MPs blast Thomas Cook bosses' rewards for failures, and demand bonus clawbacks – business live

BEIS committee blasts management failures for the collapse of the world’s oldest travel company, and urges bonuses to be clawed backLatest: Reeves roasts Thomas Cook’s failuresBosses need to show dignity, and return bonusesFormer chair blames governmentReeves: Show some humility!Inquiry underway – highlights start hereIntroduction: Thomas Cook inquiry begins today 2.47pm BST Speaking of Brexit… the pound has been jittery today after Britain was given a midnight deadline to make new concessions to get a deal done.Our Brussels bureau chief Daniel Boffey explains:Michel Barnier has set Boris Johnson a midnight deadline to concede to EU demands and agree to a customs border in the Irish Sea or be left with nothing to take to the Commons.According to sources, the EU’s chief negotiator told ministers that, as it stood, there was little prospect of a deal being signed off by leaders at a summit on Thursday, before a special sitting of the UK parliament on Saturday. Related: Barnier sets Johnson a midnight deadline for Brexit concessions 2.38pm BST The IMF’s chief economist, Gina Gopinath, has predicted that a no-deal Brexit would cut the size of the UK economy by 3%.IMF chief economist Gita Gopinath on Brexit: “If there’s a no deal Brexit, that would reduce the level of GDP in UK by about 3% over the long run. And between 3-5% in the short run – depending on how disruptive.” Continue reading…
Via: MPs blast Thomas Cook bosses' rewards for failures, and demand bonus clawbacks – business live