Tuesday newspaper round-up: Ofgem, Addison Lee, Swissport
Nearly one in four home purchases this year will be backed by the “bank of mum and dad” – up from fewer than one in five in 2019 – as buyers struggle with the economic fallout from the Covid-19 crisis. Financial help provided by the bank of mum and dad, encompassing parents, grandparents, other family and friends, will be a driving force behind the recovery of Britain’s housing market. Those able to assist will lend an average of £20,000 towards a deposit on a home, said researchers from insurer Legal & General (L&G) and economics consultancy Cebr. – Guardian
National Grid has warned the energy regulator to rethink its plans to crack down on energy network companies as the industry prepares to mount an unprecedented rebellion against Ofgem’s proposals this week. Energy network companies, including National Grid, are expected to fiercely oppose the regulator’s plans to halve the returns they make on investing in energy infrastructure in an industry consultation that closes on Friday. - Guardian
Private taxi firm Addison Lee has started laying staff off after the coronavirus downturn forced it to speed up a bid to slash costs. The firm could axe as much as 10pc of its workforce to save money, an industry source said. Its premium chauffeur service Tristar is understood to have already sacked around 400 people. – Telegraph
One of Britain’s biggest airport baggage handlers has warned that thousands of jobs still hang in the balance, despite clinching a €1.9 billion rescue deal that ensures its survival. Creditors including Barclays are set to take control of Swissport as part of a debt-for-equity swap that the airport services business said would carry it through the storm in global aviation. – The Times
The chief executive of Veolia has sought to downplay fears of British job cuts after the giant waste, water and energy group bid to take over its French rival. Antoine Frérot was speaking after revealing an initial €2.9 billion offer to buy a 29.9 per cent stake in Suez, which, if successful, would be followed by a move to acquire the rest of the shares to create what he called a “world leader of ecological transition”. – The Times