Photograph: Jonathan Raa/NurPhoto/REX/Shutterstock
Closing post
Time to wrap up…
The European Commission has accused the US tech companies Google and Apple of breaking its digital rules, in a landmark action that could escalate transatlantic tension with Donald Trump.
The US president has sought to exert pressure on the EU to back away from tougher regulation of American technology groups, warning that he could retaliate by imposing tariffs on foreign companies.
But on Wednesday, the commission pressed ahead with enforcement action against Apple and Google’s parent company Alphabet, two of the world’s five largest companies by stock market value, accusing them of breaking the EU Digital Markets Act (DMA).
Turkish assets have been rocked by the news that police have detained Istanbul’s mayor Ekrem İmamoğlu, the main political challenger to President Recep Tayyip Erdoğan.
Turkey’s BIST 100 share index has slumped almost 9% by the close of trading, while the lira crashed to a record low – before recovering slightly; it’s now down 2.7%.
The Bank of Japan has warned that tariffs and trade war threats are creating heightened uncertainty, as it left interest rates on hold today.
Stocks are rallying on Wall Street, ahead of tonight’s interest rate decision by the US Federal Reserve.
Bank Santander is to close 95 branches across the UK, with the loss of up to 750 jobs – here’s the list.
The value of Elon Musk’s social media platform, X, has reportedly soared back to the $44bn he paid for it, in a dramatic reversal of fortunes since the billionaire became a key ally of Donald Trump.
The EC has pressed on with action against Google and Apple, despite the risk of potential retaliation by the US, as Donald Trump has previously criticised European fines against American companies.
As the FT explains:
The US president is considering tariffs on countries that levy digital services taxes against American companies. According to a memo released last month, Trump said he would look into taxes and regulations or policies that “inhibit the growth” of US corporations operating abroad.
Oliver Bethell, Google’s senior director for competition, has said “today’s findings now increase the risk of an even worse experience for Europeans.”
The EU’s rulings haven’t hurt Apple and Alphabet’s stock.
Both company’s shares are rising today, as Wall Street pushes higher ahead of the Federal Reserve interest rate decision later today.
Apple are up 1.5%, while Alphabet are 1.1% higher.
EU antitrust chief Teresa Ribera has defended the EC’s decision to push Apple to open up its operating systems more to connected devices, saying:
“With these decision, we are simply implementing the law, and providing regulatory certainty both to Apple and to developers.”
Apple is not happy
Apple has slammed the EU order, saying it would hurt users and help its rivals.
It says:
“Today’s decisions wrap us in red tape, slowing down Apple‘s ability to innovate for users in Europe and forcing us to give away our new features for free to companies who don’t have to play by the same rules.”
Brussels takes action against Google and Apple under Digital Markets Act
The European Commission has accused Google and Apple of failing to meet its digital rules.
In a double-whammy of action against US Big Tech, Brussels has hit Google’s parent company, Alphabet, with two charges of breaching the Digital Markets Act, and is also pushing Apple to open up its ecosystem to rivals.
The EC has taken a “preliminary view” that Google Search treats Alphabet’s own services more favourably compared to rival ones, breaching the requirement to treat third-party services in a “transparent, fair and non-discriminatory” way.
It says:
Alphabet treats its own services, such as shopping, hotel booking, transport, or financial and sports results, more favourably in Google Search results than similar services offered by third parties
It has also concluded that Google Play does not comply with the DMA, as developers who use the app marketplace are prevented from freely steering consumers to other channels for better offers.
Alphabet can now respond to the Commission’s findings; if the preliminary views are ultimately confirmed, the Commission would conclude that the company is indeed not complying with the DMA.
The DMA is designed to ensure fair competition and limit the power of large tech companies. It designated companies like Alphabet, Amazon, Apple, Meta, and Microsoft as “gatekeepers”, meaning they can face large fines for non-compliance.
Apple has been ordered to open up its closed ecosystem to rivals, to help third parties develop products and services.
Firstly, the EC wants Apple to give device manufacturers and app developers improved access to nine iOS connectivity features, which are mainly used for connected devices such as smartwatches, headphones or TVs.
The EC says:
As a result, connected devices of all brands will work better on iPhones. Device manufacturers will have new opportunities to bring innovative products to the market, improving the user experience for consumers based in Europe. The measures ensure that this innovation takes place in full respect of users’ privacy and security as well as the integrity of Apple’s operating systems.
