Bank of England compares collapse of US private credit firms to 2007 subprime crisis - business live

Top Bank of England policymakers have warned that the collapse of two US firms, First Brands and Tricolor, last month has highlighted the risks in the private credit market, and compared it to the subprime mortgage failures that preceeded the 2008 financial crisis.Governor Andrew Bailey compared the failures of sub-prime auto lender Tricolor and the car parts supplier First Brands, which have left US banks nursing losses, to the subprime mortgage crisis that predated the financial crisis of 2008.Testifying to the House of Lords Financial Services Regulation Committee this morning, Bailey explains that the big, and open, question today is whether the two failures are idiosyncratic or “the canary in the coalmine”.Bailey explains:Are they telling us something more fundamental about the private finance, private asset, private credit, private equity sector, or are they telling us that in any of these worlds there will be idiosyncratic cases that go wrong?I think that is still a very open question, it’s an open question in the US.[Reminder: Last week, the boss of JP Morgan, Jamie Dimon, has warned over further losses linked to the private credit sector, saying more “cockroaches” could emerge’…]Bailey then explains that the Bank has to take this question very seriously, and incorporate it into its existing work on private finance

UK office, shop and warehouse construction plunges to 11-year low as costs soar

Construction of offices, shops and warehouses in the UK has fallen to the lowest level in more than a decade amid rising build costs and uncertainty.All commercial sectors have been hit, with construction across office, retail and industrial sectors down by 21% to 5.85m sq metres (63m sq ft) in the third quarter compared with a year earlier, according to the latest data from CoStar.This is the lowest commercial construction since 2014 and comes as housebuilding is also slowing, in a blow to the Labour government which last year announced an ambitious target of building 1.5m new homes over five years

UK women in tech: we would like to hear from you

The Lovelace Report 2025 in collaboration with WeAreTechWomen has found that between 40,000 and 60,000 women leave the UK’s tech sector every year, costing the economy an estimated £2 billion to £3.5 billion annually.They either exit the industry altogether or move to a new tech employer. An estimated £1.4 billion to £2

Money, muscles and anxiety: why the manosphere clicked with young men – a visual deep dive

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‘I still have 100% passion’: England’s evergreen Adil Rashid not finished yet

Adil Rashid could be forgiven for tiring of the international cricket treadmill nearly 16 years after his debut. Currently in New Zealand for his 35th international T20 series or tournament, this week he summarised that hectic, monotonous life when talking about the team-bonding mini-break in Queenstown with which England started their winter: “Sometimes you don’t get that opportunity when you’re always on tour,” he said. “You land, you train, you play and you travel.”Yet his enthusiasm is clear not just when he discusses the immediate future of a team that seems to be flourishing under Harry Brook and his own place in it, but also when watching him train, play or bowl. However, while he was able to stop the Kiwis in their tracks as they attempted to chase down England’s record-breaking 236 at Christchurch’s Hagley Oval on Monday night, when his four-wicket haul included all but one of their five highest scorers, there is nothing he can do to halt time

England’s double World Cup winner Emily Scarratt announces retirement from rugby

England’s Emily Scarratt has announced her retirement from rugby after a 17-year international career. The two-time World Cup winner said in a statement the “time feels right to step away”.Scarratt made her England debut in 2008 and went on to win 119 caps and 11 Six Nations titles. The 35-year-old also represented the Red Roses in five World Cups, the only England player to do so.At club level she played for Lichfield and Loughborough Lightning