Wednesday newspaper round-up: Wrightbus, Brexit, Woodford, Thomas Cook

Wrightbus, one of Northern Ireland’s largest employers with 1,400 staff, is expected to slump into administration tomorrow after failing to securing an eleventh-hour rescue deal. The move will represent the UK’s second largest insolvency of the week, following the liquidation of the holiday group, Thomas Cook. – Guardian

The chances of a repeat of the pre-Brexit deadline boost to manufacturing have diminished following a downbeat survey from the CBI showing the bleakest outlook for industry in more than a decade. The employers’ organisation said order books were shrinking and output was set to fall in the coming months amid Brexit uncertainty and global trade tensions. – Guardian

Neil Woodford’s embattled investment firm gave advice to a Treasury-backed panel that today will recommend that money from pension savers should be invested via open-ended funds to buy illiquid, unlisted stocks. The panel’s report says that many ordinary pension savers miss out because their money is not invested in venture capital and private equity and argues that young people today would be 7 per cent to 12 per cent better off in retirement if it were.- The Times

The parlous state of Thomas Cook’s finances before its collapse have been laid bare in court documents showing a balance sheet deficit of over £3 billion. In a High Court witness statement, Peter Fankhauser, its now former chief executive, lists liabilities including £1.9 billion of debt and guarantees to organisations such as the Civil Aviation Authority, bonding providers and payment service providers. – The Times

Remember the “deal dividend”? When former Chancellor Philip Hammond stood before the House of Commons to deliver his spring statement in March, he talked boldly of an “economic boost from recovery in business confidence and investment” if MPs backed Theresa May’s ill-fated deal. ‘Spreadsheet Phil’ also cast off his Eeyore image to pledge a fiscal boost as part of the dividend once the risk of a no-deal Brexit had been removed. - Telegraph