Banking

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.EU diplomats have been ordered to scrap travel plans, cancel parties and postpone work to secure residences after significantly overshooting their budget this year, denting the ambition of the union’s foreign policy arm.The EU’s external action service, in effect the bloc’s foreign ministry, has been told to cut €43mn — almost 5 per cent of its planned budget — after breaching agreed spending limits, said five officials briefed on the demand.Officials say...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.The UK experienced a £6mn spike in cash withdrawals from ATMs on Friday last week when the global cyber outage disrupted digital payments, exposing the vulnerabilities of the transition to becoming a cashless society.The inconvenience of being unable to use card or contactless payments may well have caused you to gnash your teeth. However, this problem is experienced daily by millions of UK adults who use cash. Last year there was an...