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Commenting on the final findings of the CMA investigation into the supply of personal current accounts (PCAs) and of banking services to small and medium-sized enterprises (SMEs), chief executive of the BBA Anthony Browne said:
“Banks compete to attract and retain customers every day. They are also focused on giving their customers the best outcome for the services they provide. The CMA’s final recommendations will further help consumers with a package of measures which give individuals and businesses greater power to pick the products that are best for their needs.
“Customers and businesses have already found digital banking hugely convenient and have taken advantage of mobile technology that is allowing us to bank round the clock. We are pleased the CMA has reflected that in its recommendations.
“However, we recognise more work needs to be done to create a level playing field by supporting new banks wanting to set up business, as well as helping to grow established banks.”Read more
Dr Rebecca Harding, BBA chief economist, said:
“The decision to cut interest rates and increase quantitative easing sends a clear signal that the Bank of England is taking a ‘whatever it takes’ approach to stabilising the economy. Weak post-Brexit data is creating a perception that the economy is likely to slow and the decision to reduce rates has been made on the basis of a perception of risk.
Dr Rebecca Harding, BBA Chief Economist, said:
“This month’s High Street Banking data reflects the uncertainty that was felt ahead of the EU referendum.
“Business borrowing in June dropped for the first time in 2016, signalling that investment decisions were being delayed until after the vote.
“Mortgage lending and approvals also fell back in June but remain above the low levels seen in April following the introduction of the stamp duty surcharge.”
“Overall, business confidence was clearly fragile in anticipation of the outcome of the vote, but these results are not a verdict on the health of the economy post-Brexit. We won’t start to see that data come through until the autumn and any trends before then should not be over-interpreted”Read more
Customers are using mobile banking apps more than 7,610 times a minute, or 4 billion times a year, as part of a “consumer-led revolution” of personal finance, according to a new report by the BBA.Read more
Nominations are open for ifs University College and BBA 2016 Financial Innovation Awards, which seek to recognise and reward innovation in the finance sector.Read more
Commenting on the reduction of the countercylical capital buffer announced in the Bank of England's Financial Stability Report today, the BBA's Chief Executive Anthony Browne said:… Read more
Customers should rest assured their banking services will continue as normal. People will be able to take money out of cash machines, exchange currency and have full access to their banking services. Any consequences of the referendum result will take some time to resolve and any changes to banking will take place over several years.Read more
Dr Rebecca Harding, Chief Economic Advisor at the BBA, said: “The data for May shows a sustained increase in unsecured credit relative to earnings. Consumers are increasingly using short-term borrowing for spending, amid uncertainty around the economy and EU referendum.
“Mortgage approvals have bounced back following the sharp drop in April, caused by the initial reaction to the stamp duty surcharge. This increase suggests that claims of a slowdown in house price inflation may be premature.
“There has also been stronger growth in bank lending to manufacturing throughout the year. Businesses have shown stronger demand for finance in 2016 and will be keen that today’s referendum result does not slow activity down.”Read more