Bank of England quits retail

ENDING a 300-year reign, the Bank of England will discontinue its retail banking services. The central bank provided basic services to the government and to a range of building societies and corporate clients.

The Bank wants to focus on its primary job of maintaining monetary and financial stability. 'We haven't been a commercial bank in any real sense for a very long time,' said a spokesman.

However, the Bank will continue to provide current account facilities for employees. It will also offer a range of banking services to Huntingdon Life Sciences. Commercial banks have refused to handle the animal testing firm's accounts following harassment from animal rights activists. The Bank says it will only cut Huntingdon loose if another bank agrees to provide a full range of banking services.