UK Government Faces Industry Pushback Over Fines and Mergers

The UK government is resisting pressure from the electric vehicle industry to defer fines for unmet sales targets, while also reducing penalties for boilermakers who fall short on heat pump sales. Grant Thornton UK opts for private equity investment, foregoing a merger. Unilever pauses plans to sell its ice cream business.

The UK government remains firm against electric vehicle manufacturers' demands for deferment on fines until 2026, ensuring these penalties for missing sales targets remain enforced.

Meanwhile, a concession has been made for boilermakers with the government significantly reducing penalties from 3,000 pounds to 500 pounds for each heat pump sale missing the targets, following industry pressure.

Grant Thornton UK, a major accounting firm, has chosen to sell a stake to private equity firm Cinven, overtaking proposals from US and other European private equity firms. Concurrently, Unilever halts the sale of its lucrative ice cream division, opting instead for potential independent listing strategies.

(With inputs from agencies.)