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Nationwide Building Society said that while it continues to invest members’ money in laying the foundations needed to launch its business current account in 2020, progress has been slower than expected.

“Our commitment to bring the fairness and value of mutuality to the SME banking market, particularly smaller businesses, is unchanged but experience in 2019 has led us to re-assess the rate at which this can be achieved,” the society said.

 “We will provide millions of UK SMEs with access to better choices, forcing the whole market to compete harder and driving better customer outcomes.”