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☆ UK must review decision to block UK-France power cable project - court ruling
▼ + stars: | 2023-01-24 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

LONDON, Jan 24 (Reuters) - Britain must review its refusal to grant development consent for a high-voltage undersea power cable project linking Britain and France, London's High Court ruled on Tuesday. A government spokesperson said: "The UK Government is disappointed by the outcome but we will be considering the judgment carefully before deciding next steps." After requesting further information, Kwarteng last year decided that Aquind had given "insufficient consideration" to an alternative connection point in Dorset in southern England, which Aquind had previously rejected. However, the High Court ruled that it was "irrational" for Kwarteng to refuse Aquind’s application without making further inquiries about the feasibility of the location in Dorset. Reporting by Sam Tobin and Elizabeth Piper, editing by William James, Ed Osmond and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Europe could dodge a recession. But the UK economy is in a mess
▼ + stars: | 2023-01-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

London CNN —Business activity across the 20 countries that use the euro expanded in January for the first time in six months, according to data published Tuesday, providing fresh evidence that Europe’s economy could confound expectations and dodge a recession this year. The UK survey is conducted in conjunction with the Chartered Institute of Procurement & Supply. “Weaker-than-expected PMI numbers in January underscore the risk of the UK slipping into recession,” Williamson said. The UK economy lost more working days to strikes between June and November 2022 than in any six-month period over the previous 30 years, according to data published last week by Britain’s Office for National Statistics. Separate data published by the ONS on Tuesday showed that UK government borrowing hit £27.4 billion ($33.7 billion) in December, the highest figure for that month since records began in 1993.

☆ JPMorgan expects smaller contraction in UK economy in 2023
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: 1 min

Jan 20 (Reuters) - J.P.Morgan said the UK economy was expected to contract by 0.1% this year, revising it from the previously forecast 0.3% decline in the gross domestic product (GDP), buoyed by a recent drop in natural gas prices. The UK government is likely to pull back plans to raise household energy bills to 3,000 pounds ($3,710.70) in April, which should help bring down inflation faster than expected, J.P.Morgan economists wrote in a research note on Thursday. ($1 = 0.8085 pounds)Reporting by Subhadeep Chakravarty in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Iran cites Prince Harry's book in defending its decision to execute a British-Iranian citizen
▼ + stars: | 2023-01-18 | by ( Sinéad Baker | ) www.businessinsider.com time to read: +2 min

Iran hit back at UK criticism over its execution of a dual UK-Iran citizen. It said Prince Harry's claim to have killed 25 people in Afghanistan showed the UK could not criticize. "Those who turn a blind eye to this war crime, are in no position to preach others on human rights." Harry wrote in his book "Spare" that he killed 25 "enemy combatants" while serving in Afghanistan. Iran was responding to criticism from the UK government after it executed UK-Iran dual citizen Alireza Akbari on Saturday, after accusing him of being a spy.

☆ Davos 2023: State Street CEO says had no idea about leverage in LDI funds
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - State Street said on Tuesday it was unaware how much leverage was tied up in liability-driven investment (LDI) funds which came under extreme stress last year after British government bond yields rocketed. LDI funds are used by UK pension funds to help ensure they can pay pensions. "We had no idea how much leverage was in the system," State Street CEO Ronald O'Hanley told a panel at the World Economic Forum in Davos. State Street manages LDI products and provides collateral services for them, he said. "The challenge there wasn't the product, the challenge there was leverage and this is the problem," O'Hanley said.

☆ Tech bosses could face jail after UK government backs down over online harm
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: +2 min

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. Tech bosses could be jailed if their platforms repeatedly fail to protect children from online harm after Prime Minister Rishi Sunak's government agreed a deal with lawmakers to avoid the prospect of a first parliamentary defeat. The rebels had tabled an amendment proposing jail sentences of up to two years for tech bosses for failing to protect children from content such as child abuse and self-harm. After days of negotiations between the government and the lawmakers, the two sides reached an agreement with ministers promising to introduce an amendment along similar lines. A spokeswoman for the Department for Digital, Culture, Media and Sport did not immediately respond to a request for comment.

