Reuters UK Domestic

Landsec sells London office property to Hong Kong developer for $432 million

27 Jan 2023

(Reuters) – UK landlord Land Securities said on Friday it sold One New Street Square office property in London to Hong Kong-based Chinachem Group for 349.5 million pounds ($432.12 million), in tune with its strategy to offload mature office spaces in the capital. British landlords are grappling with a valuation slump of their properties, plagued …

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UK’s Hunt backs high-speed rail link to central London despite soaring costs

27 Jan 2023

By Sarah Young LONDON (Reuters) -British finance minister Jeremy Hunt promised that the country’s new high-speed rail line HS2 would connect to central London as originally planned, dismissing a report that it would end on the outskirts of the capital to save money. “I don’t see any conceivable circumstance in which that would not end …

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‘Stop declinist talk’, UK’s Hunt pledges to boost growth

27 Jan 2023

By William Schomberg and Andy Bruce LONDON (Reuters) -Finance minister Jeremy Hunt pushed back against talk of a decline in Britain on Friday, promising that Brexit would catalyse a new age of growth for an economy that has increasingly lagged behind its peers. Hunt, who steadied financial markets after the turmoil of former prime minister …

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ICE to open London gas hub, creating route around EU price cap

27 Jan 2023

By Kate Abnett BRUSSELS (Reuters) -The Intercontinental Exchange plans to launch a “parallel market” in London for Title Transfer Facility gas trading next month, it said on Friday, providing a way for market participants to avoid the European Union’s gas price cap. ICE hosts trading on the TTF gas hub in Amsterdam and had previously …

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UK has some concerns over U.S. green subsidy act, Hunt says

27 Jan 2023

LONDON (Reuters) – British finance minister Jeremy Hunt said on Friday that London had some concerns about the United States’ Inflation Reduction Act, which promises hundreds of billions of dollars of subsidies to green industries. The European Union has previously expressed serious concerns about the $369 billion of investment to tackle climate change in the …

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UK’s Superdry expects to break even this year, drops profit outlook

27 Jan 2023

(Reuters) – Britain’s Superdry said on Friday it now expected to broadly break even this year compared with its earlier forecast for a profit, as its wholesale segment underperformed amid higher uncertainty during the last quarter. Inflation-pinched British consumers cut their shopping last month by the most in at least 25 years, official data showed, …

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UK sub-prime lender Amigo says interest in capital raise below target

27 Jan 2023

(Reuters) – Amigo Holdings said on Friday that the expressions of interest it had received so far for a planned capital raise were below its target of 45 million pounds ($55.7 million). The sub-prime lender won court approval last May for a compensation scheme for past customers and a rescue plan for the business. The …

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Britain considers allowing foreign students to work longer hours -The Times

27 Jan 2023

(Reuters) – The British government is looking at plans to allow foreign students to work longer hours to boost the economy by plugging vacancies, The Times reported on Thursday. Ministers are looking at ways to encourage British and overseas students to take more part-time jobs to deal with shortages in areas such as hospitality and …

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UK rent rises forecast to slow as tenant competition eases – Rightmove

27 Jan 2023

LONDON (Reuters) – Soaring growth in the cost of rents in Britain is expected to cool as an increase in the number of homes on the market helped to cool competition between tenants in late 2022, data published on Friday showed. Property website Rightmove said tenant competition dropped by 6% between October and December compared …

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