Motorists will have to pay by the mile to make up a £35bn tax shortfall that will arise from the shift to electric vehicles, MPs have warned, calling on the government to act urgently to bring in a national road pricing scheme. The cross-party Commons transport select committee said it saw “no viable alternative” to road pricing and work should start immediately on creating a replacement for fuel duty before it dwindled away with the transition. – Guardian
KPMG is being sued for £1.3bn by government officials liquidating the collapsed contractor Carillion, in an unprecedented legal action against one of the big four auditors. Carillion’ collapsed in January 2018 with £7bn in debts, resulting in 3,000 job losses and chaos across government and private-sector construction projects ranging from hospitals, schools, roads and even work on Liverpool football club’s stadium, Anfield. – Guardian
The son of one of Margaret Thatcher’s closest political allies is cashing in on BP’s plans to move away from fossil fuels. William Tebbit has sold a multimillion-pound stake in his business that converts vegetable oil into fuel for lorries to the FTSE 100 energy giant. His father, Lord Tebbit, presided over the phased privatisation of BP as trade and industry secretary under Mrs Thatcher. – Telegraph
Australia’s richest man has launched the world’s first criminal prosecution against Facebook, claiming that the social media platform breached anti-money laundering laws by allowing Russian scammers to advertise on its website. Andrew Forrest, a mining and metals magnate said to be worth A$27.5 billion, (£14.4 billion), alleges that Facebook failed to take sufficient action to remove scam adverts, including some featuring his image. – The Times
The team behind GCP Student Living, which was sold to Blackstone for nearly £1 billion last year, is coming back to the London stock market with a new “co-living” business. GCP Co-Living is looking to raise £300 million from City investors to buy three blocks of apartments – two already built and one in development. The blocks, all in London, are being bought from The Collective, a British property group that pioneered co- living schemes but which fell into administration last year. – The Times
