Monday newspaper round-up: Pensions, British Steel, Credit Suisse

by | Oct 3, 2022

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The Pensions Regulator has for the first time been drafted into high-level emergency talks led by the Treasury and Bank of England as they examine measures to calm financial markets in the wake of the meltdown which followed Kwasi Kwarteng’s mini-budget. The watchdog, which oversees the £1.5tn pension sector, is understood to have been summoned into closed-door meetings of the Authorities’ Response Framework (ARF), which are triggered when an “incident or threat” could cause major disruption to financial services in the UK. – Guardian
The owner of British Steel, the UK’s second-biggest steel producer, is understood to be seeking an urgent package of financial support from the government. Jingye Group, which bought the company out of insolvency just two years ago, has told ministers that its two blastfurnaces are unlikely to remain feasible unless the Scunthorpe-headquartered company is granted financial aid, Sky News has reported. – Guardian

The Bank of England has been liaising with Swiss authorities after an attempt by Credit Suisse to calm nerves instead stoked fears of further turbulence in the financial system. There were no major developments at the Zurich-based lender over the weekend after a statement from chief executive Ulrich Koerner on Friday mixed with a febrile atmosphere on global markets to fuel speculation over potential threats to the 166-year-old lender’s stability. – Telegraph

One of Britain’s biggest investors is preparing to back the Government’s plans for a nuclear renaissance, but only if ministers overhaul the funding model that previously led to the collapse of proposed power stations. Andy Briggs, chief executive of pensions giant Phoenix Group, said he has been in talks with the Government about investing in nuclear power infrastructure and is exploring how it could support the creation of new plants. – Telegraph

Britain is at “significant risk” of gas shortages this winter because of Russia’s war in Ukraine and undersupply in Europe, the energy regulator said. Ofgem said there was a possibility that Britain could enter a “gas supply emergency” in which supplies to some gas-fired power plants could be cut off, stopping them generating electricity. – The Times

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