Largest class action in UK history against VW
Car manufacturer Volkswagen is facing a class action lawsuit from upwards of 90,000 customers in the UK. The customers claim VW installed manipulative software on their car models with the intention of cheating emissions tests, without making the car emit fewer emissions in actuality. VW admitted to the hack in 2015 and since then has settled multi-million dollar lawsuits in various countries.
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The UK unveils $38 billion package to overcome country's job crisis
UK finance minister Rishi Sunak has unveiled another £30 billion ($37.6 billion) coronavirus stimulus package aimed at stemming Britain's growing jobs crisis and lifting the economy out of its worst slump in centuries. Speaking in parliament on Wednesday, Sunak said that significant job losses are the most "urgent challenge" the UK economy faces, as he announced a package of tax breaks
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British economy contracted 2.2%, worse than expected
UK Prime Minister Boris Johnson set for a major speech on the economy soon but the overall situation looks worse than expected. The UK economy shrank more than first thought between January and March, contracting 2.2% in the joint largest fall since 1979, official figures show. The Office for National Statistics (ONS) revised down its previous estimate of a 2% contraction, with all the main economic sectors dropping
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Cash crunch in the UK because of Wirecard’s collapse
Millions of people and businesses in the UK have been locked out of accounts linked to Wirecard after Britain's financial watchdog ordered the collapsed digital payments company to suspend UK operations. The Financial Conduct Authority on Friday suspended the operations of Wirecard Card Solutions after its parent company filed for insolvency in Germany following the discovery of a $2 billion hole in its accounts
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British economy facing the deepest recession since 1706
The Bank of England has warned about the deepest recession in the country since 1706 as the UK economy is on course to shrink 14% this year. Coronavirus is dramatically reducing jobs and income levels in the UK as lockdown raised the unemployment rate significantly. The housing market in the UK crashed as consumer spending dropped. A 14% drop in the GDP would be the biggest annual decline on record
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BBC