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  • Today's business and finance round up 16th August 2022

Today's business and finance round up 16th August 2022

British beauty brand falls out of favour

August 16, 2022

16th August 2022

Bite-sized business news from the UK and beyond

Good morning Amazon is releasing “Ring Nation,” a reality show based on footage from its Ring security cameras next month. The show will feature Ring footage of “neighbours saving neighbours, marriage proposals, military reunions and silly animals.”

Today's stories

  • British beauty brand falls out of favour

  • Challenger banks beat high street rivals in consumer rankings

RETAILBritish beauty brand falls out of favour

Other stories to keep you in the loop

  • Heathrow extends flight restrictions until end of October

  • Ministers planning to cut civil servant redundancy pay at same time as 91,000 jobs

  • Thousands of British Airways workers to get pay rise of up to 13%

  • Aldi to give thousands more workers a second pay rise

  • Reebok owner closes in on Ted Baker deal

  • Uber increases fares for second time in 9 months

  • Goldman Sachs slashes London banker pay by 60%

  • Campaign to save M&S Oxford Street building gets backing from authors and architects

  • Nationwide offers 11,000 workers a £1,200 bonus to help with bills

BANKSChallenger banks beat high street rivals in consumer rankings

What happened?Challenger banks Monzo and Starling have leapfrogged high street banks in a customer survey of service quality for UK personal and business current accounts.How did we get here?Since 2016 the UK competition regulator has been conducting a twice-yearly survey with thousands of individuals and small businesses to rate the quality of service they receive from their banks.Respondents are asked how likely they would be to recommend their bank to a friend, relative or other business. The survey also covers the quality of online and mobile provision, branch and overdraft services and, for small businesses, the quality of the relationship management they receive.In a sign of growing demand from for digital banking among the public, Starling Bank and Monzo came out on top as the first and second for both personal and business accounts. At the bottom of the list were TSB, Virgin Money and Royal Bank of Scotland.Why it mattersA survey by YouGov earlier this year found that 81% of people say the quality of online experience determines who they bank with, while the over 55 age group saw a sharp 60% jump in more frequent digital banking usage after the pandemic.The pandemic accelerated the move to online banking and app-only providers like Monzo, Revolut and Starling Bank. These banks have flourished taking market share from traditional high street banks who are trying to keep up with their tech rivals by upgrading their digital systems.

Stat of the day

A typical UK worker is going into the office less than 1.5 days a week – with Friday the most popular day to work from home, according to a global survey

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