Second, it is telling Apple to “improves the transparency and effectiveness of the process” for developers who are interested in obtaining interoperability with iPhone and iPad features.
The Commission explains:
Developers will benefit from a fast and fair handling of their interoperability requests. The measures will accelerate their ability to offer a wider choice to European consumers of innovative services and hardware that interoperate with iPhones and iPads.
The specification decisions are legally binding, it concludes.
UK National Wealth Fund to focus on energy and defence projects
Chancellor Rachel Reeves has announced a new “strategic steer” for the UK’s National Wealth Fund.
The tweak will send the Fund down a path towards higher risk projects, as part of the drive for faster economic growth, while also supporting clean energy and national security.
The Treasury says clean energy, advanced manufacturing, digital technologies, and transport have been set a “new priority sectors” for the National Wealth Fund.
This means money will be invested across the United Kingdom in projects like carbon capture, green hydrogen, gigafactories, green steel, and ports, they say, by using public money to attract private investment too.
The National Wealth Fund’s economic capital limit is being increased from £4.5bn to £7bn, allowing it take on more risk.
Reeves says:
By directing tens of billions of pounds into the UK’s industrial strengths, we’ll deliver the high-skilled, high-paid jobs of the future in every corner of the country.
The government is also looking for a new CEO for the Fund, as John Flint – who has been turning the UK Infrastructure Bank into the National Wealth Fund – is stepping down in the summer.
Small investors did their bit for Britain last month, by buying the most gilts (government debt) on record.
Financial services firm Hargreaves Lansdown reports that trading in gilts on its platform in February was 63% higher than in January (based on net buys).
It’s the highest monthly trading value on direct gilts on the HL platform on record, suggesting that investors have been tempted by the relatively attractive yields on offer.
Hargreaves adds:
Values bought on platform year to date are nearly 60% of the total value traded throughout 2024 (net buys).
There has been a 32% increase in the number of our clients that hold gilts compared to 12 months ago.
Retail investor demand for gilts has been big enough to impact prices recently.
Updated
Stocks have opened higher on Wall Street, ahead of the Federal Reserve’s interest rate decision in over four hour’s time.
The S&P 500 has risen by 18 points or 0.33% to 5,633, bringing some relief to investors who have seen the share index fall into correction territory this month.
Bloomberg are also reporting that Turkish lenders sold around $8bn this morning to support the lira after the currency plunged as much as 11% following the detention of Istanbul mayor Ekrem İmamoğlu.
The intervention in the lira market was carried out through multiple lenders, they add.
That would explain why the lira recovered, partially, from its earlier slump.
Updated
The Turkish lira sell-off could be “a catalyst for major contagion” to other emerging markets, warns Robin Brooks, senior fellow at The Brookings Institution.
The Turkish Lira sell-off could be a catalyst for major contagion to the rest of EM. In 2018, as the US - China tariff fight was escalating, idiosyncratic blow-ups in Argentina and Turkey combined to pull the rest of EM into a nasty sell-off by mid-2018… https://t.co/KGBlcQR7ls
— Robin Brooks (@robin_j_brooks) March 19, 2025
Bloomberg reports that Turkey’s financial markets are sinking ‘the most in the world’ today:
Turkey’s lira sank, an equity selloff triggered a trading halt, and government bond yields surged to the highest levels this year as investors dumped the nation’s assets after the arrest of a key rival to President Recep Tayyip Erdogan.
The lira plunged more than 10% to new record lows on news of the arrest early on Wednesday, before paring losses to about 6% as of noon in Istanbul. The benchmark Borsa Istanbul 100 Index was also down 6%, with the banking sub-index dropping more than 9%. The declines were the worst in the world among respective asset classes.
The sell-off on the Istanbul market is gathering speed, following the arrest of Istanbul’s mayor Ekrem İmamoğlu.
The BIST 100 share index is now down over 8% in afternoon trading.
Tomasz Wieladek, an analyst at T Rowe Price, has described the crackdown as “a wake-up call for everybody”, the FT reports.
Wieladek added that “assets will probably continue to sell off further”, noting that Turkey’s central bank had limited firepower to defend the currency.
The average US 30-year mortgage rate has risen for the first time since early January, dampening demand in America’s housing market.
