Category: 3. Business

• Legislation to ensure access to funding for ordinary people in ‘David vs Goliath’ cases confirmed
• Safeguards will mean more collective action proceedings can be brought against rich and powerful opponents
• Measures will bring stability to the litigation funding sector after the PACCAR ruling

Ordinary people will have greater access to justice thanks to Government’s plans for legislation to help claimants receive the funding they need to take on powerful organisations in court.    

Since the Supreme Court ruling in PACCAR in 2023, claimants have faced uncertainty about whether they can secure funding from third parties in order to bring a civil case against a well-resourced opponent.  

Third-party litigation funding allows people to bring complex legal cases against powerful organisations when they cannot afford the costs themselves. Under these arrangements, a funder pays for the legal case in exchange for a share of any compensation won.   

The PACCAR judgment, which classed these funding arrangements as ‘Damages Based Agreements’, made it harder to access to third-party funding and has resulted in a drop in collective action lawsuits.   

Today (Wednesday 17 December), the government is confirming that it will take action to remove this barrier to justice by clarifying that Litigation Funding Agreements are not Damages Based Agreements, protecting victims and claimants.   

Minister for Courts and Legal Services, Sarah Sackman KC MP, said:   

The Supreme Court ruling has left claimants in unacceptable limbo, denying them of a clear route to justice.  

Without litigation funding, the Sub-postmasters affected by the Horizon IT scandal would never have had their day in court.  

These are David vs Goliath cases, and this Government will ensure that ordinary people have the support they need to hold rich and powerful organisations to account. Justice should be available to everyone, not just those who can afford it.   

The Supreme Court ruling has also threatened the UK’s status as global leader in dispute resolution – a cornerstone of our booming legal sector and vital to driving economic growth.   

The UK’s legal services industry is worth £42.6 billion a year to the economy, with a highly skilled workforce of 384,000.     

A new framework will ensure that agreements are fair and transparent, so that third-party litigation funding actually works for all those involved.   

These changes follow a comprehensive and wide-ranging review by the Civil Justice Council (CJC), published earlier this year. The government will continue to consider the recommendations set out in the CJC review.  

Notes to editors:   

• In the 2023 PACCAR judgment, the Supreme Court ruled that third-party litigation funding agreements are legally classed as ‘damages-based agreements.’  
• This decision means funding agreements are only valid if they meet strict rules and are banned in certain group claims.  
• The Government will introduce legislation to address this when parliamentary time allows

Dewan Motors has announced a price reduction for its HONRI VE electric vehicle, making the model more accessible to buyers in Pakistan.

According to the company, customers can now save up to Rs. 600,000, with prices starting from Rs. 3,599,000. The revised pricing applies to limited stock and covers both variants of the HONRI VE.

Under the updated offer, the HONRI VE 2.0 now costs Rs. 3,599,000, down from Rs. 4,199,000, while the HONRI VE 3.0 is priced at Rs. 4,399,000, reduced from Rs. 4,999,000.

Dewan Motors said the electric vehicle comes with an eight-year battery warranty or 120,000 kilometers, a three-year vehicle warranty or 100,000 kilometers, and full 3S support, including sales, service, and spare parts.

The company said the price cut aims to encourage wider adoption of electric vehicles by reducing upfront costs and offering long-term ownership assurance. Interested customers can contact regional sales managers or the company’s head office for further details.

The Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, visited the State Bank of Pakistan in Karachi and met with the Governor, Jameel Ahmad, to align on Pakistan’s evolving cryptocurrency regulatory framework and the critical role of inter-institutional coordination in its implementation.

Senior members of the State Bank of Pakistan team were also present during the meeting.

The discussion focused on the regulatory architecture for virtual assets, with particular attention to critical issues such as capital outflows, foreign exchange considerations, and financial stability. The role of banks in establishing formal, transparent on-ramp and off-ramp mechanisms was discussed, alongside measures to gradually curb unregulated peer-to-peer activity through supervised channels.

The meeting also included an exchange on Central Bank Digital Currency initiatives. Both sides emphasized that effective crypto regulation in Pakistan requires close and continuous coordination between PVARA and the State Bank of Pakistan.

Speaking on the engagement, Chairman PVARA Bilal Bin Saqib said:

Pakistan already has a large and active digital asset market. Our responsibility is to bring this activity into a supervised, FATF aligned framework that protects consumers and safeguards financial stability. This cannot be achieved in isolation. Close coordination with the State Bank is essential to ensure that innovation progresses alongside monetary and financial integrity.

