Clydesdale and Yorkshire Banking Group (CYBG) — which is headed up by former AIB CEO David Duffy — has laid out plans to challenge Britain’s big banks, betting that a re-brand as Virgin Money and growth in business banking will help it to shake up the market.

The FTSE 100 Index has closed above 7,500 for the first time as higher-than-forecast inflation data and confidence over Britain's prospects under a Tory government drove stocks higher.