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UBS £29.7m rogue trader fine

Swiss banking giant UBS has been fined £29.7 million by the Financial Services Authority for failings which allowed convicted rogue trader Kweku Adoboli to lose £1.4 billion.

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Report: Millions of workers 'live in poverty'

Over 6 million people classed as being in poverty live in households where people work, according to a new report.

Excluding pensioners, in-work poverty now outstrips workless poverty, say the Joseph Rowntree Foundation (JRF).

People queue outside a branch of Job Centre Plus in Westminster. Credit: Press Association

The Monitoring Poverty report, written by the New Policy Institute (NPI), also found that spending on benefits and tax credits has never been higher, at 13% of GDP.

Julia Unwin, chief executive of JRF, said: "The level of in-work poverty is the most distinctive characteristic of poverty today.

"We need a relentless focus on fixing the labour market to ensure people have the opportunity to improve their prospects."

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