Pakistan is ranked third globally on the crypto adoption index, with an estimated 30 to 40 million users and annual digital asset activity valued in the hundreds of billions of dollars. PVARA’s mandate is to ensure that this substantial existing market is brought into a regulated, transparent, and internationally aligned framework that safeguards consumers, strengthens financial integrity, and supports sustainable growth.

In approximately four months since its first Board meeting at the end of August, PVARA has moved decisively from policy formulation to implementation. As part of its phased and risk-based regulatory approach, the Authority has issued No Objection Certificates to leading global virtual asset platforms, including Binance and HTX.

These NOCs provide a controlled entry into Pakistan’s regulatory perimeter and do not constitute full operating licenses.

Progression toward full licensing remains ongoing and is subject to comprehensive compliance, governance, and systems readiness requirements, reflecting the Authority’s commitment to timely yet prudent regulation.

The meeting reaffirmed a shared commitment between PVARA and the State Bank of Pakistan to build a secure, credible, and future-ready digital asset ecosystem that supports economic growth, attracts responsible investment, and strengthens Pakistan’s standing in the global digital economy.

Press Release:
13:16 CET • 19 Dec 2025

News release from Vestas Asia Pacific
Seoul, 19 December 2025
 

Vestas is proud to announce the following order as part of our Q4 order intake:

Country	Region	Customer	Project name	MW	Turbine variant	Service agreement	Delivery & commissioning
Australia	APAC	Undisclosed	Undisclosed	205	33 x V162-6.2 MW	30-years AOM 5000 Service Agreement	Delivery and Commissioning in 2027

For more information, please contact:
Lucy Stephen Leifgen
Marketing & Communications Manager – Australia & New Zealand
Mail: lclef@vestas.com
Tel: +6149 9481052

About Vestas
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 197 GW of wind turbines in 88 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 159 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 37,000 employees are bringing the world sustainable energy solutions to power a bright future.
 

For updated Vestas photographs and videos, please visit our media images page on:

https://www.vestas.com/en/media/images.
 

We invite you to learn more about Vestas by visiting our website at www.vestas.com and following us on our social media channels:
 

Minutes

Item 1 – Welcome

The Chair thanked members for attending and confirmed that the Minutes of the Money Markets Committee (MMC) September 2025 meeting had been published on the Bank’s website.^{footnote [1]}

The Chair welcomed Natasha Vowles to her first meeting as a new member of the MMC and welcomed those who were attending as part of the Bank’s Meeting Varied People (MVP) initiative.

Item 2 – Update on the balance sheet transition and the Operational Standing Facility’s recalibration

The Chair provided a brief summary of the recently published insight article ‘Learning to navigate bumps in the road’^{footnote [2]} in which the authors provide an update on the Bank of England’s Sterling Monetary Framework (SMF) facilities and balance sheet transition.

The Chair signposted the recalibration of the pricing of the Operational Standing Facility (OSF) to Bank Rate +/- 15bps (from +/- 25bps)^{footnote [3]}. This recalibration represents a natural next step in the Bank’s balance sheet transition and will allow firms to respond better to their liquidity needs as they arise between the Bank’s regular market-wide operations. This will help to ensure that short-term market interest rates remain anchored to Bank Rate whilst limiting the risk of private market disintermediation.

David Bailey, Executive Director for Prudential Policy of the Prudential Regulation Authority (PRA), emphasised to the Committee that the positions of the Bank of England and PRA with respect to usage of the Bank’s SMF facilities were completely aligned. He joined the Chair in stressing that all of the Bank’s SMF facilities – including the on-demand bilateral facilities (OSFs and Discount Window Facility) and the Bank’s market-wide facilities – remain ‘open for business’ and should be used by SMF participants for the purposes of liquidity management from the perspective of both the Bank of England and the PRA.^{footnote [4]} David also noted that the PRA is in the process of reviewing its policies to make sure that they fully support this message; any changes would be subject to consultation as part of the PRA’s usual policy process.

Item 3 – Discussion on market conditions

A member of the Committee provided a presentation covering recent themes and conditions as they related to UK money markets. The presentation noted, and the Committee subsequently discussed: (1) more widespread usage of the Bank’s Short-Term Repo (STR) and Indexed Long-Term Repo (ILTR) facilities; (2) an acknowledgement that the pace at which aggregate reserves are expected to drain is likely to continue slowing as we approach the Preferred Minimum Range of Reserves (PMRR); and (3) widespread consensus that money market conditions going into year-end were expected to be calm and orderly.

One member highlighted developments in the difference between the SONIA interest rate benchmark and Bank Rate. It was noted that the difference between the two rates had continued to narrow and that the move was broad-based. The Committee will continue to monitor developments closely.

