Coronavirus and the end-2020 Brexit deadline have left UK firms facing historic uncertainties, prompting many to find more flexible ways to protect their foreign exchange exposure — even if these come at a higher initial cost, Reuters reported. The pandemic is expected to cause Britain’s biggest economic contraction in 300 years and swell unemployment, debt and corporate bankruptcies. An added risk is that Britain could cast off from the European Union next year without having agreed any trade deals.

Tax increases of £60bn or a return to austerity will be needed to restore the UK’s public finances to stability after coronavirus, the fiscal watchdog said on Tuesday, predicting government borrowing will reach £370bn this year, the Financial Times reported. Describing the long-term public finances as “clearly . . . on an unsustainable path”, the Office for Budget Responsibility said that a combination of borrowing to address the consequences of Covid-19 and the government’s decision to limit immigration after Brexit would increase the necessity for tax increases.

The British financial regulator’s move to temporarily close German fintech Wirecard’s UK business last month left some of the country’s most vulnerable people unable to buy food or access basic services for several days, the Financial Times reported. The Financial Conduct Authority forced Wirecard Card Solutions to halt all regulated activity after its German parent company collapsed into insolvency, before lifting the restrictions the following week.

The British government unveiled a raft of measures yesterday that it hopes will limit an anticipated spike in unemployment as a result of the coronavirus pandemic, the Associated Press reported. Most noteworthy were a new bonus plan aimed at getting firms to retain workers that have been idle for months, as well as tax cuts for hard-pressed firms in the tourism and hospitality sectors and a new “Eat Out to Help Out” discount scheme. Treasury chief Rishi Sunak said that his latest major intervention is aimed at weaning the U.K.

Deloitte should be fined a record 15 million pounds ($19 million) for “serious and serial failings” in its audit of technology company Autonomy, a lawyer for Britain’s accounting watchdog told an independent tribunal today, Reuters reported. Deloitte, one of the world’s Big Four auditors, and two of its partners, Richard Knights and Nigel Mercer, were investigated in relation to their audit of Autonomy’s financial statements for 2009 and 2010.

Travelex said yesterday its debt holders will take control of the company and inject 84 million pounds ($105.60 million) of fresh liquidity, as part of a debt restructuring to help the currency service provider ride out the coronavirus crisis, Reuters reported. The company said that it reached an agreement with at least 66.7 percent of its senior secured noteholders and all of its revolving credit facility lenders for an 84 percent reduction of its existing financial debt. The senior secured noteholders will take full control of Travelex, the company said.

The U.K. government announced up to $38 billion in fresh stimulus measures intended to boost the country’s economy as it exits lockdown, a path that is also being considered by other rich nations as they seek to prevent the economic shock of the pandemic from snowballing into a multiyear slowdown that could leave deep scars on their societies, businesses and economies, the Wall Street Journal reported.

A study by Institute for Fiscal Studies warned that thirteen universities, or colleges, in the U.K. are at risk of going bankrupt as the coronavirus pandemic hits their finances and challenges the entire sector, CNBC.com reported. Social distancing measures, travel restrictions and lockdowns have tested the ability of universities to survive without students. In the wake of the pandemic, many moved their teaching online and some do not have plans to return to their facilities until the summer of 2021. There’s also uncertainty as to whether non-U.K.

Britain has joined forces with India’s Bharti Global to buy the collapsed satellite operator OneWeb, with the two sides pledging $1 billion between them to develop a constellation that could boost broadband and other services, Reuters reported. Under the deal announced on Friday, Britain will invest $500 million and hold a stake of around 45 percent in OneWeb while Bharti will invest the same amount and provide commercial and operational leadership.

Britain’s Casual Dining Group (CDG), the operator of restaurant chains Cafe Rouge, Bella Italia and Las Iguanas, said on Thursday it had appointed administrators and would permanently close 91 sites immediately with the loss of 1,909 jobs, Reuters reported. The company, which had employed nearly 6,000 people across 250 sites, said the move would enable it to negotiate with landlords ahead of an expected sale of the business.