The latest data indicates that over a million current account switches were recorded for the third consecutive year. Nationwide led the way with 41,450 customers transitioning to the building society in the third quarter, attracted by incentives such as a £175 switching offer and annual £100 bonus payments through its profit-sharing scheme. Monzo and NatWest also saw significant gains, adding 9,934 and 8,731 customers, respectively. The final quarter of 2025 marked the busiest period, with 350,114 current account switches, as reported by the Current Account Switch Service (CASS), totaling 1,054,521 switches for the year. Despite this, the numbers were lower compared to 2023 and 2024 when higher interest rates boosted savings rates.
Conversely, Santander experienced a loss of nearly 20,000 current accounts, while Halifax and JP Morgan’s Chase saw 17,341 and 7,623 customers switching away, respectively. John Dentry, a product manager at Pay.UK, the operator of CASS, emphasized the active competition in the banking market, empowering consumers to seek accounts that better suit their needs efficiently and securely.
In other news, Waymo, a US firm under Google, is gearing up to introduce driverless cabs, termed robotaxis, to the UK roads later this year. The autonomous taxi service aims to enhance road safety and efficiency, pending official safety approvals before commencing operations. Additionally, Solfest, a prominent UK music festival, has declared insolvency due to significant challenges, raising uncertainties about the fate of ticket holders for the 2026 event.
Furthermore, a report predicts that numerous struggling companies, particularly in the hospitality sector, may face insolvency in 2026, amid economic pressures from tax hikes, rising wage costs, and subdued consumer demand. On a more positive note, Marks and Spencer emerged as the strongest brand in the UK, surpassing IKEA, Samsung, John Lewis, and Netflix. Meanwhile, UK retailer GAME faces the possibility of a second collapse, with signs of impending administration.
Lastly, water bills in England and Wales are set to rise by an average of 5.4% from April, with some firms implementing increases of up to 13%. This hike follows a trend of continuous bill escalations to fund infrastructure investments, despite criticisms of excessive dividends to investors and executive pay within the water industry. The automotive sector in Britain also faced challenges, witnessing a 70-year low in car production in 2025, attributed to various factors including import tariffs and cyber attacks affecting major manufacturers.