Britain’s consumer watchdog has given the UK’s biggest 50 payday lenders 12 weeks to change their business practices or risk losing their licenses, after finding evidence of widespread irresponsible lending. So-called payday lenders offer short-term loans, which are intended to be paid back when borrowers receive their wages. Critics say they charge excessively high rates of interest and take advantage of the vulnerable in a weak British economy where mainstream banks have cut back on short-term consumer lending.
UK’s interests at stake in bonus debate: Cameron
British PM David Cameron said on Wednesday EU plans to impose a cap on bankers’ bonuses put his country’s national interests at stake, saying he wanted to ensure that banks based in Britain did not have their competitiveness eroded. “There is an important issue here, there are some important British national interests. We are responsible for 40% of the EU’s financial services... We want to make sure that international banks go on being headquartered here in the UK,” he told Parliament. Cameron’s comments followed a meeting in Brussels on Tuesday at which Britain was left isolated after it failed to secure backing to water down new EU rules limiting bankers’ bonuses.
Thomas Cook to cut 2,500 jobs in the UK
Travel firm Thomas Cook said it would cut 2,500 jobs from its UK workforce and close 195 stores in Britain as part of its plans to restructure the business. The 172-year-old group has struggled over the last two years
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