BUSINESS LIVE: Housebuilders face cladding cost; Plus500 ups forecasts

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BUSINESS LIVE: Housebuilders to remove dangerous cladding; Plus500 expects forecast-beating results; HSBC under fire

By Mike Sheen For This Is Money

Published: | Updated:


The Government has given housebuilders around two months to come up with a fully-funded plan to remove dangerous cladding from residential housing, a project that could cost at least £4billion.

Secretary of State for Levelling Up Michael Gove said in a statement on Monday that the industry had until early March to agree a plan to deal with cladding on buildings that are between 11 and 18 metres high.

Online trading platform Plus500 expects its annual results to exceed market expectations even as it reported a slower fourth-quarter growth as compared with the previous quarter on weak customer trading performance.

The company posted an annual revenue of $718million, with fourth-quarter revenue down 24 per cent versus the prior quarter, and it expects a core profit of $387million for the year ended 31 December.

HSBC is under fire for holding millions of shares in a Chinese firm linked to atrocities against Uighur Muslims.

The London-headquartered bank, which makes most of its money in Asia, bought £2.2million of shares in chemicals and plastics company Xinjiang Tianye on behalf of an anonymous client.

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Secretary of State for Levelling Up Michael Gove told housebuilders to contribute to the cost to remediate unsafe cladding on 11-18m buildings, currently estimated to be £4billion

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