Bank of England governor blocks Rachel Reeves’s Revolut meeting
The governor of the Bank of England blocked a meeting that Rachel Reeves tried to secure with watchdogs and Revolut, amid concerns the chancellor was meddling in an independent process over the fintech’s UK banking licence.Andrew Bailey intervened after learning of the plan to bring together representatives from Revolut, the Treasury and the Bank’s regulatory arm, the Prudential Regulation Authority, to discuss the fintech’s ambitions to become a fully authorised UK bank.The three-way meeting, first reported by the Financial Times, had been due to take place in the past few weeks but was cancelled over concerns that the central bank’s regulatory decisions should be independent from government interventions and influence.A Treasury spokesperson said: “The chancellor and the governor have a strong and productive relationship, and the government fully supports the operational independence of the Bank of England.”The Bank declined to comment.
The meeting would have been part of the government’s charm offensive, with ministers desperate to convince Revolut – last estimated to be worth $45bn (£33.6bn) – to choose London for its much-awaited stock market debut primary listing.Ministers have been spooked by comments from Revolut’s co-founder and chief executive, Nik Storonsky, who suggested last December that New York could be a better fit because of the regulatory environment and the size of the market.Losing Revolut, which is Europe’s most valuable private fintech, would represent a major blow to the City and the London Stock Exchange, which has suffered from a growing number of defections, with companies snubbing the UK for listings abroad.The chancellor has also been urging UK watchdogs to support financial firms in the name of growth, having gone so far as to claim in her Mansion House speech this month that regulation was acting as a “boot on the neck” of businesses.
Revolut secured a limited UK banking licence last year after a rare three-year wait, having had to convince regulators it had addressed a number of accounting issues and EU regulatory breaches, as well as reputational concerns, including about an overaggressive corporate culture.The fintech company says it has since resolved those accounting and regulatory problems, and has made efforts to improve its working culture.However, the fintech was only granted a restricted licence and, 12 months on, has yet to have its application fully authorised.The restrictions mean it cannot currently offer its own loans in the UK, and while it can hold customer deposits, they are capped at £50,000.Banks are usually put under these restrictions until they can prove they have appropriate staff, IT systems and governance and accountability checks in place to satisfy officials.
Revolut has been hoping to gain full approval from UK regulators this year.A fully fledged licence would open the door to new income streams, allowing it to start funding own-branded loans and mortgages.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionIt would also mean it would face stricter regulations and make it part of the compensation scheme.A full licence was expected to be the first step in opening the door to banking licences in other countries, including the US.Revolut has already secured an EU banking licence through Lithuania.
In the absence of UK approval, it has emerged that Revolut is considering buying an American bank in order to secure an American banking licence and accelerate its expansion stateside.The fintech company originally launched as a prepaid card focused on free currency exchange for customers.It has since grown to more than 10,000 staff, serving customers in more than 36 countries, with more than 50 products and services.As well as money transfers, it offers home rentals, buy now, pay later credit, wage advances, e-sims for mobile data plans and crypto trading.Its annual report in April showed Revolut more than doubled its annual profits in 2024, jumping almost 150% to £1bn, thanks to a rise in subscriptions, and revenues from its wealth and crypto trading divisions.
Trump threatens drug giants with crackdown over prices
Donald Trump has threatened to use “every tool in our arsenal” to crack down on pharmaceutical giants if they fail to cut drug prices for Americans within 60 days.The president wrote to executives at 17 companies on Thursday, demanding they match their US prices for prescription drugs with the lowest price offered in other developed nations.Current prices were an “unacceptable burden” on US families, Trump said, claiming they could be up to three times higher than in other countries.After returning to the White House earlier this year and pledging to bring down drug prices, the president claimed that “most proposals” from the pharmaceutical industry amounted to “more of the same”, accusing firms of seeking to shift blame and requesting policies that would pave the way for handouts worths billions of dollars for the sector.“Make no mistake: a collaborative effort towards achieving global pricing parity would be the most effective path for companies, the government, and American patients,” Trump wrote
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Joe Burgess scores four tries as Hull KR’s demolition of Salford raises big questions
This was anything but the kind of advert Super League clubs who voted to expand the competition to 14 teams in 2026 would have hoped for.This may well be the last time we see Salford versus Hull KR as a Super League fixture for some time. There is a growing feeling that, even with two more teams joining the elite next year, Salford’s position is increasingly untenable as they remain riddled by financial problems.Having been forced to request an advance on their central distribution on the eve of the season, a takeover in February was hoped to be the cure for their long-term ills. But 20 rounds into the season, Salford remain under salary-cap constraints, have had to sell players to make ends meet and are still in deep financial trouble
LeBron James, Nikola Jokić reportedly meet over $5bn upstart to rival NBA
A high-profile meeting last week in France between LeBron James, his business partner Maverick Carter and Nikola Jokić’s agent Miško Ražnatović was about plans for a new $5bn international basketball league, according to a report by Front Office Sports, which cited multiple sources familiar with the matter.The proposed league, spearheaded by Carter, would feature six men’s and six women’s teams that travel together to eight global cities in a touring format. Inspired by LIV Golf and Formula One, the league aims to offer players equity stakes, something NBA rules currently prohibit for active athletes.Ražnatović, a powerful figure in European basketball, posted a photo of the meeting on Instagram over the weekend. The caption, tagged in Saint-Tropez, teased: “The summer of 2025 is the perfect time to make big plans for the fall of 2026
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