The contract rate on a 30-year mortgage climbed 5 basis points to 6.72% last week, up from the lowest level this year, according to data from the Mortgage Bankers Association. The rate on a 15-year fixed mortgage also rose.
Rates rose as investors tried to assess whether trade conflict would push up US inflation, leading to higher borrowing costs.
The average US 30-year mortgage rate rose for the first time since early January, causing a pullback in refinancing and tempering purchase activity https://t.co/n1uLPSmbWW
— Bloomberg Markets (@markets) March 19, 2025
The Daily Mail reports that Topshop and Topman have “sent shoppers into meltdown with a bombshell announcement” five years after they vanished from the high street.
Apparently, there’s a kerfuffle about a social media post showing a couple standing on an industrial rooftop below a huge Topshop sign.
Cutting to black, a message says: ‘We missed you too’.
Very touching, I’m sure you’ll agree. And the Mail insists that Brits have been sent “into a frenzy”, adding:
‘Topshop announcing they’re returning to the high street is a joy only millennial girlies will understand. We’ve missed you x,’ one person wrote on X.
‘I feel like my parents just got back together,’ another fan said on Instagram, while a second one joked: ‘Millennials everywhere are screaming, crying & throwing up… I’m one of them.’
Celebrating the news, another person on Instagram wrote: ‘My wardrobe and my life just fell back into place. Might start going out again.’
That’s the spirit! However…. sources at Asos, which owns a stake in Topshop, report that the advert is plugging a dedicated Topshop website – which we reported last year will be launched by next summer. So this doesn’t appear to be the grand return to the high street, yet anyway…
Bentley sales hit by weak demand from China
Bentley sales fell by more than a fifth in 2024 amid weak Chinese demand, as the British luxury car brand braces for further disruption from Donald Trump’s trade wars.
The manufacturer, based in Crewe, Cheshire, delivered 10,600 cars in 2024, down 21.5% from the 13,560 in 2023, according to figures published by its German parent company.
Bentley’s boss, Frank-Steffen Walliser, had declined to share sales figures earlier this week. However, the sales were included in data published by Audi, the part of Germany’s Volkswagen that controls the Audi, Bentley and Lamborghini premium and luxury brands.
Bentley blamed the decline in sales on weakness in China in particular. The Chinese economy has been hit by a persistent property crisis, which has weighed on demand for luxury products.
Sales were down only 7% in the final quarter of 2024, suggesting that the slump may have eased towards the end of the year. However, Walliser warned this week that the outlook was clouded by the prospect of tariffs on cars threatened by Trump. Bentley will raise costs for consumers if tariffs are imposed.
In the UK utility world, Southern Water has reportedly asked some of its creditors to write off part of their debt.
Bloomberg says the request comes as owner Macquarie Asset Management injects fresh funds into the company, explaining:
The company requested the concession from debt holders at the riskier, holding company level, the people said, asking not to be identified discussing a private matter. Total external debt at this level stood at £380m as of March 2024, the latest figures available.
Creditors, however, are unhappy with the terms on offer and are pushing for better ones, they added.
Southern will be keen to avoid falling into the sort of crisis that has engulfed Thames Water, which revealed yesterday it has received six takeover approaches.
The Financial Times reports today that those potential bidders include Stonepeak, the US infrastructure investor, and London-based fund FitzWalter Capital.
Other interested in investing in Thames are US private equity firm KKR, Hong Kong infrastructure investor CKI, hedge fund Covalis Capital and Castle Water.
Jenny Ross, money editor at consumer group Which?, has warned that Santander’s branch closures will “come as a real blow to many customers”.
She said:
“Schemes introduced by the banking industry to protect these services, such as banking hubs, are a good start in plugging gaps left by closing physical branches, but they must be rolled out much more quickly if consumers are to feel their benefits.
“The government must hold banks’ feet to the fire to ensure the commitments they’ve made to set up 350 hubs by 2029 are met – and should be prepared to review the target upwards if necessary.”
Eurozone inflation falls to 2.3% in February
The cost of living squeeze in the eurozone has eased a little.
The euro area annual inflation rate fell to 2.3% in February, down from 2.5% in January, statistics body Eurostat has reported.
That’s lower than its ‘flash’ estimate of 2.4%, and should cheer policymakers at the European Central Bank who have already cut interest rates six times since last summer.
