United Kingdom

The U.K.’s top financial regulator is set to delay the next wave of bank capital reforms, according to people with knowledge of the situation, the latest example of a major global rulemaker abandoning its timetable for the changes until the US finalizes its package, Bloomberg News reported. The Bank of England is poised to announce in coming days that it will postpone its entire package until January 2026 at the earliest as it monitors international developments, the people said, asking not to be identified discussing information that isn’t public. A BOE representative declined to comment.

Thousands of current and former employees at British clothing retailer Next Plc won an equal pay claim in a ruling that could have significant repercussions for similar cases in the country, Bloomberg News reported. The employment tribunal said in a ruling published on Tuesday that Next’s in-store sales workers, who are mostly women and paid lower hourly rates, were put at a particular disadvantage when compared with men doing equal work.

The first ever Green leader of Bristol has warned that the city council is at risk of going bankrupt unless urgent action is taken, BBC.com reported. Councillor Tony Dyer has revealed that the authority presently faces an overspend of £22m. A savings programme is being developed, with warnings that some charges will also rise. But there is already criticism from campaigners, with accusations that the Greens have rowed back on earlier pledges. Money was already tight, but extra costs have come to light, and planned savings have fallen short.

The U.K.’s economy kept up pace in August, helped by a robust labor market as both the services and manufacturing sectors expanded further, a boost for the newly elected Labour government that has put economic growth at the heart of its political agenda, the Wall Street Journal reported. The S&P Global Flash U.K. PMI Composite Output Index—a measure of private-sector activity in both the services and manufacturing sectors—rose to 53.4 from 52.8 in July, marking the fastest rise since April and above a forecast of 52.6 by economists polled by The Wall Street Journal.

The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data, the Independent reported. In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023. The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic.

U.K. house hunters stepped up their search after the Bank of England’s first reduction in interest rates in over four years and Labour’s election win created “buyer buzz,” Rightmove Plc said, Bloomberg News reported. The online property portal said the number of buyers contacting estate agents to view houses for sale jumped 19% from a year ago since the BOE decision on Aug. 1, an acceleration from the 11% increase across the month of July. The number of sellers coming to market also rose by 5% compared to a year earlier.

The leader of Nottingham City Council has warned another ‘bankruptcy’ notice could be issued if the authority does not make cuts to its libraries and other services, WestBridgfordWire.com reported. In November last year the Labour-run council issued a Section 114 notice, effectively declaring bankruptcy, because it could not set a balanced budget. Government-appointed commissioners arrived in February, and the authority was granted Exceptional Financial Support, allowing it to use asset sales to fund day-to-day operational costs.

Derby dance organisation Deda is “with a heavy heart” entering into voluntary insolvency, BBC.com reported. The charity which runs the dance and movement venue in Chapel Street said that it was “impossible” to continue in its current financial situation.

Half of UK Bible colleges to close in next two years A prediction by Dr Anthony Royle, Director of King’s Evangelical Divinity School (KEDS), the Lodi Valley News reported. According to Royle, the Association of Bible College Directors warned of widespread bankruptcy. This reality is also due to the impact of the Covid-19 pandemic, economic crisis and increasing secularism. Currently, there are about 50 Bible colleges in England. Many face serious challenges. Some have already closed recently, such as St. John’s in Nottingham and Redcliffe College in Gloucestershire.