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☆ A CEO quits and the BBC apologizes to Trump ally Nigel Farage. A banking scandal erupts in Britain
▼ + stars: | 2023-07-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

Alison Rose, NatWest chief executive, (right) departs 10 Downing Street in London, after meeting with Chancellor Jeremy Hunt. Prime Minister Rishi Sunak and several members of his Conservative government issued statements condemning the bank and characterizing the termination of Farage's account as an affront to free speech. Farage was offered an alternative account at regular main street bank NatWest, but declined. His critics maintain that although frequent references are made to Farage's political profile and controversial views, the reasons outlined for allowing the banking relationship to lapse were primarily commercial, and he was not "de-banked" as he claims. Without the mortgage, the bank indicated that Farage's account value would fall below its commercial criteria.

Persons: Jonathan Bachman, Alison Rose, Nigel, Coutts, Rose, Danni Hewson, AJ Bell, Farage, Coutts —, Chancellor Jeremy Hunt, James Manning, Rishi Sunak, Nigel Farage, —, DANIEL LEAL, Donald Trump, Vladimir Putin, Frances Coppola, Coppola, Dave Rushen Organizations: Getty, LONDON, NatWest, BBC, UBS, Conservative, Brexit Party, Independence Party Leader, U.K, Independence Party, UKIP, Sky News, NatWest Group, Company Locations: London, U.K, inclusivity, Leicester, British

☆ Government’s NatWest meddling crosses risky line
▼ + stars: | 2023-07-26 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

Meddling ministers crossed a line, and may struggle to retreat back onto the right side of it. Its shares fell a modest 3% on Wednesday morning – compared with 1% on average for Lloyds Banking Group (LLOY.L), Barclays (BARC.L) and Virgin Money UK (VMUK.L). Rose’s strategy of cutting costs, continuing to scale back risky trading and focusing on core UK retail banking was working. Britain’s Economic Secretary to the Treasury Andrew Griffith said on social media site X, formerly known as Twitter, that “it is right that the NatWest CEO has resigned”. Domestic rivals Lloyds Banking Group, Barclays and Virgin Money UK were down 2% on average.

Persons: Alison Rose, Rose, Rishi Sunak, Jeremy Hunt, Nigel Farage, Andrew Griffith, Coutts, aren’t, Nigel Farage's, Paul Thwaite, George Hay, Pranav Kiran, Streisand Neto Organizations: Reuters, Economic, NatWest, BBC, Royal Bank of Scotland’s, UK Government Investments, . Mortgage, Lloyds Banking Group, Barclays, Virgin Money, Lloyds, Domestic, Thomson Locations: NatWest’s

☆ UK homebuilders under pressure as lofty mortgages deter first-time buyers
▼ + stars: | 2023-07-24 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +4 min

Midcap firms Bellway (BWY.L) and Crest Nicholson (CRST.L) have also pointed to high mortgage rates hampering demand from first-time buyers. Even a potential revival of the government's 'Help to Buy' scheme, which offered incentives to first-time buyers, will not be enough to improve affordability, analysts have said. Persimmon (PSN.L), one of Britain's biggest homebuilders heavily exposed to first-time buyers compared to its FTSE 100 peers, has offered new customers a "10 months mortgage free" deal. Still, the housing sector faces an uncertain path to recovery, given the ultra-elevated mortgage rate levels. Meanwhile, investors will look out for updates on demand when a couple of high-profile homebuilders report half-year results next month.

Persons: Barratt, BDEV.L, Nicholson, Steve Turner, Bellway, Peel Hunt, Sam Cullen, housebuilders, Cullen, Persimmon, Rob Perrins, Jeremy Hunt, Aynsley Lammin, Aby Jose Koilparambil, Sweta Singh, Saumyadeb Organizations: Berkeley, Reuters, Home Builders Federation, Bank of, Times, Housing, Thomson Locations: Berkeley, England, Wales, Bank of England, Bengaluru

☆ UK borrows less than thought but Hunt pledges budget discipline
▼ + stars: | 2023-07-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Although borrowing remains high after the shocks of the coronavirus pandemic and last year's energy price surge, the budget deficit in June stood at 18.5 billion pounds ($23.8 billion), down by 0.4 billion pounds from June 2022. A Reuters poll of economists had pointed to higher borrowing of 22 billion pounds last month. "Now more than ever we need to maintain discipline with the public finances," Hunt said after Friday's borrowing figures. As this week's fall in inflation showed, we will start to see results if we stick to our plan to halve inflation, grow the economy and get debt falling." However, a measure of consumer confidence fell in July for the first time since January as households felt the hit from higher inflation, borrowing costs and taxes.