☆ Battery startup Britishvolt asks court to appoint administrators
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - UK electric vehicle (EV) battery startup Britishvolt, which has struggled to raise funds for a large factory in northern England has made an application to appoint administrators, a court document showed on Tuesday. Britishvolt had been in talks with potential buyers, including some of its early investors, after securing a short-term funding lifeline in November to help keep it afloat. But by the summer, Britishvolt had only raised around 200 million pounds and had pushed back its production timeline. Britishvolt had received backing from mining giant Glencore (GLEN.L), which kicked off a funding round for the startup last February. ($1 = 0.8189 pounds)Reporting by Michael Holden, Sachin Ravikumar and Nick Carey, Editing by Kylie MacLellan and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Summary UK uses power to block Scottish bill for the first timeSturgeon: decision is an attack on devolved powersUnclear how issue may impact support for independenceLONDON, Jan 16 (Reuters) - The British government will block a bill passed by the Scottish parliament that makes it easier for people to change their legal gender, its Scottish Secretary Alister Jack said on Monday, the first time it has invoked the power to veto a Scottish law. The move sparked a fresh argument with the devolved Scottish government, which has also been thwarted in its attempts to hold a new independence referendum. Scottish First Minister Nicola Sturgeon, in charge of the devolved nationalist government, said she would defend the legislation and "stand up for Scotland's parliament." "This is a full-frontal attack on our democratically elected Scottish Parliament and its ability to make its own decisions on devolved matters," Sturgeon, who leads the Scottish National Party's (SNP), said on Twitter. But it is unclear whether the move by Britain to overrule Scotland's gender bill will fuel appetite for independence, as the SNP's own leadership is divided on the issue.

☆ The Kremlin gave a defiant response to Ukraine getting its first Western tanks, saying they 'will burn like the rest'
▼ + stars: | 2023-01-16 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

Over the weekend, the UK promised to send Ukraine multiple Challenger 2 tanks. In response, the Kremlin said the tanks "will burn like the rest" in Ukraine, Reuters reported. Kremlin spokesman Dmitri Peskov said the delivery will not change the situation on the ground. But the Kremlin has responded harshly, saying the tanks will "burn" on the battlefield, Reuters reported. Other countries including France and Poland have also pledged to send tanks to Ukraine while Finland has said it is considering following suit.

☆ The fog in the English Channel is clearing a bit
▼ + stars: | 2023-01-16 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

But if the two sides can resolve a dispute over Northern Ireland there could be progress on topics such as climate change, foreign policy and financial services. Resolving the dispute over the so-called Northern Ireland Protocol is the key to unlocking cooperation on a range of topics. But a deal on Northern Ireland could be. Johnson agreed to such a forum as part of the political declaration accompanying the Brexit deal but then abandoned it. “Fog in the Channel: Continent cut off” is a mythical UK newspaper headline which supposedly summed up Britain’s disdain for its neighbours.

☆ UK's Sunak preparing to block Scottish gender reform bill -The Times
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] British Prime Minister Rishi Sunak leaves after his visit to Port of Cromarty Firth at Invergordon, Scotland January 13, 2023. REUTERS/Russell Cheyne/PoolJan 13 (Reuters) - British Prime Minister Rishi Sunak is poised to block Scottish laws that make it easier for people to change their gender, The Times reported on Friday. British Prime Minister's office did not immediately respond to a Reuters request for comment. Scotland has always been clear the bill does not impact the Equality Act, a Scottish Government spokesperson said in an emailed statement to Reuters. The British National government had further said that it would examine the bill and could look at blocking it if necessary.

☆ UK officials meet with unions in bid to end strikes by nurses and ambulance drivers
▼ + stars: | 2023-01-09 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Senior UK government officials are meeting with labor unions on Monday in a last-ditch effort to avert another wave of strikes affecting vital public services such as health care and transport. On Monday, the education minister will meet with teaching unions, the transport minister will meet with rail unions and the health minister will meet with unions representing nurses and ambulance drivers. Workers are demanding higher pay and better working conditions in the face of record inflation and a sharp fall in living standards. Ambulance workers will strike on January 19 in Wales and on January 23 in England. Teacher unions are balloting members over a possible strike, while the British Medical Association started balloting junior doctors on Monday.

☆ UK strike law will make it harder for key workers to strike
▼ + stars: | 2023-01-06 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The UK government is planning to introduce a new law forcing workers in key public sectors such as ambulance services to maintain a basic level of service during strike action or risk dismissal. Workers who strike after they have been told to report to work by their employer and union could face dismissal. Critical care was exempt from the nurses’ strike, and unions pledged to cover life-threatening emergencies during recent walkouts by ambulance workers. The government said that it will impose minimum safety levels in these areas only if “voluntary agreements” cannot be reached. “Trade unions will fight this every step of the way,” the Trades Union Congress, which represents 48 UK unions, said on Twitter.

