Britain's withholding of 39 billion pounds it promised the EU as part of its original Brexit plan would not constitute a default in the eyes of credit ratings agencies, but lawyers said it could lead to international court battles, the International New York Times reported on a Reuters story. Boris Johnson, the leading candidate to be Britain's next prime minister, said at the weekend that he would retain the Brexit payment until the EU gave the UK better exit terms. The 39 billion pounds represents outstanding British liabilities to the EU and is to be paid over a number of years.

The investment firm at the centre of British Steel’s collapse is considering buying a troubled steelworks in Poland, according to people briefed on the matter, the Financial Times reported.

UK retailers suffered the steepest monthly decline in footfall for six years in May, according to figures from Springboard, the retail research company, the Financial Times reported. The figures, published on Monday, show that footfall across high streets, retail parks and shopping centres declined by more than 3 per cent in May compared with the same month last year. The high street segment was the worst affected with footfall down 4.8 per cent.

Mitie, the cleaning and security contractor, said it was hoping to take work from troubled rival Interserve as it continued to restructure following its own financial crisis, the Financial Times reported. Phil Bentley, who has led the cleaning, maintenance and security company since 2016, said it had already “made it to a couple of government framework contracts where Interserve had been the incumbent”. Interserve was taken over by creditors this year. Mr Bentley said it was too soon to say what the “full implications” for the market would be.

Philip Green’s Arcadia has offered better terms for landlords in a restructuring plan for the struggling British fashion retailer, seeking the support of creditors to prevent the group from collapsing into administration next week, Reuters reported. Arcadia said on Friday the cost of the sweetened terms would be met by Tina Green - Philip Green’s Monaco-based wife and the ultimate owner of a group which employs 18,000.

A potential crashing out of the EU by the UK would be the “greatest risk to the Swedish financial system” over the next six months as market participants felt that domestic factors had faded in comparison, Sweden’s central bank found in a survey, the Financial Times reported. “The risk of a disorderly UK withdrawal from the EU is the foremost risk factor for the Swedish financial system in the period ahead,” the Riksbank, in its six-month study on the Swedish fixed-income and foreign exchange markets, said on Wednesday.

A deadline for bids for the stricken British Steel has been pushed back to the end of the month to allow prospective buyers more time to prepare offers, according to people briefed on the matter, the Financial Times reported. The official receiver overseeing the liquidation of the UK’s second-largest steelmaker had originally called for bids to be made by next Wednesday 12th June, but this has now been extended until around the 30th, said three people.

Philip Green’s Arcadia fashion group adjourned Wednesday’s creditor meetings to vote on the struggling British retailer’s restructuring plan until June 12, seeking more time to win over disgruntled landlords and avoid a collapse into administration, Reuters reported. Green needs his restructuring proposals for each of Arcadia’s brands - Topshop, Topman, Burton Menswear, Dorothy Perkins, Evans, Miss Selfridge and Wallis - to be approved by creditors, including landlords, or the group, which employs 18,000, will likely be placed into administration.

Greybull Capital, the private equity firm pilloried over last month’s collapse of British Steel, is preparing a bid for the group’s operations in France and the Netherlands, according to people briefed on the plan. The cherry-picking would see Greybull ditch the British parts of British Steel three years after acquiring the group from India’s Tata Steel for £1 and weeks after it fell into insolvency, the Financial Times reported.

Arcadia Group agreed to provide 210 million pounds ($266.64 million) in security to its pension schemes, which includes an additional 25 million pounds agreed with The Pensions Regulator, the company said in a statement on Tuesday, Reuters reported. The agreed security amount is in addition to the 100 million pound cash support that Christina Green, British retail businessman Philip Green’s wife, agreed to provide to the scheme in May.