Eurostat reports that the lowest annual rates were registered in France (0.9%), Ireland (1.4%) and Finland (1.5%). The highest annual rates were recorded in Hungary (5.7%), Romania (5.2%) and Estonia (5.1%).
Services inflation dipped to 3.7% per year in February, while energy prices were just 0.2% higher than a year earlier, good prices were 0.6% higher, and food, alcohol and tobacco prices were up 2.7%.
Euro area annual #inflation down to 2.3% in February 2025 https://t.co/uHitcUIupZ pic.twitter.com/CjAkFnbbMP
— EU_Eurostat (@EU_Eurostat) March 19, 2025
The Turkish lira has also fallen over 4% against the pound:
Long term chart of Sterling/Turkish Lira, currently, £1 = 50 Turkish Lira! pic.twitter.com/1gEdiWvPQO
— S.C. (@sallycopper) March 19, 2025
Stocks are slightly lower in London this morning, where the FTSE 100 share index is down 10 points of 0.11% at 8695 points.
Catering firm Compass (-3.5%) are the top faller, after BNP Paribas cut their recommendation to ‘underperform’ from ‘outperform’ . Tesco (-1.7%) are also in the fallers, as concerns linger that rival Asda might launch a price war:
M&G are still leading the risers (+2.6%) after reporting a surprise rise in profits, followed by weapons maker BAE Systems (+2.5%) as investors continue to bet on higher defence spending.
Turkish markets slide after Erdogan rival detained
There’s turmoil in the Turkish financial markets today, after Istanbul mayor Ekrem Imamoğlu, a key rival of President Recep Tayyip Erdoğan.
Imamoğlu was arrested as part of an investigation into alleged corruption and terror links, State media reported, with authorities also closing several roads around Istanbul and banned demonstrations in the city for four days in an apparent effort to prevent protests following the arrest.
Imamoğlu’s arrest comes a few days before Turkey’s main opposition party, the Republican People’s Party (CHP), was due to hold a primary election in which Imamoğlu was expected to be chosen as its presidential candidate.
CHP’s chairman,Özgür Özel, denounced Imamoğlu’s detention as a “coup”.
The arrest has shocked investors, who had become used to increased stability in Turkey following the economic crisis of 2023.
Stocks have tumbled on the Istanbul stock exchange, where the BIST 100 share index is down 5.7%.
The Turkish lira has slumped by 5.6% to 38.6 lira to the US dollar – at one stage it was down over 14% (!) at almost 41 lira/$.
The cost of insuring Turkish debt against default has also risen – a sign of investor jitters rising. Turkey’s 5-year credit default swaps has jumped by 23 basis points (0.23 percentage points) to 279 bps, the highest since October 2024, according to S&P Global Market Intelligence. That still shows a low risk of default, though.
Updated
Superdrug creating 600 jobs in store expansion
Superdrug is to open 25 new stores this year in a move that will create around 600 jobs, as the health and beauty retailer said it intends to invest more in beauty treatments and luxury fragrances.
The company, which said that investing in larger stores drives its bricks and mortar strategy, currently has 780 shops in the UK and Ireland.
“We can see from our sales last year that investing in and increasing the number of large format stores in our estate allows us to accelerate our bricks-and-mortar strategy,” said Nigel Duxbury, Superdrug property director.
Superdrug, which said that investment is particularly focused on shopping destinations and retail parks, also plans to refurbish 65 stores this year, and expand multiple sites including in Luton and and Dundee.
The company said that investment in its largest stores in recent years helped them deliver sales growth of 25%, and the retailer’s in-store beauty studios saw a 7% rise in sales in 2024.
Duxbury says:
“We want everyone who enters Superdrug to feel an elevated customer experience.”
In January, the firm hailed its “best Christmas ever” after annual like-for-like sales increased by 5.1% in the final weeks of 2024.
Santander’s branch closuse plans risk leaving more people strugging to get to a physical bank, rather than relying on electronic banking (when it works…)
But… LINK, the ATM network, has just announced 19 new high street locations where it could soon open a shared banking hub.
LINK says this “follows the announcement of the closure of 95 branches of Santander”.
Banking hubs allow customers from various major banks to access services such as withdrawing or cashing in money, making bill payments or speaking to an adviser.
