Volkswagen AG has agreed to a settlement worth more than $15.3 billion, according to a court document filed Tuesday and a source briefed on the matter. The Justice Department filed a proposed consent decree that confirms VW will set aside $10.033 billion to cover buybacks and fixes, $2 billion to invested in green energy funds and $2.7 billion to offset diesel emissions. A source briefed on the matter said VW would announce a separate settlement with at least 44 U.S. states, the District of Columbia and Puerto Rico that will cost at least $600 million.
Britain urgently needs to establish a new relationship with the European Union, but should not serve its notice to quit the bloc until this new model had become clear, finance minister George Osborne told business leaders on Tuesday. "The truth is, for all of your businesses, that uncertainty will only really be resolved when we come to an agreement ... on the relationship we now want with our European partners..." Osborne said at a conference hosted by The Times newspaper. "And I think that's where the urgency is now required." He added that Britain should not trigger its two-year notice period to leave the EU, known as Article 50, until this relationship had become clear.