The European Central Bank’s second-in-command has warned that markets are not properly pricing in the risk of a no deal Brexit — an outcome the vice-president, Luis de Guindos, warned could lead to a further slowdown in growth across the single currency area, the Financial Times reported. Mr de Guindos, the ECB vice-president, told lawmakers at a European Parliamentary hearing: “Markets have not priced in the possibility of a no deal scenario.” He added: “We are living in a moment of slowdown of the global and the European economy.

The UK tax authority has reported the suicide of an individual facing a new “loan charge” to its complaints body for the first time, as the minister responsible for the policy rejected criticism it could lead to mass bankruptcies, the Financial Times reported. From Friday 5 April, at least 50,000 contractors who avoided national insurance and income tax by using schemes that paid them mostly in loans will face the charge. It will tax outstanding loans, which HM Revenue & Customs describes as disguised remuneration, from up to 20 years ago in a single financial year.

Debenhams has presented Sports Direct with a put up or shut up ultimatum as it told its biggest shareholder to finance a formal rescue for the department store chain or face being wiped out, the Financial Times reported. The struggling retailer said it had secured a fresh financial lifeline of £200m of new funding, but only half would be available immediately.

The chief executive of Iceland’s low-cost Wow Air, which collapsed on Thursday, has said his “fatal” mistake was trying to turn the airline into a global business, the Financial Times reported. Speaking to the Financial Times, Skuli Mogensen said Wow, which offered cheap flights between Europe and the US via Iceland, had started off with narrow-body planes, but “we wanted to use Iceland as a global hub connecting three continents” so the airline ordered expensive wide-bodied jets, which can fly further, in late 2016. Wow briefly flew a route between India and Iceland.

The Bank of Italy has appointed an insider as its second-highest ranking official, reinforcing its independence after it came under criticism from Rome’s populist coalition government for its role in the country’s banking crisis, the Financial Times reported. The Bank of Italy said Fabio Panetta, currently deputy director-general and a career central banker, would be appointed director-general in what is seen by officials as a continuation of the status quo at an institution traditionally viewed as a source of stability at times of Italian political turmoil.

Friday was meant to be the day that Britain officially left the European Union. It was instead the day lawmakers rejected Theresa May’s exit deal for a third time, plunging the country deeper into crisis, a Bloomberg View reported. It marked the ninth consecutive “no” vote this week, after MPs rejected eight ways forward on Wednesday. In the end, May summed it up best: “We are reaching the limits of this process in this House.” There are now only two ways Britain can leave the EU without crashing out amid chaos: by agreeing to a different plan, or electing a different parliament.

Perella Weinberg Partners LP is hiring Clinton Ray and Guy Morgan from Goldman Sachs Group Inc. to expand its European restructuring business, according to people familiar with the matter, Bloomberg News reported. The bankers will join the firm in London in June to advise new and existing clients on restructuring, debt advisory and liability management, said the people, who asked not to be identified because discussions are private. Representatives for Perella and Goldman declined to comment.

Emmanuel Macron’s grand plan for a eurozone budget has been downsized. A key part of his successful campaign for the French presidency, the budget was envisaged as a fiscal bazooka worth several percentage points of eurozone GDP. But the plans have since been progressively whittled down by wary EU governments, the Financial Times reported. The tool’s eventual firepower could be capped to as little as €22bn spread over seven years.

The collapse of the UK savings company London Capital & Finance, swallowing most of the £236m entrusted to it by 11,500 people, is one of the most troubling investment scandals of recent years. The failure requires not only an inquiry into how so much cash could vanish, but regulatory reform to prevent savers being so easily deceived by the aggressive marketing of risky financial products, the Financial Times reported in a commentary.

Debenhams has cleared a hurdle in its attempt to push through a crucial restructuring plan, dealing a blow to a potential bid for the struggling retailer by Sports Direct chief executive Mike Ashley, the Financial Times reported. The department store chain said it had secured the support of a majority of its bondholders for a series of technical changes that help clear the way for a £200m refinancing. The approval puts Debenhams in a position to confirm the new funding in the coming days and move to pursue restructuring options to secure the future of the business.