Business

Investors in collapsed Buy2Let Cars face losses, FCA confirms

Investors in a collapsed car-hire scheme are facing losses, the City regulator has said, as it alleged that the firm had been trading while insolvent and claimed to own vehicles that did not appear to exist. Buy2Let Cars collapsed into administration this week, shortly after the Financial Conduct Authority (FCA) had ordered it to stop […]

Business

BT to invest £12bn in faster broadband and reaching remote areas

BT has committed to investing £12bn in getting faster broadband connections to 20m UK homes, including in remote rural areas, after the telecoms regulator Ofcom unveiled a host of financial incentives to help achieve the government’s goal of creating “gigabit” Britain. However, some rival operators warned that Ofcom’s broadband plan could mean price rises for […]

Business

UK slashes grants for electric car buyers while retaining petrol vehicle support

The UK government has cut grants for electric car buyers, to the horror of the automotive industry as it tries to rapidly shift away from fossil fuels. The maximum grant for electric cars was reduced from £3,000 to £2,500 with immediate effect on Thursday. The government also lowered the price cap for cars eligible for […]

Business

National Express reports £445m loss for 2020 after 80% drop in passengers

National Express has slumped to a £445m loss for 2020 after coronavirus travel restrictions led to an 80% fall in passenger numbers last year. The coach and bus operator swung into the red after making a pre-tax profit of £187m in 2019. Revenues declined by 29% to just under £2bn. However, José Ignacio Garat, the […]

Business

FCA urged to act as lender bids to cap payouts to poorest borrowers

Consumer campaigners are urging the government and the City regulator to intervene in a rescue scheme proposed by the sub-prime lender Amigo, saying it could enrich the firm’s directors while some of Britain’s poorest borrowers miss out on up to £1bn in compensation. They have called on the Financial Conduct Authority (FCA) to block plans […]

Business

Oil firms knew decades ago fossil fuels posed grave health risks, files reveal

The oil industry knew at least 50 years ago that air pollution from burning fossil fuels posed serious risks to human health, only to spend decades aggressively lobbying against clean air regulations, a trove of internal documents seen by the Guardian reveal. The documents, which include internal memos and reports, show the industry was long […]

Business

Bonus reforms ‘biggest shake-up of UK corporate governance in years’

The government plans to make it easier to claw back bonuses paid to executives of failed companies in what is being billed as the biggest shake-up of Britain’s corporate governance rules in decades, with ministers vowing to target negligent auditors and rogue directors. Part of a sweeping series of reforms designed to break the dominance […]