Rolls-Royce has suffered the biggest loss in its history due to the cost of settling corruption charges and the impact of Brexit on the value of sterling.
The engine-maker reported a £4.6bn statutory pre-tax loss for 2016, one of the biggest corporate losses in British history.
This loss included a £4.4bn writedown on the value of financial hedges that Rolls uses to protect itself against currency fluctuations and a £700m charge for the penalties the company has agreed to pay to settle bribery and corruption charges with the Serious Fraud Office, the US Department of Justice, and Brazilian authorities.
The biggest loss in British history is the £24bn recorded by Royal Bank of Scotland for 2008.
More details soon …
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