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Samuel Tombs, Tombs, Martin Beck, Beck, David Milliken, Angus MacSwan Organizations: LONDON, Conservative Party, National Statistics, Conservatives, Pantheon, Treasury, Thomson Locations: Britain

☆ British royal family's public cash formula changed amid surging windfarm profits
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

Andrew Milligan/Pool via REUTERSLONDON, July 20 (Reuters) - The British government said on Thursday it would cut the proportion of funds going to the royal family from the Crown Estate next year, after King Charles said he wanted bumper windfarm profits to go to the "wider public good". The Sovereign Grant, which last year was worth 86.3 million pounds ($111 million), is typically based on 15% of Crown Estate profits but has been temporarily increased to 25% to pay for extensive refurbishment work at Buckingham Palace. However, new deals for offshore wind farms struck in January are expected to see Crown Estate profits surge by 900 million pound a year, and Charles had indicated he wanted this extra money to go the wider good. On Thursday, the Treasury said the Sovereign Grant next year would be cut to 12% of Crown Estates' profits, meaning it will remain at 86.3 million pounds but will be 24 million pounds less than if the rate had not changed. ($1 = 0.7747 pounds)Reporting by Sarah Young and Michael Holden; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: King Charles, Andrew Milligan, Grant, Sovereign Grant, Charles, Jeremy Hunt, Sarah Young, Michael Holden, Kate Holton Organizations: Scottish Borders, REUTERS LONDON, Treasury, Sovereign, Estates, Thomson Locations: Selkirk, Scottish, Scotland, Britain, Holyrood, Buckingham

Sterling weakened against the U.S. dollar and the euro as the Office for National Statistics said the consumer price inflation growth rate was its lowest since March 2022 but stayed above the pace of price growth in other big, rich economies. The BoE said in May it expected June inflation would fall to 7.9%. Economists polled by Reuters had expected the core measure of price growth to hold at 7.1%. Reuters GraphicsFood price and non-alcoholic drinks price inflation slowed to 17.3% - still a major strain on the finances of many households - from 18.3% in May. Services prices, also monitored closely by the BoE, rose by 7.2% in annual terms, slowing from 7.4% in the 12 months to May.

Persons: Sterling, BoE, Paul Dales, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, Andy Bruce, Kate Holton, Catherine Evans Organizations: Reuters, Bank of, Bank of England, U.S ., National Statistics, Capital Economics, Investors, Reuters Graphics, Labour Party, Sunak's Conservative Party of, Manufacturers, Thomson Locations: Bank of England, Britain

The BoE said in May it expected June inflation would fall to 7.9%, moving further away from October's 41-year high of 11.1% but still way above its 2% target. Economists polled by Reuters had expected the core measure of price growth to hold at 7.1%. Despite June's drop, Britain's inflation rate remains the highest among the world's top seven rich economies. In Western Europe, only Iceland had a higher rate of inflation in June. Suren Thiru, Economics Director at ICAEW, an accountancy body, said July's inflation rate was likely to slow to below 7%.

Persons: Sterling, BoE, James Smith ,, BoE Governor Andrew Bailey, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, William James, Sarah Young, Catherine Evans Organizations: Reuters, Bank of, Bank of England, U.S ., Reuters Graphics, National Statistics, Labour Party, Sunak's Conservative Party of, Reuters Graphics Reuters, Manufacturers, Thomson Locations: Bank of England, May's, Western Europe, Iceland, Britain

The new plant is expected to be built in Somerset, south-west England, while Jaguar Land Rover's UK factories are based near Birmingham, central England. With an initial output of 40 gigawatt hours, Britain said the factory would provide almost half of the battery production needed by 2030. The Faraday Institution has projected UK battery demand to reach over 100 GWh a year by that time. "With this strategic investment, the Tata Group further strengthens its commitment to the UK," Tata Sons Chairman N Chandrasekaran said in the statement. "Almost every car producing nation in the world (is) offering a lot of incentives in order to ensure that they preserve the integrity of their car industry," he said.

