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☆ UK sets out financial regulation reforms, including review of accountability rules
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 9 (Reuters) - Britain's finance ministry on Friday set out plans to overhaul the financial sector including a review of rules to make bankers accountable for their decisions and easing capital requirements on smaller lenders. The City has been largely cut off from the European Union by Brexit, putting pressure on the government to ease rules as Amsterdam overtook London to become Europe's top share trading centre. "The government’s approach to reforming the financial services regulatory landscape recognises and protects the foundations on which the UK’s success as a financial services hub is built: agility, consistently high regulatory standards, and openness," the finance ministry said in a statement. The batch of planned reforms also include a review of short-selling rules, overhauling prospectuses issued by companies when they list, and a plan for repealing and reforming rules that were introduced when Britain was in the EU. Reporting by Huw Jones, writing by William James; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ 'Wonders of Wrexham': King Charles meets Hollywood stars at lowly Welsh club
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

WREXHAM, Wales, Dec 9 (Reuters) - King Charles toured the grounds of the lowly Welsh soccer club Wrexham owned by Ryan Reynolds and Rob McElhenney on Friday, talking to the Hollywood actors about their dream of steering the team to sporting glory. Wrexham are currently second in the league and fighting for promotion. Charles and his wife Camilla were in Wrexham to celebrate its new status as a city and to hear about the redevelopment of the club. "A little earlier today, I had the opportunity to see one of the other wonders of Wrexham, namely the football club, which is busy putting Wrexham on the map as never before," Charles told dignitaries later in the day. Reporting by Farouq Suleiman; Editing by Kate Holton and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ UK inflation expectations match nine-year high: BoE survey
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

Central bankers watch surveys of inflation expectations closely for signs that people and businesses expect above-target inflation to become entrenched, influencing wage-bargaining and pricing strategies - though not all officials are convinced the data offer a meaningful guide to future behaviour. Not all the survey measures were so negative, however. Some other measures of inflation expectations have shown more of a decline in expectations than the BoE survey. A survey by Citi and YouGov, conducted on Nov. 22 and Nov. 23, showed inflation expectations for five to 10-years' time had fallen to 3.9% in November from a peak of 4.8% in August. The BoE survey took place from Nov. 4 to Nov. 7, just after the BoE raised rates by three quarters of a percentage point to 3%.

☆ What did Prince Harry and Meghan say in Netflix series?
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +5 min

LONDON, Dec 8 (Reuters) - Netflix (NFLX.O) released the first three episodes in a six-part documentary series on Prince Harry and his wife Meghan on Thursday, showing how the couple met and the problems they say they faced as part of Britain's royal family. HARRY ON WOMEN IN THE ROYAL FAMILYHe had learnt "the pain and suffering of women marrying into this institution". HARRY ON MEGHANShe sacrificed everything she ever knew, the freedom that she had, to join me in my world. HARRY ON MEGHAN'S MEDIA HOUNDINGTo see another woman in my life who I love go through this feeding frenzy, that's hard. HARRY ON ROYAL CORRESPONDENTS AND EXPERTSThat press pack of royal correspondents is essentially just an extended PR arm of the royal family.

☆ Harry and Meghan decry media harassment in Netflix documentary
▼ + stars: | 2022-12-08 | by ( Michael Holden | ) www.reuters.com time to read: +4 min

[1/6] Britain's Prince Harry, Duke of Sussex, Meghan, Duchess of Sussex attend the 2022 Robert F. Kennedy Human Rights Ripple of Hope Award Gala in New York City, U.S., December 6, 2022. REUTERS/Andrew KellySummary Harry and Meghan documentary series releasedNewspapers scathing, call it 'act of war'LONDON, Dec 8 (Reuters) - Prince Harry said it was his duty to expose the "exploitation and bribery" of the media, saying members of the British royal family regarded the harassment of his wife Meghan as being a rite of passage. In the first episodes of the couple's much anticipated Netflix documentary series, Harry, who stepped down from royal duties two years ago with Meghan, said he accepted people would fundamentally disagree with that he had done. In the documentary, Harry draws comparisons with Meghan's treatment and the intense media intrusion that his mother Princess Diana had suffered. "This is about duty and service and I feel as though, being part of this family, it is my duty to uncover this exploitation and bribery that happens within our media," Harry said.

