The Independent on Sunday: Bank to lower its sights on forecasts for growth
The Bank of England is set to slash its optimistic growth forecasts when it unveils its quarterly Inflation Report this week. The Bank's Monetary Policy Committee forecast in February that the growth rate would average about 1.5 per cent in 2012, and about 2.75 per cent in 2013. This was higher than most private-sector forecasts even at the time. And since last month the economy has slumped into a double-dip recession.
The Sunday Times: Borrows is poised to step up to chief executive at 3i
Britain's oldest venture capital firm, 3i, is set to unveil Simon Borrows as its new chief executive this week. The former investment banker is expected to be presented as the successor to Michael Queen who announced his resignation in March in the face of shareholder criticism. Borrows joined 3i in October as chief investment officer. The company has been under pressure to improve its performance.
The Mail on Sunday: GM to save Vauxhall plant and take on new workers
Vauxhall's £1bn car plant at Ellesmere Port in Cheshire has been saved and owner General Motors plans to boost output there and take on hundreds of extra workers. The decision, expected this week, to retain the factory and continue to make the Astra there will come as a huge relief to the 2,100 workers and government ministers who have been lobbying GM strongly.
The Sunday Telegraph: Customers will pay for RBS retail ring-fencing
Royal Bank of Scotland has admitted that "expensive" plans to ring-fence its retail operations from the more risky investment banking arm will see the bank pass on costs to businesses and household customers. The chairman, Sir Philip Hampton, said the government's plans would pile on more costs which "somebody had to pay for". The proposed Banking Reform Bill was contained in last week's Queen's Speech.Reuse content