Tesco looks to shake up the financial market
In a barbed attack on the UK financial system, the boss of Tesco bank has today suggested that many consumers would look towards alternative financial arrangements due to the reputation of the major high street UK banks over the last few months. Whether this is true or not is open to debate, but the fact is that Tesco bank and other "alternative providers" will be looking to make hay while the sun shines and steal the glory of the UK banking sector.
It is in many ways ironic that Tesco is commenting upon the reputation of UK banks when this is a company which has long been criticised for allegedly crushing local competition and putting many smaller operators out of business. The truth is that Tesco is looking to move into the financial markets in a big way and recently tied up a new insurance venture with a new insurance partner. While Tesco bank has not exactly set the world alight as yet, it has exposure to a massive array of potential new customers, i.e. Tesco shoppers, and will no doubt make use of this prestige position in the medium to longer term.
However, where UK banking customers will move away from the high street purely and simply because of events over the last few months is highly debatable. In the world of personal finance, rates are what counts and with more and more people banking online there are more and more lucrative offers available - which should improve further when competition returns to the banking arena.
Share this..
Related stories
Money can buy you love
Money really can buy you love and it does not come cheap either, according to the results of a new survey by Abbey. Research found that over three quarters of a million people had split up with someone because they did not spend enough money on them and another 18 per cent, the equivalent to 5.9 million people nationwide, said that their partners did not splash out enough on them. Birthday and Chr...
Read More16% of Brits take out credit with no plan to pay it back
08/12/2014 Research from YouGov has shown that 16% of people in the UK have taken out credit with no intention of paying it back, and half of those would consider repeating that behaviour. The survey of 2,010 people was conducted by YouGov and commissioned by credit information provider, Equifax, and sheds light on consumer attitudes to repaying debts. In total, 19% of people surveyed a...
Read MoreGovernment reduces VAT from 17.5% to 15%
The reduction in VAT is not unexpected after a number of precise leaks to the press over the weekend, however the changes to duty on alcohol and petrol did come as something of a surprise. The government did not announce this change put in the small print it is evident that duty on alcohol and petrol would be increased so the prices will remain the same as before the VAT cut.
The VA...
HM Revenue and Customs issues new tax deferral procedure
HM Revenue and Customs, the heart of the UK government's taxation service, has this week introduced new procedures regarding potential tax deferrals involving amounts over £1 million. As of 1 April all tax deferral requests regarding amounts of £1 million over will need to be presented with supporting evidence from a totally independent third-party before consideration by HM Revenue and Customs....
Read MoreBrits consider banking at home
Almost half of Brits think that people will ditch banks and start stashing their cash at home, after the Northern Rock crisis.A survey conducted by Cornhill Direct found that 45 per cent of people thought consumers would leave banks behind and another 40 per cent said that they thought keeping money at home was a good idea.More than three-quarters of those questioned admitted to keeping money at h...
Read More