The chief executive of Lloyds Bank has said an £11bn car finance compensation scheme risks putting foreign investors off Britain, the Telegraph reported. Charlie Nunn said that the Financial Conduct Authority’s (FCA) planned redress scheme for drivers who claim they were mis-sold car loans risked becoming an “investability issue” for Britain. Mr Nunn said the “scheme as it’s currently proposed” would give a “windfall ... that isn’t linked to harm and wouldn’t be fully proportionate”.
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Alex Salmond, the former first minister of Scotland and a towering figure in the country’s political landscape, saw the final chapter of his life marked not only by courtroom battles but also by a profound financial reckoning. Now, just a year after his death, his estate is seeking sequestration — the Scottish legal term for bankruptcy — brought on by the immense costs incurred during his tumultuous legal journey, the Grand Pinnacle Tribune reported.
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In the last year, 7,361 construction companies in the UK were identified as being in ‘critical’ distress – a more than 70 per cent rise on the previous year, ConstructionWave.co.uk reported. Meanwhile, firms experiencing ‘significant’ distress increased year-on-year to 103,551, up 14.6 per cent in Q3 of this year, rising 1.2 per cent since the last quarter. Perhaps unsurprisingly, most businesses in ‘significant’ distress were specialist firms – smaller sub-contractors and SMEs – whose numbers rose 23.5 per cent in Q3 to 6,799.
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A union is urging the government to furlough workers at an oil refinery ahead of their final day, BBC.com reported. Staff at Lindsey Oil Refinery in North East Lincolnshire will say goodbye to 124 of their colleagues later, who have been made redundant after owner Prax Group went into administration and the site was taken over by the Official Receiver.
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A bus operator providing services across Nottingham and Nottinghamshire has will continue trading after confirming it has entered a company voluntary arrangement (CVA), BBC.com reported. Community Transport for Nottingham (CT4N) announced last week it was looking to enter an insolvency process due to "challenging trading conditions". The decision was unanimously approved by voting creditors, and means 75 staff members will keep their jobs and services for commercial clients and local transport authorities will carry on.
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The number of U.K. businesses in critical financial distress soared in the third quarter, reflecting tax increases, inflation and a challenging economic backdrop, according to a new study, the Wall Street Journal reported. The number of businesses in critical financial distress surged by 78% on year and by 13% on quarter to 55,530 companies, consultancy Begbies Traynor BEG 0.91%increase; green up pointing triangle said in its latest Red Flag Alert report on Thursday.
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