Virgin Money warns of ‘headwinds’ 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.