The latest data reveals that over a million current account switches were completed for the third consecutive year. Nationwide led the way with 41,450 customers switching to their building society in the last quarter, enticed by incentives like a £175 switching offer and annual £100 bonus payments through their profit-sharing scheme. Monzo and NatWest followed with 9,934 and 8,731 new customers, respectively, making the final quarter of 2025 the busiest period with 350,114 switches.
In total, 1,054,521 switches were recorded in 2025, although lower than the figures seen in 2023 and 2024 due to fluctuating interest rates impacting savings rates. Conversely, Santander lost nearly 20,000 accounts, while Halifax and JP Morgan’s Chase witnessed 17,341 and 7,623 customers moving away, respectively.
John Dentry, a product manager at Pay.UK, the operator of the Current Account Switch Service (CASS), emphasized the robust competition in the banking market, empowering consumers to find accounts better suited to their needs easily and efficiently.
In other news, Waymo, a US company, is set to introduce driverless cabs on UK roads starting this autumn. The autonomous taxi service aims to enhance safety and efficiency on London streets. However, prior safety approvals are required before the cabs can begin picking up passengers.
Furthermore, the organizers of the Solfest music festival have announced the company’s liquidation following significant challenges. The future of the planned 2026 festival remains uncertain, with ticket holders awaiting further information.
On a different note, a report predicts that a substantial number of struggling businesses, including “zombie” firms, could face closure in 2026 due to various economic pressures. The hospitality sector has been particularly impacted, experiencing increased financial distress.
In the retail sector, GAME, a popular high street retailer, is facing the prospect of collapsing for the second time, as the company initiates steps towards administration.
Additionally, water bills across England and Wales are set to rise from April, with an average increase of 5.4%. This surge in bills is attributed to necessary investments in the water infrastructure, despite criticism of water firms for high dividends and executive pay.
Lastly, easyJet reported record summer bookings for the upcoming season, accompanied by financial losses due to operational costs. Discussions are underway with Starlink, Elon Musk’s satellite firm, regarding potential in-flight Wi-Fi services.
As for the automotive industry, car production in Britain hit a 70-year low in 2025, influenced by external factors such as import tariffs and cyber attacks affecting major manufacturers.