The new earmarked locations are:
Bexhill-on-Sea (East Sussex)
Billericay (Essex)
Dover (Kent)
Droitwich (Worcestershire)
Dunstable (Beds)
East Grinstead (West Sussex)
Holyhead (Isle of Anglesey)
Ilkley (West Yorkshire)
Larne (Antrim, NI)
Maldon (Essex)
Morley (West Yorkshire)
North Walsham (Norfolk)
Redcar (North Yorkshire)
Saffron Walden (Essex)
St Annes on Sea (Lancashire)
Turriff (Aberdeenshire)
Uckfield (East Sussex)
Urmston (Great Manchester)
LINK adds that it has now recommended 224 hubs as it continues to assess cash access across the country, and that 139 hubs are up and running as of this week.
Santander branch closures: the full list and closure dates
Here’s the details of the 95 Santander branches which are to be closed (see previous post)
Aberdare 17 Victoria Square, Aberdare, Mid Glamorgan, CF44 7LH 24 June 2025
Arbroath 167 High Street, Arbroath, Angus, DD11 1DY 17 June 2025
Armagh 19 Upper English Street Armagh, County Armagh, BT61 7HG 01 July 2025
Blackwood 148 High Street, Blackwood, Gwent, NP12 1YZ 23 June 2025
Blyth 22 Regent Street, Blyth, Northumberland, NE24 1LB 05 August 2025
Bognor Regis 42 High Street, Bognor Regis, West Sussex, PO21 1SP 14 July 2025
Borehamwood 105-109 Shenley Road, Borehamwood, Hertfordshire, WD6 1AX 01 July 2025
Brecon 18 High Street, Brecon, Powys, LD3 7AL 25 June 2025
Brixton 498 Brixton Road, Brixton, London, SW9 8EX 11 August 2025
Caernarfon 1 Bridge Street, Caernarfon, Gwynedd, LL55 1AB 07 July 2025
Camborne 6 Trelowarren St, Camborne, Cornwall, TR14 8AA 07 July 2025
Canvey Island 28 Furtherwick Road, Canvey Island, Essex, SS8 7AF 05 August 2025
Clacton 9 Station Road, Clacton-On-Sea, Essex, CO15 1TD 16 June 2025
Cleveleys 98 Victoria Road West, Thornton, Cleveleys, Lancashire, FY5 1AG 23 June 2025
Colne 3 Church Street, Colne, Lancashire, BB8 0EB 14 July 2025
Colwyn Bay 16 Penrhyn Road, Colwyn Bay, Clwyd, LL29 8PR 24 July 2025
Crowborough 4 High Street, Crowborough, East Sussex, TN6 2PY 23 July 2025
Croydon 128 NE 128 North End, Croydon, Surrey, CR0 1UE 16 June 2025
Cumbernauld 40-42 Teviot Walk, Cumbernauld, Lanarkshire, G67 1NG 07 July 2025
Didsbury 712-716 Wilmslow Rd, Didsbury, Greater Manchester, M20 6DQ 08 July 2025
Downpatrick 49-51 Market Street, Downpatrick, County Down, BT30 6LP 06 August 2025
Dungannon 1 Market Square, Dungannon, County Tyrone, BT70 1AL 23 June 2025
Edgware Road 388-390 Edgware Road, St Johns Wood, London, W2 1DR 12 August 2025
Eltham 73 Eltham High Street, Eltham, London, SE9 1UW 23 June 2025
Exmouth 19 Rolle Street, Exmouth, Devon, EX8 1EZ 15 July 2025
Falmouth 13 Market Street, Falmouth, Cornwall, TR11 3AE 21 July 2025
Farnham 17 The Borough, Farnham, Surrey, GU9 7NG 29 July 2025
Felixstowe 61 Hamilton Road, Felixstowe, Suffolk, IP11 7BS 16 July 2025
Finchley 50 Ballards Lane, Finchley, London, N3 2DP 06 August 2025
Fleet 152 Fleet Road, Fleet, Hampshire, GU51 4BJ 30 June 2025
Formby 12 Chapel Lane, Formby, Merseyside, L37 4HU 11 August 2025
Gateshead Metro Metro Centre 63 The Galleria, Gateshead, Tyne & Wear, NE11 9YP 16 June 2025
Glasgow LDHQ Ground Floor 301 St Vincents St, Glasgow, Lanarkshire, G2 5HN 24 June 2025
Glasgow MX 7 The Avenue, Newton Mearns, Glasgow, Lanarkshire, G77 6EY 23 June 2025
Greenford 28 The Broadway, Greenford, Middlesex, UB6 9PT 24 June 2025
Hackney 392 Mare Street, Hackney, London, E8 1HP 15 July 2025
Hawick 56 High Street, Hawick, Roxburghshire, TD9 9HE 24 July 2025
Herne Bay 135 Mortimer St, Herne Bay, Kent, CT6 5EZ 08 July 2025
Hertford 20 Maidenhead St, Hertford, Hertfordshire, SG14 1EA 29 July 2025
