The UK banking lobby group UK Finance represents 300+ firms, shaping policy and advocating for efficient, customer-friendly financial services. In news: banks report higher profits as rates stay high; calls grow for a levy to ease living costs.
Labour has said it will not rejoin the European Single Market or the Customs Union, but is open to recalibrating its Brexit stance within manifesto red lines as ministers push for closer EU energy and trade ties. The party leadership is facing pressure from rivals to re-examine its Brexit red lines amid ongoing reset diplomacy.
UK Finance calls for a strategic partnership with the EU on financial services, proposing steps to deepen cooperation, harmonise rules, and maintain access for UK clearinghouses while seeking closer capital rules equivalence.
UK Finance and banks are expanding real-time data sharing to flag fraud and verify customer citizenship signals amid rising APP fraud, investment scams and online scams. Regulators push for stronger platform responsibilities as losses climb and reimbursement rules remain in force.
Fraud losses reached a record $15.9 billion in 2025, up 27% from 2024, with high-dollar imposter scams driving most of the damage. Imposters posing as banks and government officials lead the most costly cases, while AI tools are making scams harder to detect. Authorities urge caution and verification.
UK regulators are expanding Buy Now, Pay Later oversight. From July 15, BNPL providers must be authorised by the FCA, undergo affordability checks, and offer clearer information and complaint routes. The changes aim to protect consumers while preserving access to flexible payments.
Banks have reported stronger half-year profits amid sustained higher interest rates, with Barclays, Lloyds, and NatWest expected to post gains. Analysts foresee continued earnings growth as the sector navigates mortgage stress and potential increases in bad debt provisions. The sector remains buoyant but faces scrutiny over tax policy and regulatory expectations.
The BP windfall is driving renewed calls for a windfall tax as profits soar amid Middle East conflict. Campaigners say households face higher bills while governments weigh potential measures to curb corporate gains and accelerate the transition to cleaner energy.
Banks report six-month profits surging across the UK, fueling calls for windfall taxes to fund cost-of-living measures. Campaigners urge government to consider a levy on profits to support households, while bank chiefs caution on lending and growth.
The Royal Mint is releasing 600,000 coins dated 2023 and 6.5 million dated 2026 featuring King Charles’s portrait. The capercaillie design appears on the reverse, as circulation expands amid strong demand. Queen Elizabeth II coins remain legal tender while the transition continues.