Dutch court says diesel brands now owned by Stellantis had cheating software from 2009
In its intermediary ruling in a class action suit brought by three organisations against Stellantis (STLAM.MI), opens new tab, which now owns the targeted car companies, the court did not determine whether any compensation should be paid.
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The Independent
25 minutes ago
- The Independent
State pension age could hit 80 unless major changes made, expert warns
An industry expert has warned that the state pension age may need to rise to 80 without dramatic reforms, amid concerns the nationwide bill will be 'completely unaffordable' as life expectancy increases. The UK's state pension age is set to increase from 66 to 67 between 2026 and 2028. There is a further increase to 68 lined up for 2046 but this is widely expected to be brought forward significantly, with a wider pensions review underway. However, the annual cost of the state pension is rising and people are living longer – meaning higher pension bills for longer. The latest report from the Office for Budget Responsibility (OBR) suggested the cost could be £200bn a year by 2073. The upshot is that either the triple lock needs to go or people need to contribute far more to it during their working lives, with estimates saying the state pension will cost 7.7-8.4 per cent of GDP by the 2070s. Jack Carmichael, a pensions expert and actuary at Barnett Waddingham, warns that can't be paid for in current terms, and might even be undershooting the reality by then, too. 'A more cautious approach would be to assume a closing of the life expectancy gap between the individuals with the lowest and highest life expectancy. Under this alternative, the annual cost of the state pension would increase by around £8bn a year – four times higher than the OBR's central projection,' Mr Carmichael told the Telegraph. 'Keeping the cost at a similar proportion of GDP would then require a massive increase in the state pension age, potentially up to the dizzying heights of 80. 'Even if the central projection is correct and state pension spending hits 7.7pc of GDP, the cost is still going to increase by almost half in today's terms. That's completely unaffordable. Employees are either going to have to contribute 50pc more to the state pension or [the government is] going to have to change the system in some way.' Other experts have said the pensions system could be bringing in less than it pays out in as little as a decade. That means this government – or at least its review – might have to act now despite the clear unpopularity of doing so. 'This latest state pension age review, however, may eventually force the government's hand,' said Rachel Vahey, head of public policy at AJ Bell. 'State pension benefits are one of the single biggest expenses for the Treasury and account for more than 80 per cent of the £175bn pensioner welfare bill. Without policy intervention, state pension costs are set to spiral to nearly 8 per cent of GDP over the next 50 years based on the current trajectory, up from 5.2 per cent today. 'One option is to raise the state pension age higher and faster than currently planned. Although the elephant in the room is that state pension age is just one lever government has to help manage the cost of the state pension – the other is reforming the triple lock.'
The Sun
26 minutes ago
- The Sun
Man Utd match Newcastle's £74million Benjamin Sesko transfer bid with decision now up to striker
MANCHESTER UNITED have launched a £74million bid for Benjamin Sesko, according to reports in Germany. The Red Devils are competing with Newcastle to sign the highly-rated RB Leipzig striker. 2 THIS IS A DEVELOPING STORY.. The Sun is your go to destination for the best football, boxing and MMA news, real-life stories, jaw-dropping pictures and must-see video. Like us on Facebook at and follow us from our main Twitter account at @TheSunFootball. 2
Reuters
26 minutes ago
- Reuters
UK pay body expects minimum wage to rise 4.1% in 2026
LONDON, Aug 5 (Reuters) - Britain's main minimum wage rate will probably need to rise 4.1% next year to 12.71 pounds ($16.88) an hour to keep up with the government's goal for it to match two-thirds of median earnings, the body which effectively sets the rate said on Tuesday. Britain's minimum wage has risen steeply in recent years - increasing by 6.7% in April to 12.21 pounds an hour - and last year it was the second-highest in Europe after France in relative terms, OECD data showed. Rising wage costs across the whole economy are seen by the Bank of England as one reason why British inflation has been higher than elsewhere in Europe, though it expects pressure to ease as the job market is slowing. Britain's minimum wage is set by the government each year based on a recommendation from the Low Pay Commission, a government-appointed body that includes representatives from employers, trade unions and academia. Around 6.5% of British workers receive the minimum wage and a significant number are paid only slightly more. A trade body for Britain's hospitality industry said rising employment costs had already led to reduced hours for staff. "Any significant wage hike may cost jobs. We urge the Low Pay Commission to recognise these cost pressures and recommend a more gradual and sustainable increase this year," UKHospitality chair Kate Nicholls said. Earlier on Tuesday Britain's government gave guidelines to the commission on the factors it should consider, which were little changed from 2024. They include keeping minimum pay no lower than two thirds of the median while taking into account economic competitiveness and employment. In May, the commission predicted that the minimum wage for employees aged 21 and over, which the government calls the National Living Wage, would rise by 3.6% next year. The commission said Tuesday's higher estimate reflected faster growth in average wages in the past three months and higher expected wage growth over the coming year. The final figure could range between 12.55 pounds and 12.86 pounds an hour, it added. "Our recommendations are not purely formulaic and we are required to take economic conditions into account, so these figures should be taken as indicative only," it said. The central estimate was based on a prediction that annual wage growth for the average worker would slow from 5.1% in May 2025 to 3.9% at the end of this year and 3% by the end of 2026. The government has also asked the commission to continue to work towards eliminating the lower minimum wage rate of 10 pounds an hour paid to workers aged 18-20 without hurting employment in that age group. ($1 = 0.7532 pounds)
