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Thursday newspaper round-up: Andrew Bailey, Carillion, MoD

The governor of the Bank of England, Andrew Bailey, has been cleared of misleading an inquiry into the London Capital & Finance investment scandal, but an influential committee of MPs has found that the regulator he ran until last year “fell short” in its duty to protect the public. In a new report, MPs on the Treasury select committee said that after the high-profile collapse of London Capital & Finance (LC&F), which saw thousands of people lose money, the Financial Conduct Authority needed to be “more interventionist” and “should make more frequent use of its powers”. – Guardian
The government liquidator dealing with the fallout from the collapse of outsourcing firm Carillion is expected to make a claim for £250m against KPMG, the accounting firm that signed off on the former FTSE100 company’s accounts. Lawyers for the official receiver, part of the government’s Insolvency Service, have sent a letter before action to KPMG, warning the accounting and consultancy firm to expect a claim related to Carillion’s rapid implosion in 2018. – Guardian

Britain’s armed forces are battling more than 20 years of delays in the introduction into service of vital weapons and critical military equipment, a damning new report has found. A review by the National Audit Office (NAO) revealed that just eight major Ministry of Defence (MoD) programmes had between them racked up combined delays of 254 months. – Telegraph

The value of the Queen’s property group has risen by 7.5 per cent to £14.4 billion after a clamour to build offshore wind farms on its seabed offset a slump in fortunes on the high street. The Crown Estate, which owns huge swathes of property across the UK on behalf of the Queen, said that the value of its marine portfolio had more than doubled to £4.1 billion after some of the world’s biggest energy groups bid record high prices for seabed leases in February. – The Times

The co-founder of one of the City of London’s largest public relations firms is set for a £70 million payout after revealing a plan to sell a stake to an American financial firm. Brunswick has agreed a deal in which BDT Capital Partners will become a 10.7 per cent minority investor in the group. The transaction values Brunswick at about £500 million and will result in £140 million being paid to its 200 partners. Half of that will go to Sir Alan Parker, the chairman and its biggest shareholder. – The Times

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