Greenergy Immingham biodiesel plant talks to start on its closure
The announcement comes more than a week after owners of the nearby Lindsey oil refinery announced insolvency, putting 420 jobs at risk.Greenergy, which has been in business for over 30 years and is part of the Trafigura Group, said a strategic review was undertaken into the site's future in May.Mr Traeger said: ''It has been an incredibly difficult decision to enter consultation on the proposed closure of our Immingham site, and a decision we have not taken lightly. "However, in light of continuing market pressures, we unfortunately do not have enough certainty on the outlook for UK biofuels policy to make the substantial investments required to create a competitive operation at Immingham."Listen to highlights from Lincolnshire on BBC Sounds, watch the latest episode of Look North or tell us about a story you think we should be covering here.
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The Independent
22 minutes ago
- The Independent
Flog It! star's collection of silver fetches £124,614 at auction
Silver items from the private collection of late Flog It! star Michael Baggott have sold at auction for £124,614. Baggott, who died aged 51 in January, was a recognised authority on antique silver, specialising in early spoons, boxes and provincial and continental silver. His collection is being auctioned across three sales. The first comprised a wide selection of York silver, as well as silver from Liverpool, Chester, Dundee, Newcastle, Bristol, Exeter and Aberdeen. Among the highlights was a George III York silver tontine chamberstick and snuffer by Hampston and Prince, York silversmiths of the late 18th and early 19th century. It sold for £8,190, including buyer's premium, against an estimate of £1,000-£1,5000. A Victorian provincial ceremonial spade with the maker's mark of John Bell sold for £4,032 against an estimate of £1,000-£1,5000. The spade is engraved with an armorial and inscribed: This spade was presented to the Lady Mayoress of York, Mrs W. Fox Clarke, on the occasion of her planting a tree in St. George's Field in commemorating the marriage of H.R.H the Prince of Wales with Princess Alexandra of Denmark, March 10th 1863. Baggott was known for his knowledge of silver spoons, two of which were sold together for £819. Another highlight was a George IV silver-gilt sideboard dish by Birmingham silversmith Edward Thomason, which sold for £5,040. Rupert Slingsby, silver specialist at Woolley and Wallis auctioneers, said: 'We have been so thrilled with the interest in Michael's sale from worldwide collectors and every lot in the sale was sold. 'This is only part one of his collection with two more sales to follow and this selection achieved £124,614 against an expected figure of £60,000. 'The public view was very well-attended and everyone was extremely impressed with the variety and quality of his collection.' Baggott's interest in antiques began in his early years, and he progressed to work in Christie's auction house and was head of silver at Sotheby's Billingshurst for a number of years, before becoming a private consultant. Baggott was also a published author, having written An Illustrated Guide To York Hallmarks 1776-1858 and As Found: A Lifetime In Antiques. He joined BBC daytime show Flog It! in the 2000s, and valued various silver objects.
The Independent
22 minutes ago
- The Independent
UK bank profits in focus as lenders await critical motor finance court ruling
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The Independent
22 minutes ago
- The Independent
Young people! Here's what you need to know about ‘buy now, pay later' loans
Klarna and its pals have taken over the British High Street, with buy now pay later (BNPL) loans exploding in popularity. The market ballooned from £60m in 2017 to more than £13bn last year. One in five Britons used it to borrow money over the 12 months to May 2024. Regulatory oversight is long overdue and with legislation finally on the books, the Financial Conduct Authority has delivered its proposals. They are really quite mild. It is worth remembering that the government decided not to fully apply the Consumer Credit Act to these products even though, I repeat, they are loans. This has tied its hands to some extent. Under the plans, BNPL lenders will have to secure authorisation, check that people can afford to repay their loans, spell out the risks and charges for late payment, and offer more support to those who get into trouble. That could include forbearance (the sector will just love that one). Consumers will also be able to approach the Financial Ombudsman in the event of disputes. These loans are disproportionately popular among younger people (30 per cent of adults aged 25-34 used them at least once in the year to May '24), poorer people (nearly one in three adults with 'low resilience' took them out) and those living in the most deprived parts of Britain (29 per cent). I'm not about to deny that they can prove useful. Deferring the cost of purchasing a new school uniform for the kids for 30 days, or paying in three monthly installments, could be helpful to a low-income parent. But that's not how these things are typically used, and they are so easy to access it is very easy to get into trouble with them if they aren't used carefully. In my view, this is the crack cocaine of lending. The business model speaks to that. BNPL firms receive a commission on each transaction from the retailers they work with. Why are the latter willing to pony up? Because BNPL loans encourage consumers to spend more. Commissions aren't the only revenue stream available to firms in the sector, however. They also typically charge late fees and the FCA found what it called 'high arrears levels' in the sector with some firms generating 'significant revenue' from these charges. It further found that consumers weren't always aware that they could get hit for failing to pay on time. Critics of regulation argue that people shouldn't need handholding or nannying. The watchdog found that the most common use of BNPL in the 12 months to May 2024 was for lifestyle and beauty purchases (41 per cent), followed by 'treating myself or other people' (37% per cent). Surely it would be churlish to deny people the chance of a good time? I get the point. I do. But consumers should know what they're getting into and the sector hasn't always been good at explaining the risks. Indeed, the regulator criticised what it termed 'benefit framing' where firms emphasise the good bits and downplay the dangers. For the record, Klarna described the proposals as 'a win for the consumer' while rival Clearpay said it would 'support the FCA as it consults on and finalises its specific rules for the sector'. Make of that what you will. I still fear that BNPL's explosive growth, and some of the practices found by the regulator, means the potential is there for a serious scandal. Meanwhile we're likely to see snowballing numbers of cautionary tales, in which people find themselves plunging into financial hell. That being the case, it is regrettable that the wheels of regulation are still moving at the speed of a sloth with a stitch: After five years of consultation with the Treasury, oversight of the sector still won't finally come in until next July.