The Committee also discussed developments in the demand and supply dynamics in the UK Treasury bill market. Members welcomed the UK Debt Management Office’s announcement that they would launch a consultation in January 2026 on expanding and deepening the Treasury bill market.^{footnote [5]}

Item 4 – Discussion on systemic stablecoins

A member of Bank staff provided a summary presentation of the Bank’s recently published Consultation Paper (CP) which outlines a proposed regulatory regime for sterling-denominated systemic stablecoins.^{footnote [6]} The Bank continues to welcome responses from a wide range of stakeholders; the consultation closes on 10 February 2026.

The Committee engaged in discussion around the proposals and stressed the importance of the initiative for the future of UK money markets. It was highlighted that a sterling-denominated regime should exist complementary to managing risks from non-sterling stablecoins and should ensure interoperability, end-user protection and issuer viability. The Committee will continue to monitor developments as the proposals move forward.

Committee Attendees

Committee members

James Winterton – Association of Corporate Treasurers

Cristiano Guidi – Bank of America Merrill Lynch

Gareth Jones – Barclays

Emma Cooper – BlackRock

Sara Carter – CME Group

Inna Shaykevich – Goldman Sachs

James Murphy – HSBC

Chris Brown – Insight Investment

Tony Baldwin – LCH

Ina Budh-Raja – ISLA

John Wherton – L&G

Scott Creed – Lloyds Bank

Nina Moylett – M&G

Nic Erevik – Newcastle Building Society

Chirag Patel – Rabobank

Romain Sinclair – Société Générale

Natasha Vowles – Tesco

John Argent – Tradition

MVP attendees and Observers

Agne Stengeryte – Bank of America Merrill Lynch

Ludovic De Beaucorps – Bank of America Merrill Lynch

Farid Anvari – CME Group

Paul Canty – DMO

Alan Barnes – FCA

Fearghal Burke – Rabobank

Bank of England

Matt Roberts-Sklar (Chair)

David Bailey

Simon Dolan

Callum Ashworth

Jack Welling

Kirstine McMillan

Grainne McGread

Tom Smith

Ming Au

Pavel Chichkanov

Apologies

Gordon Lowson – Aberdeen

Marije Verhelst – Euroclear

Edward Bond – J.P. Morgan

Alan Williams – Santander UK

The National Transport Authority (NTA), in partnership with TFI Local Link Kerry, today announced two significant milestones for its TFI Anseo service in Killarney, reflecting strong community uptake and growing demand for sustainable transport.

20,000 passengers in Killarney

Since its launch on Monday, 11 August 2025, the TFI Anseo pilot has welcomed over 20,000 passengers, marking a major achievement in just four months of operation. This milestone highlights the popularity of the initiative and its increasing role in enhancing local connectivity.

2,000+ in a week, highest since launch

Building on this success, last week (8–14 December) saw another milestone in the initiative with 2,023 passengers in a single week, the highest weekly figure since launch and the first time weekly patronage crossed the 2,000 mark. This surge underlines the momentum behind TFI Anseo, with more residents and visitors embracing flexible, sustainable travel options every day.

In early October, operating hours were extended to meet growing demand. TFI Anseo now runs from 6:30 am to 11:00 pm seven days a week, offering greater flexibility for commuters, shoppers, and visitors.

Edmund Betagh, TFI Local Link Programme Manager at the NTA, said:

“These milestones demonstrate that TFI Anseo is making a real difference in Killarney. The strong uptake reflects the community’s commitment to accessible, reliable, and sustainable transport.”

Alan O’Connell, TFI Local Link Kerry General Manager, added:

“We are delighted with the community response. By extending the hours to 6:30 am–11:00 pm, TFI Anseo is now even more accessible to people of all ages and backgrounds. Whether commuting, attending appointments, or enjoying social activities, passengers can rely on TFI Anseo which provides choice and an additional transport option to the town.”

TFI Anseo offers a smart, demand-responsive transport service

TFI Anseo offers a smart, demand-responsive transport service powered by innovative technology. Through the TFI Anseo app, passengers book rides on demand across a designated Killarney zone.

The NTA is encouraging residents to try the service during the remainder of the pilot phase and provide feedback to help shape the future of urban mobility.

This initiative, funded by the Government’s Climate Action Fund, forms part of the NTA’s Connecting Ireland Rural Mobility Plan.

For details on booking, fares, and service areas, visit TFI Anseo App – Transport for Ireland  from where you can download the TFI Anseo app from Google Play or the App Store.