THE DAILY BRIEFING

PRODUCTION BRAKE Manufacturer MG has stopped production at its Longbridge plant in Birmingham. The firm, owned by a Chinese autos group, has been moving production overseas. Finishing work had continued to be carried out in the UK but the firm is reported to have said this is no longer economically viable. It is understood some 25 jobs will be lost but the site will still employ more than 300.

STEEL TALKS Tata Steel is set for two days of talks with unions to try and break the deadlock over pension scheme liabilities. The £15bn pension scheme, which has 130,000 retired and working members, is the main obstacle to a deal to save the Port Talbot steelworks. Indian group Tata wants the south Wales plant but doesn’t want to take on its pension liabilities.

UBS ROLE Miriam Gonzalez, the wife of former deputy Prime Minister nick Clegg, has become chairman of the UK audit committee of investment bank UBS. Gonzalez, who is a lawyer and Eu negotiator, took over the role on September 6. She has been a non-executive director and chair of the audit and risk committee at the bank’s Spanish subsidiary since September 2015.

LEGAL COSTS FTSE 100 firms have set aside £31.3bn as provision for legal claims over the past 12 months. The amount reserved by the businesses is up 22pc from £25.6bn a year ago. The money is earmarked for legal costs, regulatory fines and compensation payments. The banking sector accounts for some 56pc of the total amount set aside, at £17.4bn.

BUSINESS BOOST The number of UK businesses has hit an all-time high. Some 2.1m businesses are now listed in the UK, up 4pc from 2m a year ago, according to national accountancy group UHY Hacker Young. The firm said younger entrepreneurs were driving the trend, with some 26,420 companies now operating with a director aged 21 or under.