News, Culture & Society

BUSINESS LIVE: Q3 growth slower than expected; Metro Bank fined £5.4m

BUSINESS LIVE: Q3 GDP growth slower than expected; PRA fines Metro Bank £5.4m; Taylor Wimpey reaches agreement with CMA

Britain’s economy grew more slowly than previously thought between July and September, with revised Office for National Statistics data showing growth of just 1.1 per cent compared to preliminary estimates of 1.3 per cent.

That was slower than the economy’s 5.4 per cent bounce-back in the second quarter when many coronavirus restrictions were lifted.

The Prudential Regulation Authority has imposed a £5.4million financial penalty on Metro Bank of £5,376,000 for ‘failing to act with due skill, care and diligence’ in relation to the regulatory reporting of its capital position.

Metro Bank was also found responsible for failings in its regulatory reporting governance, controls and investment in the period between 13 May 2016 and 23 January 2019.

The UK’s third-largest homebuilder Taylor Wimpey will drop contract terms that lock leaseholders into rents that double every 10 years, ending a year-long probe into the company by the Competition and Markets Authority.

Britain’s competition watchdog described the resolution as a ‘huge step forward for leaseholders’, who have faced ‘totally unwarranted obligations that lead to people being trapped in their homes, struggling to sell or obtain a mortgage’.

 >If you are using our app or a third-party site click here to read Business Live       

Metro Bank has been fined for regulatory failings with regard to its reporting requirements