Monday newspaper round-up: Debanking, mortgage rates, London office space

by | Jul 31, 2023

(Sharecast News) – Banks are closing more than 1,000 accounts every working day, according to new data that has fuelled the growing row over so-called “debanking” and prompted Nigel Farage to call for a royal commission to investigate what he said was a scandal. Hours after the former Ukip leader revealed he was spearheading a website to campaign on behalf of people whose accounts had been shut, data revealed a big jump in the numbers of customers dumped by their bank. – Guardian
The biggest regulatory shake-up of UK retail financial services for two decades will come into force on Monday in an effort to crack down on rip-offs and poor customer service. The changes include stronger rules on value for money and giving fair pricing to all customers, with experts predicting that some older financial products that do not meet the new higher standards are likely to be removed from sale. – Guardian

Home buyers could benefit from mortgage rate reductions following an expected 0.25 percentage Bank Rate rise later this week. Brokers said that as long as the Bank of England does not surprise with a larger than expected interest rate rise on Thursday, lenders should soon have the confidence to start competing for a dwindling pool of borrowers. – Telegraph

Demand for office space in London has slumped as the shift to working from home takes root. The Covid-19 lockdown, which saw many workers forced to work from home, has had a significant impact on working practices with an increasing number of businesses opting for hybrid working styles for their staff. – Telegraph

British manufacturers have continued to supply Russia with key industrial equipment despite the invasion of Ukraine, analysis of trade data shows. After the full-scale invasion was launched in February last year, many of Britain’s industrial manufacturers quickly wound down their business relationships with Russia. The government introduced what it described as “sweeping” restrictions on what material UK suppliers could export to Russia, focusing on areas that are big tax-earners for the Kremlin. – The Times

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