France pushes to limit UK access to EU's €150bn military fund
France is pushing to freeze Britain out of 85 per cent of a €150 billion military rearmament fund, despite government concessions before a summit with the European Union due to be hosted by Sir Keir Starmer on Monday.
The prime minister has made significant concessions on fisheries as part of his 'reset' negotiations with the EU, including a new security and defence pact that would allow British arms companies to bid for EU military funding.
The small print of the EU's Security Action for Europe (Safe) fund is still being haggled over by European governments. France has tabled restrictions that would limit British involvement in contracts to just 15 per cent.
'France is pressing hard for what President Macron calls 'strategic autonomy' and that means
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The Sun
an hour ago
- The Sun
All the shops closing this weekend including iconic department store shutting after 124 years
A HOST of stores are shutting for good this weekend including a historic department store. Retailers have struggled over recent years as shoppers' wallets and purses take a hit from high inflation. 1 An increase in employer National Insurance contributions and wage costs since April has added to the pressure. Combined with soaring business rates, energy and rental costs, some retailers have been forced to hike prices and even shut stores. It's worth bearing in mind of course that retailers close shops for a host of reasons and not always because of a poor economic backdrop. Sometimes chains will shut a poorly-performing branch in one area and open another further afield where they think they'll see better footfall. Plenty of retailers are moving away from high streets and towards out-of-town retail parks too. In any case, five shops will shut this weekend including a more than 120-year-old department store. Here is the full list of shops we know are closing down permanently. Ginger Norwich-based Ginger will pull down its shutters for the final time on Saturday. The shop was founded by David and Rodger Kingsley in 1978 following the success of their sister company Jonathan Trumbull in 1971. But current store manager Beckie Kingsley said the store will close due to the economic climate and aftermath of Covid-19. Britain's retail apocalypse: why your favourite stores KEEP closing down She said: "It's with truly heavy hearts that, after 46 unforgettable years, we have made the incredibly difficult decision to close the doors at our beautiful, beloved and historic Timber Hill home. "We've weathered many storms over the decades, but there's been ongoing challenges of today's financial climate - coupled with the lasting impact and huge shifts within the retail landscape since Covid. "This led us to ask - does it still work for us? After deep reflection, the answer, sadly, is no." Daniel of Ealing Historic department store Daniel of Ealing, in London, will shut for good on Sunday, after opening 124 years ago. Prices have been slashed across homeware, fashion, toys, sportswear and shoes, with up to 50% off. Shoppers finding out the iconic shop will close have shared their dismay online. One posted saying: "Loved this shop and it's top floor restaurant." While another added: "Ealing has lost its heart, soul and uniqueness!" The Works Stationer The Works is shutting its Margate store on Sunday, with shoppers' next nearest branches in Westwood Cross Shopping Centre or Ramsgate Garden Centre. A spokesperson for the chain said the decision to shut the branch had been made "as part of ongoing plans to optimise our store portfolio". The move has been met with sadness by shoppers, with one online stating: "No I love The Works." Another dejectedly added: "Be nothing left in the town soon." Emporium Worthing Independent bar and shop Emporium Worthing is closing to the public on Sunday "with a heavy heart". The owners posted a lengthy statement on Facebook announcing the closure. It said: "We share the challenging decision to close Emporium Worthing after five memorable years of serving you. "This has been a tough choice for us, but after careful reflection, we believe it is the best path forward and the right choice for us at this time." A huge closing down sale has been launched to clear stock, even including fixtures and fittings from inside. It's not all bad news though as the Emporium will be moving online and selling hardwares. New Look New Look is closing its branch in the Northfield Shopping Centre, Birmingham, on June 8. A picture recently posted on Facebook of the shop window advertised the closure and signposted customers to the retailer's website. Customers finding out about the closure have been left gutted. One posted on Facebook: "Will soon be a ghost town, absolutely nothing left." A New Look spokesperson said: "We would like to thank all of our colleagues and the local community for their support over the years. "We hope customers continue to shop with us online at where our full product ranges can be found." RETAIL PAIN IN 2025 The British Retail Consortium predicted that the Treasury's hike to employer NICs would cost the retail sector £2.3billion. Research published by the British Chambers of Commerce earlier this year shows that more than half of companies planned to raise prices by early April. Separately, the Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Daily Mail
2 hours ago
- Daily Mail
