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UK government warns investors of ‘severe consequences’ over cladding

Grenfell Tower remains
The three manufacturers were responsible for the majority of the cladding that was used on the Grenfell Tower. (Photo: Neil Hall/EPA)

The government is writing to asset managers including BlackRock and Vanguard about cladding companies’ apparent failure to propose a financial offering to fix unsafe buildings.

Investors in cladding companies Arconic, Kingspan and Saint-Gobain have been told to use their “position of influence” to push the companies to “engage constructively” and produce “a comprehensive financial package to fix unsafe buildings”.

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