Reuters UK Business

(Reuters) – Canada-based Mawer Investment Management and M&G Investments, shareholders in Aveva Plc, intend to reject Schneider Electric’s 9.5 billion pounds ($10.37 billion) takeover offer, calling the offer “opportunistic”. French industrial group Schneider Electric on Wednesday said it would proceed with a full takeover of the British software company, offering 31 pounds per share. “We …

Two Aveva shareholders plan to oppose Schneider takeover offer Read More »

LONDON (Reuters) – British finance minister Kwasi Kwarteng on Friday unveiled a broad set of measures aimed at cutting taxes and energy bills for households and businesses to try to drive economic growth. UK gilt yields surged as the UK Debt Management Office laid out plans for additional issuance to fund the planned spending, although …

Britain’s finance minister unveils “mini budget” Read More »

LONDON (Reuters) – Britain will accelerate moves to bolster the City of London’s competitiveness as a global financial centre by scrapping the cap on banker bonuses, finance minister Kwasi Kwarteng said on Friday. The cap limits bonuses to twice a banker’s basic salary, with shareholder approval, and was introduced in the European Union to curb …

Britain to scrap cap on banker bonuses to keep City competitive Read More »

LONDON (Reuters) -British finance minister Kwasi Kwarteng said on Friday the government would publish a plan to reduce debt as a proportion of gross domestic product (GDP), as he set out an expensive package to support people with energy bills and tax cuts. The UK Debt Management Office said it was raising its debt issuance …

Britain’s finance minister says debt will fall as proportion of GDP in medium term Read More »

LONDON (Reuters) – Britain’s new finance minister Kwasi Kwarteng unveiled a package of measures on Friday including billions of pounds of tax cuts to boost economic growth and help alleviate the worst cost-of-living crisis in decades. Below is a brief overview of the key measures announced in the mini-budget: INCOME TAX CUTS From April 2023 …

Factbox-Britain sets out tax cuts and other measures to boost growth Read More »

LONDON (Reuters) – Britain’s new finance minister Kwasi Kwarteng said on Friday he would scrap the country’s top rate of income tax and cut the basic rate next April – a year earlier than expected – to spur economic growth. Kwarteng said from April 2023 Britain would have a single higher rate of income tax …

UK’s Kwarteng to scrap top rate of income tax, cut basic rate from April Read More »

LONDON (Reuters) – The downturn in British businesses steepened this month as they battled soaring costs and faltering demand, according to a survey on Friday that hammered home the rising risk of recession. Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss, the …

UK downturn deepens, raising recession risk -flash PMI Read More »

LONDON (Reuters) – Stamp duty, a tax on house purchases, will be cut to help families to afford to buy homes, British finance minister Kwasi Kwarteng said, with the nil-band threshold for home movers doubling to 250,000 pounds ($280,000). The nil-band threshold for first-time buyers will also increase to 425,000 from 300,000 pounds, he told …

Britain cuts stamp duty property tax Read More »

LONDON (Reuters) – British finance minister Kwasi Kwarteng said on Friday it was time now to focus on economic growth instead of redistribution, as he laid out tax cuts and other measures in a speech to lawmakers. “For too long in this country, we have indulged in a fight over redistribution. Now, we need to …

Britain’s Kwarteng: We need to focus on growth, not redistribution Read More »