The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Barclays, IHG, Plus500 and Nightcap. Read the Tuesday 20 February Business Live blog below.
Bank of England is crushing economy, says former chief economist Andy Haldane
The Bank of England risks ‘crushing’ the economy if it fails to cut interest rates quickly enough, its former chief economist has warned.
Andy Haldane said holding rates too high for too long could prolong the recession – and hammer the cen
tral bank’s credibility in the process.
Barclays boss reveals major overhaul – and bumper payouts for shareholders
Barclays boss CS Venkatakrishnan has revealed a major shake-up of the lender’s operations, which will include cost cutting and asset sales, in efforts to improve the group’s performance and lift its share price.
The lender also posted a 6 per cent fall in annual profit, in line with expectations, as it lined-up bumper buyback schemes for investors.
Barclays will reorganise its business divisions, return £10billion to shareholders between 2024 and 2026, and restructure its payments business, Venkatakrishnan said alongside the bank’s full-year results for 2023.
The lender’s first strategy update in almost a decade marks an inflection point for the CEO known internally as Venkat, as he tries to improve returns after a period of management turmoil, self-inflicted wounds and underwhelming results.
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BUSINESS LIVE: Barclays overhaul; IHG’s profits top $1bn; CMA baby formula probe
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