Post Office compensation chief steps down after Sir Alan Bates raised 'serious concerns' about schemes
A Post Office boss who backed compensation for Horizon IT scandal victims has left his position as Sir Alan Bates raised 'serious concerns' about schemes. Leader of the Post Office's Remediation Unit, Simon Recaldin, is believed to have opted for voluntary redundancy and left his post this week. It comes as the first part of a public inquiry report into the controversy, analysing the compensation process as well as the affect on victims, is anticipated to be released in the coming weeks. More than 900 sub-postmasters were prosecuted between 1999 and 2015 after faulty accounting software made it look as though money was missing from their accounts. Hundreds are still waiting for payouts despite the previous government announcing that those who have had convictions quashed are eligible for £600,000. A Post Office spokesperson said yesterday Mr Recaldin's departure was a part of an 'organisational design exercise' across the firm. Now Joanne Hanley, who was previously a managing director and global head of client servicing, data and operations for Lloyds', is understood to have taken up a large portion of the former Post Office chief, according to The Telegraph. It comes as Post Office hero Sir Alan Bates accused the government of running a 'quasi kangaroo court' payout system for the scandal's victims last month. More recently, Sir Alan said he would prefer to see the compensation schemes thrown out rather the people working on them. 'We have got serious concerns about the transparency and the parity across the schemes,' he told The Telegraph. Last November, Mr Recaldin giving evidence to the inquiry, apologised after it was unearthed staff who were managing compensation claims had also been embroiled in prosecutions relating to the scandal. When queried about ex Post Office investigators he said: 'So my regret – and it is a genuine regret – is that when I came in, in January 2022, that I didn't do that conflicts check, check back on my inherited team, and challenge that.' It comes as the Sir Alan, who famously won his High Court battle with the Post Office in 2019 revealed that he had been handed a 'take it or leave it' compensation offer of less than half his original claim. Mr Bates, 70, said the first offer, made in January last year, was just one sixth of what he was asking for, adding that it rose to a third in the second offer. He has now been given a 'final take it or leave it offer' - which he said amounts to 49.2 per cent of his original claim. He, alongside 500 other sub-postmasters, will now have to lodge their bid for compensation via the Group Litigation order, managed by the Government. Bates, who led the sub-postmasters' campaign for justice, attacked the government for reneging on assurances given when the compensation schemes were set up The Post Office currently manages the Horizon Shortfall Scheme, which is seperate to the aforementioned. This scheme was organised for victims who have not been compensated but believe they experienced financial loses due to the IT scandal. A Post Office spokesman said: 'As part of the Post Office's commitment to deliver a 'new deal for postmasters', we have undertaken a review of our operating model to ensure we have the right structure in place. 'We have been in consultation with a number of colleagues from across the business, including the Remediation Unit. As a result of this Post Office-wide organisational design exercise, Simon Recaldin has left the business.'
Finextra
2 hours ago
- Finextra
Preparing for BNPL regulation: What firms need to do now: By Ben O'Brien
The arrival of formal regulation for Buy Now, Pay Later (BNPL) products is no longer a question of if, but when. With the Treasury's May 2025 consultation response, the direction is this: by mid-2026, third-party BNPL lenders will fall within the scope of the Financial Conduct Authority (FCA). This change brings with it a full set of regulatory requirements—covering affordability, creditworthiness, redress, disclosures, and governance. While many firms are familiar with the general framework, the pace and detail of implementation demand serious attention. Risk leaders now face a critical window to build a strategy that aligns commercial goals with regulatory readiness. Scope of the new BNPL regime From mid-2026, third-party BNPL providers must be authorised by the FCA and comply with its rules on affordability, creditworthiness, consumer duty, complaints, disclosures, and more: Mandatory, proportionate affordability and creditworthiness checks Firms must demonstrate verifiable checks at the point of decisioning, aligned to individual circumstances, not just product type. Firms must demonstrate verifiable checks at the point of decisioning, aligned to individual circumstances, not just product type. Access to the Financial Ombudsman Service (FOS) BNPL customers can now escalate complaints to FOS, increasing the importance of auditable redress processes and timely resolution. BNPL customers can now escalate complaints to FOS, increasing the importance of auditable redress processes and timely resolution. Tailored disclosure requirements for digital-first products The FCA will introduce a bespoke regime focused on real-world comprehension — not just information delivery. Firms will need to test and evidence understanding. The FCA will introduce a bespoke regime focused on real-world comprehension — not just information delivery. Firms will need to test