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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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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.
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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.
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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.
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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.
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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.
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