Interesting but only really a UK launch if they support some UK specific functions like the Faster Payments Network which would allow fee-free bank transfers within minutes (about 15 minutes from experience) but this is just between local banks.
http://en.wikipedia.org/wiki/Faster_Payments_Service
Without this they are just another exchange offering GBP as an exchange pair.
The problem though is finding a banking partner in the UK and not say Estonia or Poland since UK banks don't want to touch bitcoin and have been known to actively bitcoiners close accounts.
It would be good to see this change and FPS integration with a UK bank would be the key turning point.
Hmm. That's a bit of a damp squib. They seemed to be hinting at getting a proper banking relationship but clearly couldn't pull it off. If somewhere with the muscle of Coinbase can't do it then than doesn't bode too well.
UK banking is a walled garden and they're all interlinked somehow. There's no way one bank could start to play bitcoin without the others threatening to refuse to play with them.
All an interesting object lesson in how incestuous and self serving the sector is.