and evidence understanding. Extension of Section 75 protections to BNPL agreements Providers will be jointly liable for qualifying claims, requiring clear merchant oversight, governance controls, and capital planning to manage new exposure. While third-party BNPL is the initial focus, merchant-offered BNPL products remain outside the perimeter for now. This exemption, based on Article 60F(2) of the Regulated Activities Order, is under review and could be revisited if scale or harm increases. What this means for compliance and risk leaders The FCA isn't looking for surface-level compliance. It expects firms to demonstrate that processes are working and that consumers are genuinely protected. Affordability frameworks must evolve Checks must be proportionate and verifiable, with models recalibrated to reflect customer circumstances. Even low-value lending must evidence the potential for harm reduction. Complaint handling will need to be FOS-ready This includes robust audit trails, clear redress pathways, MI reporting on themes, and training on FOS processes. Joint liability introduces new exposure Providers must enhance governance around merchant partnerships, define liability clearly in contracts, and plan for potential claims in their capital models. Joined-up governance is essential Effective programmes will require close collaboration across credit, compliance, legal, product, and ops teams—with clear ownership under SM&CR. Disclosures must reflect real-world understanding It's not just about format. The FCA expects firms to test, monitor, and evidence comprehension—particularly for vulnerable customers. Making best use of the Temporary Permissions Regime The FCA will launch a Temporary Permissions Regime (TPR) to support the transition. Providers must be ready to act quickly when the window opens. Prepare for registration Ensure that internal records, model documentation, and business models are clearly aligned with regulatory expectations. Conduct a readiness assessment Review decisioning processes, affordability checks, complaints management, and financial crime controls. Plan for dual-track execution Meet TPR requirements while simultaneously building toward full authorisation. Engage early with the FCA Establish open communication lines to reduce ambiguity and show proactivity. Plan for contingencies Prepare wind-down plans, customer messaging, and backup procedures in case of registration delays or rejections. Innovation and consumer protection can coexist The decision to exclude some legacy Consumer Credit Act requirements reflects the unique nature of BNPL: short-term, interest-free, and often accessed via digital channels. This creates space for a more relevant, user-centric approach to disclosures but it also raises the bar. Risk and compliance teams should work with product, legal, and design leads to ensure communications are: Integrated into real customer journeys Mobile-friendly and accessible Prompted by user behaviour Supported by outcome-based testing and complaints data Those who treat disclosures as a compliance task may struggle. Those who invest in relevance and usability will have stronger customer engagement and defensibility. Merchant carve-out and the risk of market distortion The decision to exclude merchant-led BNPL from the regulatory scope has sparked debate. Without oversight, merchant-offered credit could create competitive asymmetry and raise consumer protection concerns. Risk leaders should: Monitor merchant product developments and prepare for potential perimeter expansion Review all third-party merchant partnerships for regulatory dependencies Revisit financial promotions and credit broking arrangements, particularly where merchants promote BNPL products without broking permissions Regulatory costs and anticipated market impact The Treasury's impact assessment estimates: An Equivalent Annual Net Direct Cost to Business (EANDCB) of £2.3 million A Net Present Value of -£20.1 million over the assessment period over the assessment period Authorisation application fees: £5,000 to £25,000 Annual supervision fees: £10,000 to £50,000 Technology upgrades: £500,000 to £2 million per provider for systems supporting affordability, reporting, and complaints per provider for systems supporting affordability, reporting, and complaints Section 75 exposure: Estimated at 0.5% to 1.2% of transaction values With the UK's BNPL market valued at £20 billion annually, sector-wide exposure to Section 75 alone could exceed £100 million. Consolidation is expected. Government modelling suggests 20–30% of providers may exit the market post-regulation. But with global BNPL volumes growing rapidly, those who remain stand to benefit from a stronger, more trusted marketplace. How leading firms are responding Some providers have already started adjusting: Klarna Following regulatory scrutiny in Sweden, Klarna UK introduced income verification, real-time spend tracking, and risk-based onboarding. Monzo Flex Built affordability into product design from the outset, with integrated credit reporting and real-time tracking. PayPal Adopted a cross-functional compliance strategy with specialist teams, training, and documentation of governance processes. The clock is ticking and the gap between those who prepare and those who delay will widen fast. For risk leaders, this is a chance to go beyond baseline compliance, strengthening frameworks, improving customer outcomes, and shaping the future of BNPL in a regulated environment.
