Tuesday newspaper round-up: Financial wellbeing programme, Itsu, Arriva,

The government is promising to turn Britain into a nation of savers by 2030 and cut the number of households relying on credit cards for day-to-day spending by launching an ambitious financial wellbeing programme. In an alarming summary of the state of Britain’s household finances, the Money and Pensions Service (MaPS), a government agency, said 11.5 million people have less than £100 in savings to fall back on, while nine million said they often use credit cards and payday loans to meet essential weekly food and energy bills. – Guardian

Department for Transport officials did not tell the then transport secretary about a plan that could have prevented a costly legal dispute between rail operators and the government, the high court has heard. Stagecoach and other rail firms are seeking tens of millions of pounds in compensation in a claim that could have far-reaching implications for a privatised rail system that lawyers acting for the firms said was “in crisis”. – Guardian

Pret A Manger co-founder Julian Metcalfe is plotting a stock market float of his sushi chain Itsu to raise cash for a major US expansion. Mr Metcalfe, who co-founded coffee and sandwich chain Pret in 1986, said he wants to open 1,000 new Itsu stores in the US over the next few years. He said: “We will float Itsu, as we have to, for it to grow to 1,000 stores over the next few years. – Telegraph

The banking industry could be on collision course with the government over plans to level up economic performance after significant regional disparities in small business lending came to light. Credit balances from big banks to small and medium-sized companies across Britain shrank between 2014 and 2019, but did so most rapidly outside London, industry data has revealed. – The Times

Arriva has settled legal action brought against the government for banning it from bidding for a rail franchise, the High Court has heard. The train operator was one of several companies suing the Department for Transport for disqualifying them from bidding for three separate rail franchises because of a row over pensions. – The Times