☆ UK car sales hit 30-year low
▼ + stars: | 2023-01-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

The supply constraints saw many manufacturers prioritize the delivery of battery electric vehicles, which enjoyed record sales and overtook diesel cars for the first time in the UK market. Sales picked up in the last five months of the year, allowing the country to reclaim the position of Europe’s second-largest new car market by volume, behind only Germany. According to the SMMT, electric vehicles are now the second-most popular choice for new buyers after gasoline-powered cars. Diesel’s UK market share shrank by 40% on the previous year. In its most recent outlook, published in October, SMMT forecasts 1.8 million new car registrations in 2023, worth about £8.4 billion ($10 billion).

LONDON, Jan 4 (Reuters) - U.S. funds giant BlackRock (BLK.N) will defer third-quarter redemptions from its 3.5 billion pounds ($4.2 billion) BlackRock UK Property Fund, a source told Reuters, in the latest sign of strain in Britain's real estate market. BlackRock's UK property fund will defer withdrawals that were originally due to be paid at the end of December, a person familiar with the situation said, asking not to be named. As of November, funds overseeing around 17 billion pounds in UK real estate assets were restricting redemptions to prevent firesales. A spokesperson for Legal & General Investment Management said on Wednesday that its Managed Property Fund was no longer deferring redemptions. M&G, Columbia Threadneedle, Schroders and CBRE did not immediately confirm to Reuters whether redemption deferrals were still in place for their UK property funds.

☆ UK train strikes will disrupt return to work this week
▼ + stars: | 2023-01-03 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

Britain’s largest transport union, RMT, said workers will strike on January 3, 4, 6 and 7. The rail strikes will make city centers “ghost towns” for another week, Nicholls said. “The sector has struggled to recover from Covid and these protracted rail strikes since May have made that bounce back much tougher,” she added. According to PwC, the average British worker’s pay in 2023 is expected to fall back to 2006 levels once inflation is taken into account. In a statement, Network Rail said that the RMT strike was “unnecessary and deeply damaging” to the railway and the economy.

☆ Brexit has cracked Britain’s economic foundations
▼ + stars: | 2022-12-24 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brexit has erected trade barriers for UK businesses and foreign companies that used Britain as a European base. While Brexit isn’t the cause of Britain’s cost-of-living crisis, it has made the problem more difficult to solve. The Brexit deal, known as the Trade and Cooperation Agreement, came into effect on January 1, 2021. The deal is “the world’s largest zero tariff, zero quota free trade deal,” the spokesperson added. The Organization for Economic Cooperation and Development expects the UK economy to shrink by 0.4%, ahead only of sanctioned Russia.

☆ Bulb bailout exposes UK’s pseudo power market
▼ + stars: | 2022-12-23 | by ( George Hay | ) www.reuters.com time to read: +4 min

Bulb is the biggest of dozens of flaky British power suppliers which opted not to hedge their future costs when energy prices were cheap. The Office for Budget Responsibility expects the saga to cost taxpayers 6.5 billion pounds. Octopus itself thinks the loan could be more like 2.4 billion pounds, as wholesale prices have recently fallen. If that’s correct, regular payments by Bulb customers will cover the cost. With retail power prices fixed and the government on the hook for higher wholesale costs, Britain’s privatised power industry is operating in anything but a free market.

☆ UK's Sunak: Concerns about Scotland's gender reforms should be examined
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 23 (Reuters) - British Prime Minster Rishi Sunak said it was "completely reasonable" for his government to examine transgender reforms passed in Scotland on Thursday given concerns raised by campaigners about the impact on women's safety. "Lots of people have got concerns about this new bill in Scotland, about the impact it will have on women and children's safety," he told reporters on Friday. The Gender Recognition Reform (Scotland) bill, which was backed by the ruling Scottish National Party (SNP) and other parties in the country's devolved parliament except for the Conservatives, passed by 86 votes to 39. Supporters of the bill, however, said the reforms benefit transgender people and pose no threat to women's rights. "Any attempt by the UK government to undermine the democratic will of the Scottish parliament will be vigorously contested by the Scottish government."

