01 July, 2021
The world’s first green bond
The Treasury has revealed plans for the world’s first green bond. The interest rate is yet to be set, but they will be available to anyone aged 16 or over through National Savings and Investments (NS&I). The money raised through the new product will likely help finance the UK’s net zero push.
The retail trading platform has been ordered to pay $70M in penalties for causing “widespread and significant” harm to its customers. This is the largest penalty ever issued by The Financial Industry Regulatory Authority. The Wall Street regulator alleges multiple failures, including technical problems costing customer money, allowing customers to trade inappropriately risky products, and giving misleading information.
Furlough wind down
Today, employers start paying some of the costs of furlough. With 1.5 million workers still on furlough, The Institute for Fiscal Studies (a think tank) believes this could prompt layoffs. The Treasury responded to say that furlough funding is still "substantial", “in place until September”, and “amongst the most generous schemes in the world”.
Right to repair
New rules mean manufacturers of washing machines, TVs, and fridges, will have to make spares available to consumers. The government says the aim is to extend the lifespan of products by up to 10 years. Higher energy standards also should mean savings on energy bills - but some say this could result in white goods getting pricier.
Nissan bets on UK
The company has pledged $1.4 billion with its Chinese partner to build a giant battery plant in Sunderland. It will power 100,000 vehicles a year, and it’s estimated that it will create 6,200 jobs at the plant and in British supply chains.