Bank of England Tightens Rules: UK Civil Service Cuts Loom

The Financial Times highlights notable economic events: 10,000 UK civil service jobs face cuts, the Bank of England proposes stricter liquidity rules for insurers, Boohoo gains shareholder support against Mike Ashley, and UK fintech firm Stenn collapses after ties to a Russian money laundering case surface.


Devdiscourse News Desk | Updated: 12-12-2024 10:19 IST | Created: 12-12-2024 10:19 IST
Bank of England Tightens Rules: UK Civil Service Cuts Loom
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The Financial Times reveals that over 10,000 UK civil service positions are set for elimination as ministers aim for a 5% departmental saving amid the spending review.

In a move to address financial risk, the Bank of England is proposing more rigorous liquidity regulations on large life insurers in the UK.

Meanwhile, UK fintech enterprise Stenn has collapsed into administration following connections to a Russian money laundering case, drawing the attention of lenders to suspicious financial transactions.

(With inputs from agencies.)

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