Rolling coverage of the latest economic and financial news, as sterling hits €1.184 for the first time since May 2017
- Latest: Wealth inequality in UK has risen
- Introduction: Sterling is rallying today
- Polls suggest Conservative win next week
- Fears of a disorderly Brexit are fading
- Coming up: Opec meeting
NEWSFLASH: Mining and commodities giant Glencore is being probed by Britain’s Serious Fraud Office.
Glencore has been notified today that the Serious Fraud Office (SFO) has opened an investigation into suspicions of bribery in the conduct of business of the Glencore group.
Glencore will co-operate with the SFO investigation.
Following the announcement by Glencore PLC, the SFO confirms it is investigating suspicions of bribery in the conduct of business by the Glencore group of companies, its officials, employees, agents and associated persons.
As this is a live investigation we cannot comment further.
Today’s report also shows that poorer families are more likely to hold financial debt — as they turn to hire-purchase schemes and credit cards to survive.
The ONS says:
The least wealthy 50% of households held 36% of total household debt in April 2016 to March 2018, but whilst they held less debt their total debt was a relatively large proportion of their total wealth, with less wealthy households being more likely to have financial debt.