Virgin Money tucks away more cash for toxic loans

Virgin Money has put aside another £42m to cover for potentially toxic loans amid fears of a spike in unemployment and the impact that could have on mortgage loans. The top-up, which includes a 62pc rise in provisions for defaults on mortgages due to "more cautious assumptions in relation to the outlook for unemployment" and house prices, takes Virgin's total pot for credit loss provisions to £584m. The UK's sixth-largest lender said it had "not yet seen any significant credit losses