BANKING HUB COMPANY TO OVERSEE CASH SERVICES ACROSS THE UK

The Cash Action Group has announced it is establishing a Banking Hub company to help ensure there are sufficient cash services available to the public across the UK (The Times). Natalie Ceeney, who chaired the Cash Action Group, will chair the Banking Hub company alongside Gareth Oakley from Lloyds Banking Group as chief executive and Amanda Bell, formerly from TSB, as the delivery director. Natalie Ceeney said: ?The fact we?ve secured such talented leaders to take forward this work demonstrates the level of commitment that the banks have to this project, and the opportunity that we have to make a real difference to communities (Independent).?

UK RETAIL SALES REBOUND IN JANUARY

UK retail sales increased by 1.9 per cent last month with department stores, garden centres and other non-food shops performing well, offset by food sales falling below their pre-pandemic level for the first time, according to the Office for National Statistics (ONS) (BBC News). The ONS data also showed that shoppers spent less online in January, seeing a 4.5 per cent fall compared to December 2021 (City AM).

NEWS IN BRIEF

The government is planning to limit the financial risk to law enforcement agencies from the use of unexplained wealth orders, as part of efforts to reduce money laundering in the City of London, according to a government document seen by the Financial Times.

Amazon has announced that it will continue to accept Visa credit card payments across its sites after the companies struck a new global deal (The Times).

Writing in the Financial Times, former prime minister Gordon Brown has called on finance ministers to add Covid-19 burden sharing to their G20 to-do list, saying it is the most cost-effective investment they can make in 2022.

The International Monetary Fund has warned that increasing costs from supply chain bottlenecks pose a serious risk to the economic rebound by cutting households? spending power (City AM).