Holloway 408 Holloway Road, Holloway, London, N7 6QF 14 July 2025
Holywell 69 High Street, Holywell, Clwyd, CH8 7TF 13 Aug 2025
Honiton 108 High Street, Honiton, Devon, EX14 1JW 14 July 2025
Kidderminster 2 Josiah Mason Mall, Rowland Hill, Kidderminster, Worcestershire, DY10 1EJ 18 June 2025
Kilburn 131-135 Kilburn High Rd, Kilburn, London, NW6 7HS 17 June 2025
Kirkby 4 St Chad’s Parade, Kirkby, Merseyside, L32 8ZQ 22 July 2025
Launceston 19-21 Broad Street, Launceston, Cornwall, PL15 8AB 16 June 2025
Louth 21 Market Place, Louth, Lincolnshire, LN11 9PD 17 June 2025
Magherafelt 9 Rainey Street Magherafelt, County Londonderry, BT45 5DA 24 June 2025
Malvern 22 Worcester Road, Malvern, Worcestershire, WR14 4QW 02 July 2025
Market Harborough 4 High Street, Market Harborough, Leicestershire, LE16 7NJ 01 July 2025
Musselburgh 123 High Street, Musselburgh, Midlothian, EH21 7EQ 30 June 2025
New Milton 120 Station Road, New Milton, Hampshire, BH25 6LL 28 July 2025
Peterhead 6 Marischal St, Peterhead, Aberdeenshire, AB42 1HU 16 June 2025
Plympton 2 St Stephens Place, Plympton, Devon, PL7 2ZN 14 August 2025
Portadown 24 Market Street, Portadown, County Armagh, BT62 3LD 30 June 2025
Pudsey 5 Lidget Hill, Pudsey, West Yorkshire, LS28 7LG 28 July 2025
Rawtenstall 15 Bank Street, Rawtenstall, Lancashire, BB4 6QS 15 July 2025
Ross-On-Wye 32 High Street, Ross-On-Wye, Herefordshire, HR9 5HD 30 July 2025
Ruislip 73 High Street, Ruislip, Middlesex, HA4 8JB 07 July 2025
Rustington 6 Ash Lane, Rustington, West Sussex, BN16 3BP 05 August 2025
Saltcoats 19 Chapelwell Street, Saltcoats, Ayrshire, KA21 5EB 21 July 2025
Seaford 28 Broad Street, Seaford, East Sussex, BN25 1NH 15 July 2025
Shaftesbury 53 High Street, Shaftesbury, Dorset, SP7 8JE 23 July 2025
Sidcup 39 Sidcup High Street, Sidcup, Kent, DA14 6ED 11 August 2025
St Austell 36-38 Fore Street, St Austell, Cornwall, PL25 5PA 08 July 2025
St Neots 56 Market Square, St Neots, Cambridgeshire, PE19 2HL 30 July 2025
Stokesley 48 High Street, Stokesley, Cleveland, TS9 5AX 31 July 2025
Strabane 64 Main Street, Strabane, County Tyrone, BT82 8AX 23 July 2025
Surrey Quays Unit 34 Surrey Quays Rtl. Cen., Redriff Road, Surrey Quays, London, SE16 7NB, 10 November 2025
Swadlincote 52 High Street, Swadlincote, Derbyshire, DE11 8HS 30 June 2025
Tenterden 32 High Street, Tenterden, Kent, TN30 6AW 07 July 2025
Torquay 41 Fleet Street, Torquay, Devon, TQ2 5DN 17 June 2025
Tottenham 472 High Road, Tottenham, London, N17 9JX 08 July 2025
Whitley Bay 269 Whitley Road, Whitley Bay, Tyne & Wear, NE26 2SS 06 August 2025
Willerby Unit 4 Willerby Shopping Park, Willerby, North Humberside, HU10 6EB 13 August 2025
Wimborne 8 High Street, Wimborne, Dorset, BH21 1HY 04 August 2025
Wishaw 2 Main Street, Wishaw, Lanarkshire, ML2 7AF 22 July 2025
In addition, a date has yet to be announced for when these sites will close:
Bexhill 45 Devonshire Rd, Bexhill-On-Sea, East Sussex, TN40 1BD
Billericay 97 High Street, Billericay, Essex, CM12 9BD
Dover 24 Cannon Street, Dover, Kent, CT16 1ST
Droitwich 15 Victoria Square, Droitwich, Worcestershire, WR9 8DE
Dunstable 11 High Street North, Dunstable, Bedfordshire, LU6 1HY
East Grinstead 56-58 London Road, East Grinstead, West Sussex, RH19 1BJ
Holyhead 40 Market Street, Holyhead, Gwynedd, LL65 1UN
Ilkley 7 The Grove, Ilkley, West Yorkshire, LS29 9LL
Larne 54 Main Street, Larne, County Antrim, BT40 1SP
Lytham St Annes 54 St Annes Rd West, Lytham St Annes, Lancashire, FY8 1RF
Maldon 53 High Street, Maldon, Essex, CM9 5PT
