fintech hubs hosting clusters of fintech corporate headquarters and providing significant operating markets such as Singapore, the UK, the US, Mexico and India for the global growth of the fintech industry.
Aldi Introduces App-Free Payments at Checkout-Free Store
Customers at the checkout-free concept Aldi store in London can now simply tap their contactless payment card or mobile phone at a barrier to enter the store.
Zilo Raises £25 Million in Series A
British asset and wealth management software provider Zilo has announced that it has managed to raise 25 million pounds in a Series A funding round.
Fintech Funding in US and UK Sees Sharp Decline in 2023
Inflation, increased interest rates, geopolitical instability, and other macroeconomic challenges brought US and UK fintechs 36% and 63% less money last year, respectively.
HSBC Reportedly Joins Ranks of Suitors for Tesco Banking Arm
HSBC has joined the list of financial institutions that are participating in a kind of race for the right to acquire Tesco Bank.
UK Executives Urge Bank of England to Cut Rates
In the United Kingdom, the executives of local companies appealed to the Bank of England to lower interest rates shortly, arguing that this decision by the financial regulator would be able to support the country’s weakening economic system after the so-called depressed confidence turned out to be at a four-month low.
UK Ethnic Minority Businesses Are Twice More Ambitious Than SMEs Overall
Recent UK research showed that almost 6 in 10 ethnic minority-owned businesses (EMBs) have ambitions to both grow and take risks, significantly higher than the overall percentage of SMEs nationwide (27%).
Revolut Reports Revenue of More Than $1 Billion in 2022
The British fintech company Revolut reported that its revenue for 2022 amounted to $1.1 billion.
UK Inches Closer to Technical Recession
The United Kingdom’s economic system is currently on a path that could end in recession.
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