AGP Executive Report
Last update: 7 hours agoBank Rate: The Bank of England raised rates to 4% for the first time since 2023, warning further increases may follow if inflation persists. Mortgage costs are already biting: a typical £250,000 borrower is paying around £2,000 more a year than at the start of 2026. Benefits Checks: Chancellor John Healey has dropped plans for the DWP to inspect claimants’ accounts before payments, but banks will still check some accounts after benefits are paid and flag possible eligibility issues. Banking Disruption: More than 4,200 people reported problems accessing Lloyds and Bank of Scotland apps and online banking on Monday; Lloyds said it was working to fix the issue. Fintech Growth: US accounting software firm Rillet has opened its first European office in London, saying UK and European customers already account for 15% of its new annual recurring revenue.
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