Morley 91 Queen Street, Morley, West Yorkshire, LS27 8EF
North Walsham 6 Market Place, North Walsham, Norfolk, NR28 9BP
Redcar 60 High Street, Redcar, Cleveland, TS10 3DR
Saffron Walden 35 King Street, Saffron Walden, Essex, CB10 1EU
Turriff 17 High Street, Turriff, Aberdeenshire, AB53 4ED
Uckfield 15 High Street, Uckfield, East Sussex, TN22 1AG
Urmston 6-8 Flixton Road, Urmston, Greater Manchester, M41 5AS
Santander to close 95 UK branches, putting 750 jobs at risk
Santander is to close a fifth of its branches in the UK as part of an overhaul of its network, putting 750 jobs at risk.
The retail bank said it would shut 95 out of its 444 high street outlets, and reduce the services or hours at a further 50-plus branches, by June to “better serve the changing needs of customers”.
The lender, which said in January that it was not planning any permanent closures this year, said it was also changing 18 branches to become “counter-free” and a further 36 would operate reduced hours.
“Closing a branch is always a very difficult decision and we spend a great deal of time assessing where and when we do this and how to minimise the impact it may have on our customers,” a spokesperson for Santander UK said, adding:
“As a business, we must move with customers and balance our investment across all the places where we interact with customers, to deliver the very best for them now and in the future.”
Savings and investment firm M&G has warned this morning that it faces uncertain times.
In its full year results for 2024, M&G points out that:
Increased geopolitical uncertainty and market volatility continue to weigh on client sentiment and pose a significant challenge to financial institutions across the globe.
Shares in M&G have jumped by 3.3% in early trading, to the top of the FTSE 100 leaderboard, after it susprised investors with a rise in annual profits.
M&G’s total adjusted operating profit before tax for 2024 rose 5% to £837m, up from £797m, beating forecasts of a dip to £769m. That was due to a rise in income from asset management.
Shepherd Neame: Budget changes will cost us £2.6m
In a week’s time, we’ll be bracing for Rachel Reeves’s spring statement, which may turn in to more of a mini-budget given speculation of possible spending cuts or tax rises to keep within the chancellor’s fiscal rules.
But businesses are still getting to grips with the chances made in last autumn’s budget, such as the increase in employer national insurance contributions and the higher minimum wage, which both kick in next month.
Shepherd Neame, which claims to be Britain’s oldest brewer, says these “new, and unwelcome, cost increases” will cost it £2.6m, which it plans to absorb through higher prices and cutting out costs.
The Kent-based brewer, maker of Spitfire and Bishops Finger, told the City this morning:
The Company has traded well in the first half and delivered strong profit growth. Like other operators in the sector, we face many cost headwinds that will impact us in the second half, following the recent Budget, notably the increase in national living wage and national insurance from April. We estimate that the annualised impact of these two items is £2.6m, with the incremental costs commencing in April and impacting the final quarter of the 2025 financial year.
We plan to mitigate the majority of these costs over the next 18 months through price increases and cost efficiencies.
Japan’s exports rose at a faster rate last month, suggesting that some customers overseas may have been increasing their orders ahead of a possible trade war.
