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Lenders have reported the biggest jump in credit card defaults in nearly two years, in a sign that families are struggling to weather financial pressures, The Telegraph reported. Banks experienced the largest increase in people falling behind on their credit card debts in the three final months of last year since the start of 2024, new figures show. The data from the Bank of England also showed that demand for mortgages registered the sharpest fall in two years.
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A Scottish council is suing a major City investment group over claims a £40m “gamble” on a fleet of onshore wind farms backfired, The Telegraph reported. Aberdeen City Council has filed a London High Court claim against Federated Hermes, a fund manager once tied to the BT pension scheme, over allegations the group engaged in an “existential gamble” by investing its pension money in the green energy project.
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Bank of England Deputy Governor for Markets and Banking Dave Ramsden said on Wednesday that the United Kingdom must adapt its financial safeguards to account for evolving risks, including the rise of stablecoins, BreakingtheNews.net reported.
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A distressed debt specialist has applied to appoint administrators to broadband provider G.Network a week after taking over the business, in a move towards the first insolvency among the challenger companies in the UK’s telecoms industry for years, the Financial Times reported. FitzWalter Capital, which last week bought G.Network from previous owners USS and Cube Infrastructure Managers, filed to appoint insolvency practitioners on Monday, according to court paperwork.
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Liberty Steel owed Rotherham Council more than £4.2m in unpaid business rates when it was issued with a compulsory winding up order in August 2025, the local authority has confirmed, BBC.com reported. Council leader Chris Read said the authority had written off more than £3m of the debt on the recommendation of external legal advisers but that this could be reversed if there was a possibility of recovering the money. The authority said it intended to submit a claim to administrators for the full outstanding balance.
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British lawmakers are calling for the Bank of England to be handed new powers to gather data on private credit if a landmark stress test fails to shed enough light on risks posed by the fast-growing but opaque market, Reuters reported. In a report published on Friday entitled "Private markets: Unknown Unknowns", the cross-party House of Lords parliamentary committee said there was insufficient data to determine whether the growth of private markets posed a systemic risk to the UK's financial stability.
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Officials overseeing the wind-down of Stenn Technologies, the U.K. invoice-finance firm backed by Wall Street investors, have recovered about one tenth of the funds owed so far as they continue to probe the circumstances of its collapse, Bloomberg News reported. Stenn was owed roughly $1 billion in short-term invoices at the point of its Dec. 2024 insolvency. Administrators at Interpath Advisory managing the firm’s failed UK subsidiaries have obtained £93 million ($125 million) since then, according to their latest reports.
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