Wednesday newspaper round-up: Cashless society, ultra rich, carmakers, Goldman, Bentley
More than 8 million UK adults would struggle to cope in a cashless society, according to a major report which claims that the country’s “cash infrastructure” is in danger of collapsing. With Britons increasingly turning to digital payments, and bank branches and ATMs closing, the Access to Cash Review said companies and organisations providing “essential” services should be required to ensure that consumers can continue to pay by cash. – Guardian
More people will join the swelling ranks of the “ultra-rich” – with fortunes of more than $30m (£22.7m) – in the next five years than complete the LondonMarathon next month. Very wealthy individuals are increasing their fortunes at such a rate that about 42,700 will become ultra-high net worth individuals by 2023, according to a report by the property consultants Knight Frank. Slightly more than 40,000 runners are expected to finish the marathon. – Guardian
The number of ‘green collar’ jobs is set to triple by the end of the next decade under Government plans to boost the offshore wind industry. Ministers are expected later this week to announce a major partnership between Government and the burgeoning industry to build on the success of the mega-turbines dotting Britain’s coastline. – Telegraph
Goldman Sachs is relaxing the dress code for all its employees, a move once considered unimaginable for the Wall Street firm’s leagues of monk-shoed partners and bankers in bespoke suits. The new “firm wide flexible dress code” was announced in an internal memo, which said the shift was due to “the changing nature of workplaces generally in favour of a more casual environment”. – Telegraph
Leading carmakers are “on death row” as they await clarity on Britain’s departure from the European Union, their executives complained yesterday. Bosses attacked the political furore over Brexit as “not good enough”, warning that a no-deal departure would have dire consequences for generations to come. – The Times
Bentley will keep its car production in Britain, not move it to the Continent nor shut its factory in Crewe, and will return to profitability this year, its chief executive has said, despite criticism and warnings from shareholder directors at Volkswagen, its German parent company. Bentley is one of a clutch of heritage luxury British automotive marques, producing more than 10,000 cars a year with prices starting at £150,000, and employing 4,000 workers. It was taken over by VW 20 years ago. Last year it made losses of at least £125 million as the launch of a money-spinning new Continental GT was delayed by nine months after the company stopped production of its predecessor model and others. – The Times