The UK has launched a 12-month programme to move tokenised wholesale financial markets from experimental pilots into commercial use. The plan includes a digital gilt, tokenised collateral and live repo transactions, but significant questions remain over regulation, financial crime, interoperability and resilience.
The UK and Switzerland have concluded a landmark services-focused trade agreement covering professional mobility, digital trade, investment and public procurement. The government estimates it could eventually increase British services exports by £5.2 billion a year, although the deal must still be signed and ratified.
Rising oil prices, a new UK-Switzerland trade agreement, Morrisons property talks and stronger PageGroup results lead today’s UK business news, as companies balance new opportunities against persistent economic uncertainty.
The UK wealth management industry is under renewed scrutiny after warnings that some firms still use complex charging structures to obscure the true cost of investing. The FCA is consulting on simpler investment disclosure rules, clearer plain-English explanations and a ban on “double dipping”, where firms charge fees on client cash while also retaining interest. The debate shows that, in financial services, transparency is becoming both a regulatory requirement and a competitive advantage.
BlueCrest Capital Management has lost a near £200 million Supreme Court battle with HMRC over whether senior traders should be taxed as partners or employees. The ruling confirms that high-value trading responsibility is not enough to show “significant influence” over an LLP, and that remuneration linked mainly to personal or team performance can still be “disguised salary”. The decision strengthens HMRC’s hand and may prompt hedge funds, investment firms and professional partnerships to review their LLP structures.
Lloyds Banking Group will phase out the Halifax brand after more than 170 years, with Halifax accounts and branches gradually moving under the Lloyds name from 2027. The bank says customers will keep their account details and there will be no role reductions linked to the announcement, but the decision raises wider questions about brand heritage, local identity and the shift towards simpler, digitally driven banking.
A decade after the Brexit vote, the City of London has avoided the sharp decline many predicted. London remains one of the world’s leading financial centres, supported by insurance, fintech, foreign exchange and professional services. However, the post-Brexit City has also changed, with some EU-facing activity shifting to rival European hubs and continuing questions around listings, regulation and capital markets.