☆ Moderna's vaccine facility in Britain to create over 150 new jobs
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] A sign marks the headquarters of the coronavirus disease (COVID-19) vaccine maker Moderna in Cambridge, Massachusetts, U.S., April 28, 2022. REUTERS/Brian Snyder/LONDON, Dec 22 (Reuters) - U.S. biotech Moderna's (MRNA.O) planned vaccine manufacturing centre in Britain will create more than 150 new jobs in the country, the UK government said on Thursday. Moderna's COVID-19 vaccines, which use messenger RNA (mRNA) technology, were among those deployed in Britain in the effort to tackle the coronavirus crisis, including in the ongoing autumn booster campaign. The facility, which is expected to start producing shots in 2025, will provide patients in Britain access to domestically manufactured mRNA respiratory shots, including the company's COVID vaccine that can protect against multiple variants. ($1 = 0.8288 pounds)Reporting by Natalie Grover in London; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ UK government sets out detail of tax on electricity producers
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

LONDON, Dec 20 (Reuters) - Britain's finance ministry set out details on Tuesday of a temporary 45% tax on excess profits made by some electricity generating companies after Jan. 1. The tax is part of measures designed to help plug a major hole in public finances and comes after energy firms reported extraordinary profits, thanks to record energy prices following Russia's invasion of Ukraine. The government said it had heard calls from companies concerned that the tax could reduce investments in new projects. Power firms have asked for investments in new production to help offset the tax in a similar way to how the windfall tax is levied on oil and gas companies. ($1 = 0.8231 pounds)Reporting by David Milliken and Susanna Twidale; editing by William James and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

Under a deal struck in April, Britain aims to send tens of thousands of migrants who arrive on its shores illegally more than 4,000 miles (6,4000 km) to Rwanda. Britain says the Rwanda deportation strategy will help deter migrants from making the perilous trip across the Channel, and will smash the business model of people-smuggling networks. Supporters of the Rwanda deal say that sending migrants to the country will reduce overcrowding in processing centers and give genuine refugees a home. Under the agreement with Rwanda, anyone judged to have entered Britain illegally is eligible for deportation, with the exception of unaccompanied minors. Deportees granted protection by Rwanda's government would be eligible to live there but would not be permitted to return to Britain.

☆ Elon Musk was spotted with a sanctioned, pro-Putin Russian TV presenter at the World Cup final in Qatar
▼ + stars: | 2022-12-19 | by ( Jake Epstein | ) www.businessinsider.com time to read: +3 min

Elon Musk was photographed at the World Cup final with a sanctioned Russian TV presenter. "Argentina beat France on penalties in the World Cup final. In addition to Asker-Zade, Musk was also photographed at the game on Sunday with Jared Kushner, the son-in-law of former President Donald Trump, and Turkish President Recep Tayyip Erdogan. Jared Kushner and Elon Musk look on during the FIFA World Cup Qatar 2022 Final match between Argentina and France at Lusail Stadium on December 18, 2022 in Lusail City, Qatar. Dan Mullan/Getty ImagesTurkish President Recep Tayyip Erdogan (L) chats with Elon Musk (R), Founder of Tesla and SpaceX at Lusail Stadium.

☆ CEOs who resist America's growing union wave are making a 'huge mistake' in the war for talent
▼ + stars: | 2022-12-17 | by ( Juliana Kaplan | Marguerite Ward | ) www.businessinsider.com time to read: +5 min

America's unionization wave doesn't show signs of dissipating, and CEOs would be better suited adjusting their leadership style to meet it, especially as the war for talent continues. "Taking it very personally, and making it very personal, has been a huge mistake that employers have made," Bronfenbrenner told Insider. It's a measure that workers want things that employers can't give them and only a union can give them." "When more workers have unions, wages rise for union and non-union workers," Janelle Jones, the chief economist at the Department of Labor, wrote on the department's website. "But there are other measures — if you have a union, you'll have lower turnover, workers will be more productive.

While governments worldwide are grappling with high inflation and low growth, UK policymakers are still rebuilding fiscal and political credibility following the brief, chaotic premiership of Liz Truss. Worries about growth are leading some investors to limit their holdings of the pound and British debt. Reuters GraphicsForeign investors have traditionally been attracted by Britain's strong rule of law, stable governance and thriving financial and professional services sector. In the latest data, up to the second quarter of this year, FDI represented more than half the net outflow - a result of strong UK investment abroad but weak inward investment too. Stephen Welton, executive chairman of major growth capital investor BGF, said attracting foreign investment was like a global competitive sport - one that Britain had previously excelled at.

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