The UK’s financial watchdog has told banks it is sanguine about what model they use as they move business to the EU after Brexit, a stance in contrast to the approach from European regulators.

In a letter to chief executives across the City of London, Andrew Bailey, the head of the Financial Conduct Authority, said the regulator was “open to a broad range” of arrangements on how to book risk and profit, provided they were properly overseen


Upmarket estate agency Savills has warned that the deadlocked Brexit negotiations made it hard to make predictions for the rest of the year, as it posted an 18% drop in half-year profits after sharp declines in commercial and residential deals.

Residential transactions fell 7% in London, and 10% outside the capital, in the six months to 30 June. However, the average value of London property sold by Savills rose 16% to £3.2m and was up 3% in the regions to £1.2m.


Crisis-hit Northamptonshire county council has voted to push ahead with a radical cuts strategy to reduce services to a bare legal minimum, as it attempts to close a financial black hole which it says could grow to £180m within three years.

The strategy aims for “radical service reductions and efficiencies” across a range of areas, including children’s services and adult social care as it moves to a stripped back “core offer” to residents.