Economy of the United Kingdom

Thomson ReutersMay 9, 2013 19:46

LONDON (Reuters) - State-backed Lloyds Banking Group <LLOY.L> said on Thursday it would cut 850 jobs in commercial banking, retail, and other operations as part of plans to reduce costs. Lloyds, 39 percent owned by the British taxpayer, said the cutbacks were part of a strategic plan announced in 2011 to let 15,000 staff go and save 1.5 billion pounds a year ($2.3 billion). ($1 = 0.6425 British pounds) (Reporting by Matt Scuffham; Editing by Steve Slater)

Royal Bank of Scotland returns to profit in Q1

Agence France-PresseMay 3, 2013 19:00

Royal Bank of Scotland returned to profit in the first quarter with net earnings of £393 million ($610 million, 467 million euros) after a hefty loss a year earlier, the state-rescued lender said Friday. RBS said its profit after tax for the January-March period compared with a net loss of £1.545 billion in the first quarter of 2012 -- when the value of the bank's outstanding debt had significantly increased. "These results show pleasing progress in delivering a strong and valuable RBS for all our stakeholders," the bank's chief executive Stephen Hester said in a statement.

Taxpayer-owned RBS says UK government should be able to sell stake in bank within a year

The Canadian PressMay 3, 2013 06:00

LONDON - Royal Bank of Scotland predicted Friday that the government should be able to start selling its stake within a year, as it reported a first-quarter profit of 393 million pounds ($611 million), up from a loss of 1.5 billion a year earlier.

British bank Lloyds sells Spanish retail activities

Agence France-PresseApril 29, 2013 06:00

Britain's state-rescued Lloyds bank said on Monday that it has sold its loss-making Spanish retail banking activities to Spain's Banco Sabadell in a deal worth up to 100 million euros ($131 million). LBG said in a statement that it would receive a 1.8-percent stake in Sabadell, worth about 84 million euros, plus an additional sum of up to 20 million euros over the next five years.

Marks & Spencer CEO faces crucial tests

Thomson ReutersApril 26, 2013 08:30

By James Davey LONDON (Reuters) - Next month Marks & Spencer will come under intense scrutiny as it prepares to reveal new fashion ranges, a strategy update and annual results, events that could shape the future of the British retailer and its chief executive. Marc Bolland, CEO since May 2010, is under pressure to revive the firm's clothing business, which has been losing market share to firms like Primark and Debenhams.

Taylor Wimpey sales jump after government schemes

Thomson ReutersApril 25, 2013 03:30

LONDON (Reuters) - British housebuilder Taylor Wimpey <TW.L> said its sales since the start of the year were at the upper end of the firm's expectations, driven by an surge in interest after the government unveiled schemes to help struggling housebuyers.

Lloyds bank reveals collapse of deal to sell branches

Agence France-PresseApril 24, 2013 13:31

Britain's part-nationalised Lloyds Banking Group on Wednesday said a deal agreed last year to sell 632 branches at a loss to The Co-operative Group had collapsed, adding that it would now float the so-called Project Verde division on the stock market.

LBG bank announces collapse of deal to sell branches

Agence France-PresseApril 24, 2013 05:31

Britain's state-rescued Lloyds Banking Group on Wednesday said a deal agreed last year to sell 632 branches at a loss to The Co-operative Group had collapsed, adding that it would now divest Project Verde via an initial public offering.

Lloyds bank branch sale to Co-op collapses

Thomson ReutersApril 23, 2013 21:15

By Matt Scuffham and Clare Hutchison (Reuters) - The planned sale by state-backed Lloyds of hundreds of UK bank branches to the Co-op fell through on Wednesday, setting back government plans to boost competition in the industry. The Co-op said it pulled out of the deal, worth up to 750 million pounds, due to toughening regulations and the worsening outlook for UK economic growth.

Sainsbury shows strongest growth of UK's "big four" - Kantar

Thomson ReutersApril 23, 2013 08:00

LONDON (Reuters) - J Sainsbury delivered the strongest growth among Britain's so-called Big Four grocers in the 12 weeks to April 14 and was the only one to increase market share, monthly industry data showed on Tuesday. Market researcher Kantar Worldpanel said sales at Sainsbury, Britain's third-largest grocer, grew 5.4 percent in the period, increasing its market share to 16.9 percent.