UK has witnessed the highest levels of consumer lending and the fastest increase since 2007, according to the British Bankers' Association (BBA). Loans by British banks to consumers increased 5.7% in the 12 months to November.

The Bank of England (BoE) should not begin raising interest rates, the bank's governor Mark Carney said at a speech in London on Tuesday (19 January). "Now is not yet the time to raise interest rates," he said in what was his first public address of the year.

UK has witnessed the highest levels of consumer lending and the fastest increase since 2007, according to the British Bankers' Association (BBA). Loans by British banks to consumers increased 5.7% in the 12 months to November.

Swift, the communications platform that connects thousands of banks, has improved the correspondent banking arena with faster and more transparent cross border payments – part of a possible roadmap to integrate with new technologies such as blockchains.

The Royal Bank of Scotland (RBS) and Standard Chartered have been named by the Bank of England (BoE) as the weaker banks in the UK. In good news for the financial services sector, all banks passed the BoE's stress test, but the organisation did single out some banks, saying work needs to be done.

The Royal Bank of Scotland (RBS) and Standard Chartered have been named by the Bank of England (BoE) as the weaker banks in the UK. In good news for the financial services sector, all banks passed the BoE's stress test, but the organisation did single out some banks, saying work needs to be done.

The oil and gas sector in Britain has witnessed a rapid decline in the number of contractors employed in industry, which is the steepest over the past 11 years. An annual survey by Aberdeen & Grampian Chamber of Commerce in association with the Fraser of Allander Institute and the Bond Dickinson law firm has claimed that about 85% of employees feared job cuts continuing in 2016.

Large poll of chief financial officers finds confidence is waning in corporate spending and the overall economy, even as profits improve

More than a quarter of Britain's largest companies are failing to explain to investors the criteria on the basis of which bonuses are paid to their top executives, a recent report by Pricewaterhouse Coopers (PwC) indicates. Two years ago it became a requirement for large public companies to explain performance pay.

UK is losing millions of pounds in VAT avoidance and evasion as an increasing number of non-EU sellers dominate sales on online portals such as Amazon and eBay. These sellers, including hundreds from China, undervalue goods shipped to the UK and other European destinations so as to qualify for VAT exemptions.