BT shares fell sharply today after the telecoms group revealed the “substantial concerns” of the UK pensions watchdog over a deal to plug its record £9bn (€10.2bn) pension scheme black hole.

The former boss of Alliance & Leicester has been lined up as the new chief executive of embattled lender Bradford & Bingley, it was reported today.

Shareholders in beleaguered buy-to-let lender Bradford & Bingley agreed today to allow the firm to go ahead with its third attempt at a balance sheet boost.

Bradford & Bingley’s major shareholders were today stepping in to salvage the lender’s £400m (€505m) funding plan after a US private equity firm walked away from the deal.