Nationwide fined £44m by watchdog for financial crime control failings

The UK economy unexpectedly contracted by 0.1% in October, marking a continuation of a downward trend as GDP growth over the past year remains weak at 1.1%. This decline is attributed to a decrease in production and stalled growth in services, raising concerns about the overall economic stability.

The UK economy unexpectedly contracted by 0.1% in October, primarily influenced by the ongoing repercussions of a cyber-attack on Jaguar Land Rover (JLR) and uncertainty surrounding the government's budget. This decline highlights the fragility of economic recovery in the UK amidst external shocks and internal challenges.

Nationwide has been fined £44 million by regulators for failing to effectively monitor customer activity between 2016 and 2021, raising concerns about its crime control measures. The regulator's decision highlights significant lapses in compliance and oversight within the building society.

UK public inflation expectations decreased to 3.7% in November, as reported by the Bank of England (BoE). This marks a notable shift in consumer sentiment regarding future price levels, indicating a potential easing of inflation pressures in the economy.

Card Factory has lowered its full-year profit forecast due to ongoing pressures on UK consumers, leading to a significant drop in the retailer's shares. This warning comes during a critical trading period, highlighting the adverse impact of economic conditions on consumer confidence.

Google has engaged UK researchers to explore potential applications for its advanced quantum processor, signaling a strategic move to harness local expertise in quantum technology development. This initiative aims to foster innovation and practical uses for quantum computing in various sectors.

The Confederation of British Industry (CBI) has revised its growth forecast for the UK in 2026, attributing the increase to a temporary boost from recent budget measures aimed at stimulating the economy. This adjustment reflects a more optimistic outlook amidst ongoing economic challenges.

An official report from the UK's energy system operator has projected that achieving net zero carbon emissions by 2050 could cost households an additional £500 annually, highlighting the financial implications of transitioning away from fossil fuels. The report outlines various scenarios that illustrate the expected surge in spending over the coming years.