Exports measured by value rose by 11.4% year-on-year in February, Japan’s Ministry of Finance reported, while imports fell 0.7%
That pulled Japan’s trade balance back into the black, with a surplus of ¥584.5bn.
By region, shipments to the US rose 10.5% by value, though they did slip by 3.3% in terms of volume. Those to China increased 14.1%, probably due to a pick-up in demand after the Lunar New Year holiday ended, while exports to Europe fell 7.7%.
The apparent rebound in the value of X comes at a see-saw moment for Elon Musk’s finances.
The recent slump in the value of Tesla means that his vast stake in the electric car market is no longer his most valuable asset.
Musk’s stake in SpaceX, his private rockets and satellites business, is now the billionaire tycoon’s largest asset for the first time in five years, according to Forbes, which still pegs his net worth at $323bn – more than anyone else in the world.
Elon Musk’s X now valued at $44bn again
The value of X has reportedly rebounded back to the level that Elon Musk paid for the social media platform back in October 2022.
According to the Financial Times, investors valued X at $44bn when they bought a stake in the company earlier this month.
That would be a rebound for Musk and the investors who helped him purchase Twitter (now renamed) three years ago.
X’s value had tumbled under Musk’s early ownership, with some advertisers cutting their spending on X due to concerns that extreme content on the platform could damage their brands.
At the start of 2024, mutual fund Fidelity revealed it had cut the value of its stake by 71%, which implied X’s value then had fallen to about $12.5bn.
But today, the FT reports that while X’s revenues have dropped since Musk’s takeover, it made an adjusted EBITDA (ie underlying) profit of $1.2bn last year.
They say:
Investors valued the platform at $44bn in a so-called secondary deal earlier this month, in which they exchange existing stakes in the company, according to two people with knowledge of the matter.
X was also working on raising fresh capital in a primary round, which would aim to raise about $2bn through selling new equity and be used to pay off more than $1bn of junior debt that Musk agreed to take on to finance his buyout of the company, then known as Twitter, in 2022, several people briefed on the situation said.
FT Exclusive: The new $44bn valuation represents a rebound for Elon Musk and its investors after the social media site was valued at less than $10bn in September. https://t.co/W7uJi72TJJ pic.twitter.com/UqIBfj0tSG
— Financial Times (@FT) March 18, 2025
Updated
Introduction: BoJ warns of 'high uncertainties' from trade war threat
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
These are difficult times for central bankers, as the threat of a global trade war and fears of a US recession grip economies and the markets.
And this morning, the Bank of Japan has put its finger on the problem – policymakers simply can’t predict what will happen next.
Speaking to reporters, BoJ governor Kazuo Ueda explained:
“In the past month or so, there have been rapid changes in the scope and speed of U.S. tariffs. However, there are aspects we may not know even beyond April, so uncertainty remains high.
We will scrutinise how the U.S. trade policy unfolds, how it affects the U.S. and other global economies, and how that all impacts Japan’s economic and price outlook.”
Ueda also cautioned that “overseas uncertainty has heightened sharply lately”, and that it is hard to quantify the risks at this stage.
Ueda was speaking after the BoJ decided to leave Japan’s interest rates on hold at 0.5%, even though Japan’s annual wholesale inflation rate hit 4.0% in February.
In the weeks leading up to today’s meeting, president Trump has imposed 25% tariffs on steel and aluminium imports to the US and pledged to bring in ‘reciprocal and sectoral’ tariffs on 2 April, to balance out any imbalances.
But he has also pulled back from his trade war with Canada and Mexico by temporarily delaying tariffs on many goods from the two countries, adding to the trade policy uncertainty.
As the BoJ put it:
“Concerning risks to the outlook, there remain high uncertainties surrounding Japan’s economy and prices including the evolving situation regarding trade and other policies in each jurisdiction.”
Earlier this week, US treasury secretary Scott Bessent indicated that countries will get an opportunity to avoid higher tariffs by reducing their own trade barriers.
But a White House official has indicated that Donald Trump’s intention is still to enact tariffs on 2 April.
The US central bank, the Federal Reserve, will give its view on the situation tonight when it sets monetary policy – it’s not expected to change interest rates though.
The agenda
10am GMT: Eurozone inflation report (final estimate) for February
11am GMT: US weekly mortgage application data
6pm GMT: US Federal Reserve interest rate decision
6.30pm GMT: US Federal Reserve press conference
Updated