☆ UK airports face Christmas disruption as border staff to strike
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 7 (Reuters) - Border Force workers at several major British airports including the country's busiest, Heathrow, will go on strike for eight days this month in a dispute over pay, threatening disruption to Christmas travel. The PCS trade union said staff employed by Britain's interior ministry in passport booths would take action at London's Heathrow and Gatwick airports and a handful of regional ones, plus the Port of Newhaven. The union's General Secretary Mark Serwotka said around 2,000-3,000 staff would be involved in the walkouts on ever day but one between Dec 23-31. A Heathrow spokesperson said the airport was working with airlines and Border Force on plans to mitigate disruption. Gatwick said it expected flights to operate as normal and it would also make extra airport staff available to help passengers on strike days.

☆ Border Force workers at British airports to strike over Christmas - union
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - Border Force workers at several major British airports including the country's busiest, London's Heathrow, will go on strike for several days over the Christmas period in a dispute over pay, the PCS trade union said on Wednesday. The union said staff employed by the Britain's interior ministry, the Home Office, in passport booths would take action at Heathrow and Gatwick airports as well as Birmingham Airport, Cardiff Airport, Glasgow Airport, Manchester Airport and the Port of Newhaven. A Heathrow spokesperson said the airport was working with airlines and Border Force on plans to mitigate disruption. "The Home Office advises that immigration and customs checks may take longer during peak times on strike days, and Heathrow will support Border Force to minimise these impacts with the aim of processing passengers through the border as efficiently as possible," the spokesperson said. Reporting by Farouq Suleiman, writing by Sarah Young; Editing by Kate Holton, William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Harry and Meghan accept 'Ripple of Hope' human rights award
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 7 (Reuters) - Britain's Prince Harry and wife Meghan accepted a human rights award at a "Ripple of Hope" gala in New York where they were honoured for addressing racial injustice and mental health. The British royals received the award late on Tuesday from the Robert F. Kennedy Human Rights Foundation which honours leaders across government, business, advocacy and entertainment who have shown an "unwavering commitment to social change". Kerry Kennedy, president of the Foundation and daughter of the slain U.S. Senator Robert F. Kennedy, said the couple had been "incredibly brave" to talk about their experience of racial injustice and mental illness, the Telegraph reported. Meghan and Harry said in a statement that "a ripple of hope can turn into a wave of change".

Therefore, experts say, hiring Black teachers is necessary to address the racial disparities that lead to poor educational outcomes and criminalization for Black children. Furthermore, advocates say that Black students who don’t have Black teachers are less likely to become teachers themselves, so commitments to diversifying the industry must start early on in the classroom. The Black Teacher Project in Oakland, California, works with Black teachers to “reimagine schools as communities of liberated learning,” the Project’s website reads. It also teaches educators how to implement restorative practices in their classrooms and invites them to retreats to foster community among Black teachers. “Therefore, the Black Teacher Project’s motto is ‘Every child deserves a Black teacher.’”

☆ Elton John to headline Glastonbury in final UK show of farewell tour
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

[1/5] Elton John performs "Bennie and the Jets" as he wraps up the U.S. leg of his 'Yellow Brick Road' tour at Dodger Stadium in Los Angeles, California, U.S. November 20, 2022. REUTERS/David Swanson/File PhotoLONDON, Dec 2 (Reuters) - Elton John will headline Glastonbury next summer, performing the last British show of his lengthy global farewell tour at the renowned music festival on Worthy Farm. John is coming towards the end of a "Farewell Yellow Brick Road" tour which began in September 2018. John ended the U.S. leg of his farewell tour with a star-studded show at the Los Angeles Dodger Stadium in November. He performs in Australia and New Zealand in January before kicking off the British tour in Liverpool in March.

☆ UK's Labour comfortably beat PM Sunak's Conservatives to retain parliamentary seat
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 2 (Reuters) - Britain's opposition Labour Party retained a parliamentary seat in the northwest of England on Friday, comfortably winning the vote in the first electoral test for Rishi Sunak as prime minister. Labour candidate Samantha Dixon won the City of Chester constituency, securing 61% of the vote, compared to 22% for the candidate from Sunak's Conservatives. The next national election is expected in 2024. Curtice said the scale of the swing could indicate Labour winning an outright majority in parliament at the next national election, but noted that local elections were rarely a good guide. Labour have held the Chester seat since 2015, when it was the most marginal seat in the country.

