Santander’s takeover of TSB will be music to Rachel Reeves’ ears: sparing the under-pressure chancellor the potential embarrassment of having to explain why a major high street lender had given up on Britain.
On Tuesday night, Spanish-owned Santander said it would buy TSB from its fellow Spanish owner, Sabadell, for £2.65bn, ending months of speculation over the future of the British bank – and reaffirming Santander’s commitment to the UK.
