Skip to content
Business
City of London

Here’s What Happened in the City of London This Week

HSBC executive returns, new chancellor’s reforms and bank loss warnings

A statue of a dragon marking the boundary of the City of London, UK.
A statue of a dragon marking the boundary of the City of London, UK.Photographer: Jason Alden/Bloomberg

Good afternoon from Bloomberg’s UK finance team. Here are five news stories from the Square Mile and beyond that caught our eye this week.

1)  Kwarteng Promises ‘Big Bang 2’ Reforms to Boost City of London
Kwasi Kwarteng, the UK’s new chancellor of the exchequer, told industry leaders the government will pursue sweeping financial reforms to unleash growth and competitiveness.

2) Lloyd’s of London to Pay Some Staff £2,500 Cost-of-Living Bonus
The insurance market will pay staff earning less than £75,000 an extra £2,500 to help cover rising living costs as UK inflation hits multi-decade highs. 

3)  Revolut Wants to Compete With PayPal and Apple at Online Checkouts
Revolut Pay has signed up retailers including Prestashop, WH Smith Plc and Funky Pigeon, and will be available within the airline industry in the coming months, the London-based fintech said.