Persons: Danish Siddiqui, Rishi Sunak's, Sunak, N Chandrasekaran, Mike Hawes, Andy Palmer, Aston Martin, Jeremy Hunt, wouldn't, Alistair Smout, Sarah Young, William James, Paul Sandle, Emma Rumney Organizations: Tata Motors, REUTERS, Danish, India's Tata Group, Rover, Tata, BBC, European Union, Nissan, Rover's, Faraday, Tata Group, EV, BBC Radio, Britain, Thomson Locations: Mumbai, India, Britain, Spain, Somerset, England, Birmingham, United States, Europe, China, EU

☆ Cooler inflation unleashes monster rally in UK markets, dents pound
▼ + stars: | 2023-07-19 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

British annual consumer price inflation fell to a lower than expected 7.9% in June, below a forecast for a decline to 8.2%. June's rate was a long way off last October's 41-year high of 11.1%, but far above the BoE's 2% target rate. "Some good news on UK inflation at last, coming in below expectations for June and most importantly the core inflation rate fell more than thought," Neil Birrell, who is chief investment officer at Premier Miton Investors, said. British finance minister Jeremy Hunt said there was still a long way to go to reduce inflation towards target. Meanwhile, interest-rate derivatives showed traders no longer believe UK rates will have to rise above 6% to temper inflation.

Persons: Barratt, Taylor Wimpey, Neil Birrell, Sterling, Jeremy Hunt, Hunt, Jeremy Batstone, Carr, Raymond James, Danilo Masoni, Alun John, Dhara Ranasinghe, Andrew Organizations: Reuters, Premier Miton Investors, Bank of England, Thomson Locations: United States, European, Milan

☆ Analysis: Microsoft tests the limits of Britain's antitrust authority
▼ + stars: | 2023-07-18 | by ( Paul Sandle | ) www.reuters.com time to read: +6 min

The European Union approved the deal in May, when it accepted commitments to license games to rival platforms. At the same time, Microsoft offered a "detailed and complex" new proposal to the CMA, prompting the regulator to take the unprecedented step of reopening talks. The CMA said it was awaiting further Microsoft submissions on what had changed and how it would restructure the transaction. "We will then consider whether the proposals create a new merger situation and address the CMA's competition concerns," a spokesperson said on Tuesday. CLOSED FOR BUSINESSAfter the CMA block, Microsoft thundered that Britain was closed for business; exactly what the government did not want to hear as it tries to reignite the economy after the uncertainty sparked by Brexit.

Persons: we've, Becket McGrath, they're, Brexit, Tom Smith, Brad Smith, Jeremy Hunt, Meta, Smith, Marcus Smith, Gareth Mills, Charles Russell Speechlys, Sam Tobin, James Davey, Kate Holton, Sharon Singleton Organizations: CMA, Microsoft, U.S, Activision Blizzard, Markets Authority, Xbox, FTC, Reuters, European Union, Activision, CAT, Euclid Law, Geradin Partners, Brexit, Britain's, Facebook, Meta, Markets Unit, Thomson Locations: U.S, Barcelona, Brexit, London, Brussels, British, United States, Britain

☆ UK consumer group calls for government action on grocery prices
▼ + stars: | 2023-07-16 | by ( James Davey | ) www.reuters.com time to read: +3 min

says supermarket prices have risen 25.8% in two yearsSome prices have jumped by as much as 175%, consumer group saysRetailers say they have absorbed cost increasesLONDON, July 17 (Reuters) - British consumer group Which? has urged the government to take action to support households when the competition watchdog publishes its review of grocery pricing, saying some food prices have jumped by as much as 175% since 2021. found that supermarket prices rose by 25.8% between June 2021 and June 2023. Food prices have been driven up by increased costs for animal feed, fertiliser and fuel as well as energy and labour. While the UK government has raised concerns about soaring food prices it has said it was not considering imposing price caps.

