Tesco will create 800 new jobs by opening a banking call centre in Glasgow as it vastly expands its financial services division.

In a bid to capitalise on Britons’ distrust of existing high street banks, the retailer plans to rebrand its Tesco Personal Finance division as Tesco Bank. It could launch Tesco current accounts by the fourth quarter of next year.

Alistair Darling, the Chancellor, yesterday backed Tesco’s move, saying that it was a 'strong vote of confidence' in Scotland’s financial services sector. 'Over the last year the financial services industry has taken quite a battering... It is therefore very welcome that Tesco is announcing 800 new jobs,' said Darling.

Financial Times, Daily Telegraph