Tesco forced to postpone mortgages

Tesco, striving to build ‘the people’s bank’, had been expected to introduce mortgages this autumn.

But plans have had to be postponed as the company struggles with IT systems and a “raft of tougher legislation.”

Tesco has been very keen to move into banking, having been negatively affected by price rises on core purchases such as food and fuel, with then a knock-on impact for reduced spending on discretionary items that the company sells, such as clothing and entertainment.

Tesco is Britain’s biggest retailer by sales.

http://www.ft.com/cms/s/0/0e1ac0c6-e3ad-11e0-bd3d-00144feabdc0.html

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