Persons: Phil Noble, Jeremy Hunt, Helen Dickinson, James Davey, David Goodman Organizations: REUTERS, Tesco, Asda, Waitrose, Markets Authority, CMA, British Retail Consortium, Thomson Locations: Altrincham, Britain, British, Morrisons, Aldi, Europe, Hungary

☆ UK extends Activision deadline after receiving Microsoft's 'complex' proposal
▼ + stars: | 2023-07-14 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

The U.S. Federal Trade Commission is also opposed, but it suffered a major defeat on Tuesday when a federal court ruled in favour of Microsoft. It is battling on and filed an emergency motion to an appeals court requesting a "temporary pause" to the deal closing late on Thursday. Yet on Tuesday, less than an hour after a U.S. federal court ruled the deal could go ahead, the CMA said it could look again at a modified proposal. A Bloomberg report said Microsoft and Activision were considering giving up some control of their cloud-gaming business in Britain to appease the CMA. Additional reporting by Muvija M; editing by Jason Neely and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brad Smith, Jeremy Hunt, Smith, Gareth Mills, Charles Russell Speechlys, They'll, Muvija, Jason Neely, Louise Heavens Organizations: CMA, Microsoft, Activision, Markets Authority, U.S . Federal Trade Commission, Bloomberg, Thomson Locations: Britain, EU

Economic output fell 0.1% in May from April, the Office for National Statistics (ONS) said, after growth of 0.2% in the previous month. All sectors of the economy contracted with the exception of services, which showed no growth. Finance minister Jeremy Hunt said high inflation continued to hamper the economy and he called for patience in bringing it down. Some companies in the arts, entertainment and recreation sector said they had benefited from the extra bank holiday, as well as hotels and restaurants, the ONS said. Britain's economy often shows some rebound in subsequent months when output is temporarily dented by extra bank holidays.

Persons: Maja Smiejkowska, King Charles, Paul Dales, Dales, BoE, Jeremy Hunt, Andy Bruce, William Schomberg, Kate Holton, Peter Graff, Toby Chopra Organizations: Charing Cross, REUTERS, National Statistics, Bank of England, Capital Economics, Reuters, ONS, European Union, Thomson Locations: London, Britain, Germany

☆ British workers keep getting pay raises — despite the Bank of England urging them not to ask for more money
▼ + stars: | 2023-07-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +7 min

Both Bank of England Governor Andrew Bailey and U.K. Finance Minister Jeremy Hunt on Monday told an audience in the City of London that high wage settlements were harming their efforts to contain inflation. Much of the increase in pay has been driven by the private sector, with annual wage growth increasing to 7.6% in the three months to April. However, Bank of England Governor Bailey noted in his Mansion House speech on Monday that the British economy has proven unexpectedly resilient. Last summer saw a slew of strikes and protests as real wages, which reflect the power of a worker's pay after accounting for inflation, declined at a record rate. "No question about it, current nominal wage growth remains far too high relative to the sustainable rate of probably around 3.5-4.0% yoy.

Persons: Mark Kerrison, Andrew Bailey, Jeremy Hunt, Stuart Cole, BoE, Rishi Sunak, Danni Hewson, AJ Bell, Bank of England Governor Bailey, Sanjay Raja, Raja, Equiti's Cole, Bailey, Kallum Pickering, Pickering Organizations: National Education Union, Department for Education, Getty, LONDON, Bank of England, National Statistics, . Finance, City of, Equiti, Monetary, Deutsche Bank, MPC, Treasury, Bank, The, England's Locations: London, United Kingdom, City, City of London, Ukraine

☆ Pension funds reform: Britain is banking on this $3 trillion cash cow to revive its economy
▼ + stars: | 2023-07-11 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

London CNN —The UK economy badly needs a boost — and the government hopes the nation’s vast pension savings might deliver one. All UK workplace pension plans offer default funds, which savers who don’t choose their own investment strategy are automatically enrolled into. Measures to tap pension fund cash come at a crucial time for an economy suffering from stubbornly high inflation, depressed investment and feeble growth. UK pension funds’ exposure to domestic stock markets has fallen even more sharply: from 53% in 1997 to 6% in 2021. The combination of measures is likely to have “far-reaching” effects on the types of assets pension funds invest in, easing companies’ access to the capital they need to grow, he added.

Persons: Jeremy Hunt, Mercer, ” Hunt, Hunt, “, ”, Nicholas Lyons, Julia Hoggett, Nigel Peaple Organizations: London CNN, Aviva, London, European, London Stock Exchange, Nasdaq, EU, chipmaker ARM, House, of London Corporation, City of, Financial, New Financial, Pension, Lifetime Savings Association Locations: London, Britain, Frankfurt, Paris, New York, United States, United Kingdom, Edinburgh, City of London

☆ Jeremy Hunt's pension fund reform plans are a 'game changer,' says venture capital firm
▼ + stars: | 2023-07-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJeremy Hunt's pension fund reform plans are a 'game changer,' says venture capital firmDouglas Hansen-Luke, executive chairman of Future Planet Capital, discusses U.K. chancellor of the exchequer Jeremy Hunt's pension fund reform plan to help the country's startups.

