NS&I is making another cut to the Premium Bond prize fund rate, reducing it to 4%. The Premium Bond rate is currently 4.4%. Last month, NS&I said it would cut the rate to 4.15% in the December draw.

Nationwide, the UK’s largest building society, recorded a £2.3bn gain from its purchase last month of listed lender Virgin Money, as it posted a drop in first-half profits. In annual results published ...