☆ Bank of England sells 1.4 bln pounds of long-dated and index-linked gilts
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

LONDON, Dec 2 (Reuters) - The Bank of England sold 1.412 billion pounds ($1.72 billion) of long-dated and index-linked gilts on Friday, taking to 3.65 billion pounds the total volume of gilts it has sold since starting to unwind earlier emergency purchases on Tuesday. Friday's sale was the third this week, as the BoE seeks to unwind the 19.3 billion pounds of purchases it made between Sept. 28 and Oct. 14, when it stepped in to stabilise the bond market after prices slumped following September's mini-budget. The BoE accepted the full amount of bids submitted by investors during Friday's purchase window. ($1 = 0.8186 pounds)Reporting by David Milliken; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Retailers turn to robots in cost inflation fight
▼ + stars: | 2022-12-01 | by ( James Davey | ) www.reuters.com time to read: +6 min

He estimates the retail industry is 40% automated, but sees that jumping to 60-65% over the next three to four years. The march of the robots can be seen in fashion stores and food shops globally as an industry that employs millions grapples with the cost of rising wages, energy and raw goods. While processes at online retailers are largely automated, vast parts of a traditional retailer's operations are still carried out manually, according to consultants at McKinsey. Looking at the fashion industry, McKinsey expects fashion companies to double investment in technology from 1.6% to 1.8% of their revenue in 2021 to between 3.0% and 3.5% by 2030. "Retailers are saying 'robots are the future,'" Michel Spruijt, Brain Corp's chief revenue officer, told Reuters, adding that the shift could "free up workers from tedious" tasks.

☆ UK house prices post biggest slide since mid-2020: Nationwide
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 1 (Reuters) - British house prices tumbled 1.4% in November compared with October, the biggest monthly drop since June 2020 and the clearest sign yet that the housing market is cooling rapidly, data from mortgage lender Nationwide showed on Thursday. In annual terms, house price growth slowed to 4.4% in November from 7.2% in October, Nationwide said. Other gauges of house prices have also pointed to a slowdown underway. "While financial market conditions have stabilised, interest rates for new mortgages remain elevated and the market has lost a significant degree of momentum," Nationwide chief economist Robert Gardner said. A Reuters poll of economists and property market analysts last week forecast house prices would drop around 5% next year, having risen about 24% since early 2020, according to official data.

☆ UK airline easyJet says holiday demand holding up
▼ + stars: | 2022-11-29 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

The outlook could give investors confidence that holiday bookings can hold up despite the growing pressure on household budgets from high inflation, energy prices and rising mortgage rates. Historically demand for flights has tended to track economic growth and easyJet's biggest market, Britain, is already in recession. For the current winter period, the airline said Christmas ticket yields were up about 18% amid strong demand for travel. "EasyJet does well in tough times," Chief Executive Johan Lundgren said in a statement on Tuesday. ($1 = 0.8341 pounds)Reporting by Sarah Young, Editing by Paul Sandle and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ UK Black Friday transactions up 0.7% vs 2021 so far -Barclaycard Payments
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 25 (Reuters) - The volume of Black Friday payment transactions in Britain as of 1300 GMT was up 0.7% versus 2021, data from Barclaycard Payments showed on Friday. Barclaycard Payments, which processes nearly 1 pound ($1.21) in every 3 pounds spent on credit and debit cards in the UK, said the volume of transactions was up 4.9% versus 2019. ($1 = 0.8269 pounds)Reporting by James Davey; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ Aveva's shareholders accept Schneider's $12 bln software takeover
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 25 (Reuters) - France's Schneider Electric (SCHN.PA) won control of Aveva (AVV.L), one of Britain's biggest tech companies, on Friday after minority shareholders approved an offer valuing the industrial software firm at 9.9 billion pounds ($11.9 billion). read moreThe successful bid will leave only a handful of large tech companies listed in London. Shares in the company edged up 0.3% to 3,192 pence following the approval of the offer which was recommended by Aveva's board. Schneider took majority control of Aveva, one of Britain's biggest software companies, in a 2017 reverse takeover that allowed it to retain its London listing. ($1 = 0.8278 pounds)Reporting by Paul Sandle; editing by William James and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Toby MelvilleLONDON, Nov 24 (Reuters) - Net migration to the United Kingdom rose to a record high of around 504,000 in the year to June 2022, official statistics showed on Thursday, driven by an increase in the number of non-European Union nationals. The Office for National Statistics (ONS) said a recovery of travel following COVID-19, and an increase in arrivals of international students who had been studying remotely during the pandemic had contributed to the rise. At the time then Prime Minister David Cameron had failed for several years to hit a net migration target of less than 100,000 a year. The previous record high for net migration was just over 330,000 in 2015. August saw the highest number of small boat arrivals of any month since data has been collected, it said.

