Tesco to take £235m hit over profits scandal

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Tesco is to take a £235m hit after it agreed separate deals to pay a fine and compensation to shareholders over the 2014 profits scandal. The country’s largest supermarket chain said its subsidiary – Tesco Stores – had reached a Deferred Prosecution Agreement (DPA) over historic accounting practices with the … Read More

BT fined record £42m for delayed installations

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The telecoms regulator has imposed a record £42m fine on BT for “serious failings” at its Openreach division, with the telecoms firm also facing a £300m compensation bill. Ofcom said Openreach, which is responsible for the UK’s broadband network, breached its rules by failing to pay other telecoms firms, such … Read More

Google boss apologises as M&S suspends ads

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The European boss of Google has apologised for online adverts appearing next to extremist material after M&S became the latest big company to pull ads from the internet giant. Matt Brittin, head of the company for Europe, the Middle East and Africa, said: “We are sorry to anybody that’s been … Read More

Energy bills ‘£800 more than they should be’

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Consumers have spent a total of £7bn more than they should have on energy over the last three years, a supplier has claimed. First Utility said remaining on more expensive tariffs with one of the Big Six companies has led to households losing an average of £800 each. The firm … Read More

Hammond defends NI rise as ‘right and fair’

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Philip Hammond has defended a controversial rise in National Insurance for the self-employed as a “right and fair” move that will help the Government steer Britain through an uncertain future. The Chancellor is facing a growing political row over the hike in National Insurance contributions for high-earning self-employed workers announced … Read More

Vauxhall sold to Peugeot owner in £1.9bn deal

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he company behind Peugeot has moved to allay fears that its €2.2bn (£1.9bn) deal to buy the Opel and Vauxhall brands from General Motors Europe will result in job losses or even factory closures. PSA’s statement said it intended to manage the group – the second largest in Europe with … Read More

Green pays £363m towards BHS pension scheme

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Sir Philip Green has paid £363m to settle the pension schemes of collapsed retailer BHS, eight months after he pledged to “sort” the issue. “I have today made a voluntary contribution of up to £363m to enable the trustees of the BHS Pension schemes to achieve a significantly better outcome … Read More

Barclays to confirm Cheshire as UK chairman

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Barclays will this week announce the appointment of Sir Ian Cheshire as chairman of its UK-based operations, a key milestone in its planning for new rules aimed at protecting taxpayers in a future banking crisis. Sky News has learnt that Sir Ian’s application to chair Barclays UK has been approved … Read More

RBS annual losses more than treble to £6.96bn

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Royal Bank of Scotland boss Ross McEwan insisted the lender was on its way back to health after a “remarkable journey” despite reporting a ninth straight annual loss of £6.96bn. The state-backed lender remained mired in multi-billion pound costs linked to its record a decade ago when it careered out … Read More

Trade groups revolt over business rates

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Some of the UK’s biggest employers’ groups have united in condemning the government’s “outrageous” changes to business rates. Thirteen trade bodies have written a joint letter calling for a clause that could prevent firms appealing against unfair rate rises to be dropped. The group, including the CBI and British Retail … Read More