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Labour leader Jeremy Corbyn is to set out his case for why Britain should vote to stay in the EU, in his first major intervention in the campaign. He will emphasise the “socialist case” for remaining in, saying the EU offers workers’ rights, as well as consumer and environmental protections. While he will acknowledge he has been critical of the EU and its “shortcomings”, he will argue that reform should be sought from within.
The Financial Times
Volkswagen has bowed to pressure and plans to cut the bonuses of its top executives in an effort to calm disquiet from unions and shareholders over its reaction to the emissions scandal. Following days of negotiations, the German carmaker on Wednesday promised a “significant reduction” in performance-based payments to members of its management board, which includes Matthias Müller, chief executive. The cut could be as high as 70 per cent, said one person familiar with the matter, who cautioned that the final figure had not been decided.
Enforcement big gun Tracey McDermott will leave the Financial Conduct Authority when the regulator’s new chief executive starts work in July. The acting chief executive has been at the FCA – and its predecessor the Financial Services Authority – since 2001. In early December 2015 she decided to withdraw from the process to appoint the permanent chief executive but would continue as acting head of the watchdog until a permanent replacement was in post. Andrew Bailey was appointed as the new chief executive in January and is due to take up the position on the 1 July, when Ms McDermott will leave the FCA.
The Daily Telegraph
Halfords is facing an uphill struggle to boost bicycle sales on the back of a rainy summer but said that its car maintenance division would shore up profits. The bicycle-to-car-parts chain posted a 1.5pc increase in like-for-like sales in the year to April, driven by a 2.5pc sales increase at its autocentres.
The great British public is borrowing again. And it’s credit cards, car finance schemes and personal loans and other forms of unsecured lending (rather than secured mortgages for house purchases) where the most exciting action is taking place. New car loans – where dealerships lend the money to the customer to complete their purchase – are a big factor. The Bank draws attention to data from the Finance & Leasing Association showing that the value of new advances in 2015 was £28bn – double that of 2011 –
The Evening Standard
More than half of Londoners want diesel buses banned from the city centre to cut toxic air pollution blighting the capital, a new poll reveals today. The YouGov survey showed 55 per cent of adults in the city back a crackdown on buses which experts blame for the largest proportion of nitrogen dioxide fumes from traffic in central London. Even more supported a ban on diesel lorries, 62 per cent. While 54 per cent believe diesel taxis should be stopped from operating in this area, and 52 per cent think all diesel cars should be banned from it. More than two thirds of Londoners also say higher polluting vehicles should pay more for travelling through the capital.