☆ UK restricts Chinese cameras in government buildings over security fears
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 24 (Reuters) - Britain on Thursday instructed government departments to stop installing security cameras made by companies subject to Chinese security laws, disconnect such devices from core computer networks and to consider removing them altogether. "The review has concluded that, in light of the threat to the UK and the increasing capability and connectivity of these systems, additional controls are required," Dowden said. "Departments have therefore been instructed to cease deployment of such equipment onto sensitive sites, where it is produced by companies subject to the National Intelligence Law of the People’s Republic of China. "Since security considerations are always paramount around these sites, we are taking action now to prevent any security risks materialising." Reporting by Sachin Ravikumar, writing by William James; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Scottish First Minister Nicola Sturgeon, leader of the pro-independence Scottish National Party (SNP), announced earlier this year that she intended to hold an advisory independence vote on Oct. 19, 2023, but that it had to be lawful and internationally recognised. Polls suggest voters remain evenly split over whether or not they support independence and a vote would be too close to call. The Scottish government's most senior law officer had asked the UK Supreme Court whether the Scottish government could pass legislation paving the way for an advisory second referendum without the approval of the UK parliament. "The Scottish parliament does not have the power to legislate for a referendum on Scottish independence," said Robert Reed, the president of the UK Supreme Court. Under the 1998 Scotland Act, which created the Scottish parliament and devolved some powers from Westminster, all matters relating to the Union of the Kingdoms of Scotland and England are reserved to the UK parliament.

☆ New UK PM Sunak visits Kyiv, pledges support
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] British Prime Minister Rishi Sunak holds a press conference after meeting with US President Joe Biden and a phone call to Ukraine President Volodymyr Zelenskiy on November 16, 2022 in Nusa Dua, Indonesia. Leon Neal/Pool via REUTERSKYIV, Nov 19 (Reuters) - Britain's new Prime Minister Rishi Sunak made his first visit to Kyiv on Saturday, pledging to continue the firm support for Ukraine that was a focus of policy under his predecessors. Ukrainian President Volodymyr Zelenskiy posted a video on Saturday of the two meeting in Kyiv. Sunak, a former finance minister, took office last month following the shortlived premiership of Liz Truss. She and her predecessor Boris Johnson had both made public support for Ukraine an important part of their agenda, and Sunak has said he will continue this.

Hunt said he deferred most of the curbs on spending because cutting now would make the current recession worse. "There is nothing Conservative about spending money that you haven't got," he said. The front page of the Financial Times declared "Hunt paves way for years of pain". "All of that borrowing we've done over the last many years is coming home to roost," Johnson told BBC radio. "We're going to be stuck at 100 billion pounds a year being spent on debt interest in the medium term.

☆ UK's Hunt says next two years will be challenging
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] Britain's Chancellor of the Exchequer Jeremy Hunt walks at Downing Street in London, Britain, November 17, 2022. REUTERS/Toby MelvilleLONDON, Nov 18 (Reuters) - Finance minister Jeremy Hunt said Britain would face a challenging next two years but his new budget plans would help to tackle inflation and put the economy on a stronger footing. "There is nothing Conservative about spending money that you haven't got," he said. There's nothing Conservative about ducking difficult decisions that put the economy on track." Reporting by Muvija M and Farouq Suleiman; writing by Kate Holton; editing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

LONDON, Nov 17 (Reuters) - London is losing out to Paris and Milan as a tourist destination for high-spending shoppers over the lack of a tax incentive, British luxury brand Burberry (BRBY.L) said, after its UK-based sales suffered. "We're not seeing the same degree of tourism in the UK as we used to because we're seeing more tourists are going into Paris, Milan," Brown told reporters on Thursday. Tourists in European cities can reclaim sales tax on some higher value purchases at certain retailers. Burberry's results on Thursday showed that continental Europe, particularly France and Spain, outperformed the rest of the Europe, Middle East, India and Africa region on a sales growth-basis, while British sales were in line with the average. "If there was an alternative tax-free shopping scheme available in the UK, I think it would definitely bring tourists back to the UK," said Brown.

☆ China and U.S. tourists in Europe help Burberry beat sales forecasts
▼ + stars: | 2022-11-17 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

Under the creative direction of its new designer Daniel Lee, Burberry would "refocus on Britishness", it said. Known for its camel, red and black check and trenchcoats, Burberry kept near-term guidance to the end of its 2024 financial year of high-single digit revenue growth and a margin of around 20%. She said comparable store sales in mainland China, Burberry's biggest single market, fell 1% in the second quarter after falling 35% in the first, despite some local COVID lockdowns in September. "In the second quarter the situation eased considerably." Europe perform strongly, with sales up 25% in the second quarter, boosted by a rise in tourists from the United States, the Middle East and locations in Asia outside mainland China.

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