Virgin Money Cautions on Challenges from Interest Rate Cuts 📉

Virgin Money has warned of “headwinds” from interest rate cuts and said it will face cost pressures as it pauses some restructuring efforts ahead of its £2.9 billion takeover. The high street lender – which agreed in March to be bought by rival Nationwide Building Society – reported an 18 per cent rise in pre-tax profits to £279m for the six months to March 31.