Former commercial chief Paul Thwaite takes the helm
Scandal-hit NatWest has finally appointed a new boss, with Paul Thwaite taking over from Dame Alison Rose. Thwaite's appointment comes after the bank faced controversy surrounding the closure of Nigel Farage's Coutts account due to his political views. Thwaite started his tenure by announcing the bank's yearly profit of £6.2 billion, its highest since before the 2008 financial crisis.
Government plans to sell stake in NatWest
The government is planning to sell its 35% stake in NatWest, with reports suggesting the sale could happen as early as June. Thwaite confirmed that the government will decide on the timing and execution of the sale, but both parties share the ambition of returning NatWest to private ownership. However, Nigel Farage has threatened to derail the share sale unless the bank resolves an ongoing compensation claim, stating that he will issue court proceedings against NatWest within days.
Boosted by higher interest rates, but deposits fall
The banking group, which includes Royal Bank of Scotland, Coutts, and Ulster Bank, experienced a boost in revenue by 10% to £14.3 billion due to higher interest rates. However, customer deposits fell by £13.8 billion as individuals searched for better savings deals. NatWest closed over 100 high street branches in the UK last year, and Thwaite stated that the branch network is under constant review, raising concerns of more closures in the future.
Virgin Media O2 posts £3.3 billion loss
Telecoms giant Virgin Media O2 reported a loss of £3.3 billion for 2023, attributed to higher interest rates on its loans, which amount to over £8 billion. However, revenue saw a 5.2% increase to £10.9 billion, driven by growth in broadband and mobile customer numbers. The company plans to spin out its cable and fibre network into a separate entity.
Retail sales bounce back in January
Retail sales in the UK rebounded in January with a 3.4% increase, the fastest rise since 2021. Brits took advantage of bargains at household goods stores, sports shops, and department stores. Food shops also performed well, seeing a 3.4% jump in sales volumes, according to the Office for National Statistics.
Did you miss our previous article…
https://hellofaread.com/money/three-ways-to-prepare-for-a-healthy-harvest-and-grow-your-own-potatoes/
