Closing post
Time for a quick recap.
Financial markets now only expect one more quarter-point interest rate rise by the Bank of England before it reaches the end of its rate-hiking cycle. That would take Bank rate up to 5.5%, possibly as soon as later this month.
The UK government has been criticised after no offshore wind developers took part in the government’s annual auction to support renewable schemes.
Porous concrete has been detected at the UK’s two busiest international airports, Heathrow and Gatwick.
Heathrow must also cut passenger charges by almost a fifth next year after losing an appeal to the UK competition watchdog.
China’s currency has slipped to a new 16-year low, after weak trade data this week.
A measure of UK employment trends used by the Bank of England has shown that employers fear a recesssion and are cutting back on new hiring.
Costa Coffee has recalled some of its range of sandwiches and wraps after it emerged that they could contain small stones.
Here are the rest of today’s stories:
FT: Porous concrete detected at Heathrow and Gatwick airports
The UK’s concrete crisis has spread to the country’s busiest airports.
The Financial Times is reporting that Heathrow and Gatwick have both detected RAAC, the type of concrete that recently forced hundreds of UK schools to close.
This shows the far-ranging prevalence of RAAC, which is prone to corrosion and cracking as it ages, the FT points out.
The airports say they were aware of the issue before the government ordered 147 schools to immediately shut buildings made with aerated concrete.
RAAC is a particular concern in buildings that have been poorly maintained, which shouldn’t include major international airports.
Chris Goodier, professor of construction engineering and materials at Loughborough University, and one of the UK’s few experts on Raac, told the FT the presence of the material poses much less of a threat at airports than at schools and hospitals.
Goodier says most airport maintenance staff will have been aware of the presence of the material for some time, explaining:
“There are people there running the place seven days a week with a big full-time maintenance team whose only job is to keep it running 24/7.”
“They’ve got money and they spend money because if they had to close a building it would cost them a lot.
