View more on these topics

HSBC to stay headquartered in Britain


Britain’s biggest bank HSBC is to keep its headquarters in the UK following nearly a year of speculation.

The BBC reports the bank – which makes most of its profits in Asia – has decided to stay in London because the city “offered the best outcome for our customers and shareholders”.

In April 2015 chairman Douglas Flint revealed HSBC had begun its three year review of head office location, delayed by the splitting of the FSA into the FCA and PRA.

But speaking this morning Flint said: “The UK is one of the most globally connected economies in the world with a fantastic regulatory system and legal system and immense experience in dealing with international affairs.

“The Government’s made very clear its commitment to ensuring that that UK remains a leading international financial centre… We’ve ended up with the best of both worlds – a pivot to Asia led from London.”

HSBC had been paying around £1bn a year through the banking levy – which raised around £2bn a year in total – before the Government changed how it was calculated in 2015.

Flint said: “It was important that there was a change in the scope of the levy”.

“A levy based on an international balance sheet was a disincentive for a global group, and we made that point ever since the start of the levy. It was good to see that the scope of the levy changed to being a domestic impost, and that was important.”

However HSBC denies it negotiated with the Government to lower its levy costs.

In June 2015 the bank confirmed plans for job cuts of up to 25,000 globally, including 8,000 in the UK.



Nationwide grows lending 13%

Nationwide Building Society has announced gross lending of £23.6bn for the first nine months of its financial year, up 13.5 per cent on £20.4bn in the same period of 2014. The firm’s net lending was £6.7bn in the first three quarters of the financial year, up from £5.7bn in the corresponding period of 2014. Nationwide’s […]


CML: Arrears rate falls to record low

The proportion of borrowers in arrears (0.92 per cent) is at its lowest level for more than a decade, according to new figures from the Council of Mortgage Lenders. Data from the trade body shows that home-owner mortgage arrears were 1.03 per cent of all loans at the end of 2015, with buy-to-let at a […]

FCA logo new 3 620x430

FCA chair set to rack up record expenses bill

FCA chairman John Griffith-Jones is on track to file the largest expenses bill in the history of the regulator, figures have revealed. In figures published today, the FCA showed that Griffith-Jones has racked up a mammoth £29,738.69 in expenses after just three quarters of the year. Griffith-Jones’ total for the nine months starting April 2015 […]


Bridging loans up 14% in 2015, says ASTL

Bridging loans written by Association of Short Term Lenders members increased 13.8 per cent in 2015 to £2.59bn. But the trade body says while completions are still increasing at double the speed of the mainstream mortgage market, the pace of growth has slowed over the past year. ASTL chief executive Benson Hersch says: “Bridging finance […]

Spring has sprung

Well, it’s been lovely to see a little bit of sunshine, even if it was only a brief appearance. I live in Scotland so, believe me, it was very brief.  Of course, with even the tiniest hint of spring, thoughts turn to the inevitable clearout that must take place.  And that got me to thinking […]


News and expert analysis straight to your inbox

Sign up