Persons: Jeremy, Douglas Hansen, Luke Organizations: Future Planet Capital

☆ Britain considers tougher scrutiny of pension fund trustees
▼ + stars: | 2023-07-11 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Finance minister Jeremy Hunt on Monday set out plans to increase pension fund investment in unlisted companies and mandatory consolidation of poorly performing schemes. Many trustees work voluntarily while retired, on in a full time job, and can struggle to stay on top of things, the paper said. "Evidence from Australia’s 'constructively tough' approach to supervision of trustees shows the importance of focusing on good governance to improve results for members," the paper said. Regulators questioned the skills of trustees who signed off on using liability-driven investment (LDI), which struggled last September to come up with enough collateral. FCA CEO Nikhil Rathi has said that a smaller number of defined benefit schemes using professional trustees might be better at delivering long-term investment.

Persons: Jeremy Hunt, Australia’s, Nikhil Rathi, Huw Jones, Mark Potter Organizations: Regulators, Financial, Authority, Thomson

[1/2] British Chancellor of the Exchequer Jeremy Hunt holds a Ministerial Statement at the House of Commons in London, Britain, June 26, 2023. The government rocked pension savers last September with a fiscal statement that drove government bond yields higher and forced pension schemes to scramble for cash, triggering a parliamentary inquiry into their investments. The government is under pressure to revitalise domestic investor interest in several industries considered key to Britain's growth, including fintech, biotech, life science and clean technology. Encouraging greater investment in growth assets will help younger savers but the reforms offer little hope to those retiring in the near term. Inflation continues to ravage Britain's economy, with rates running higher than in any other major rich country.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Richard Gnodde, Becky O’Connor, Jon Hatchett, Hymans Robertson, Andrew Bailey, Hunt, Anna Anthony, Sinead Cruise, Carolyn Cohn, Nick Macfie Organizations: REUTERS, Aviva, Goldman Sachs, Public Affairs, Bank of England, Financial, Thomson Locations: London, Britain, City, PensionBee, Britain's

☆ UK's Hunt says government and BoE will tame inflation
▼ + stars: | 2023-07-10 | by ( David Milliken | ) www.reuters.com time to read: +2 min

British inflation hit a 41-year high of 11.1% in October and has been slower to fall than in other big economies. Last month the BoE unexpectedly raised its key interest rate by half a percentage point to 5%, after inflation held at 8.7% in May. Prime Minister Rishi Sunak promised in January to halve inflation this year, a goal which now looks challenging. The finance minister added that businesses should show restraint on profit margins, saying "margin recovery benefits no one if it feeds inflation". Reducing inflation "means taking responsible decisions on public finances, including public sector pay, because more borrowing is itself inflationary", Hunt said, sticking close to previous statements.

Persons: Jeremy Hunt, Hunt, BoE Governor Andrew Bailey, BoE, Bailey, Rishi Sunak, David Milliken, Christina Fincher Organizations: Bank of England, Governor, Conservative Party, Thomson

☆ Britain to unleash $64 billion in pension funding for tech startups after missing out on Arm IPO
▼ + stars: | 2023-07-10 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Among the measures introduced by the government was an agreement among the country's largest defined contribution pension providers to allocate 5% of assets in their default funds to unlisted equities by 2030. This could unlock up to £50 billion (roughly $64 billion) of investment in high-growth firms if all other defined contribution pension schemes follow suit, Hunt said. Meanwhile, average earners' pension pots could rise up to 12% to as much as £16,000 with defined contribution pension schemes committing to more effective investments, he added. Hunt also committed to an "intermittent trading venue" that makes it possible for public market investors to trade shares of unlisted firms. This would act as a halfway house for privately-traded firms looking for alternative ways of raising capital to public listings.

Persons: Jeremy Hunt, Hunt Organizations: Britain, Finance, CNBC, Treasury Department Locations: Europe, Silicon

☆ Morning Bid: Bruised bonds relying on disinflation
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +5 min

While that data took the edge off the red-hot private-sector jobs readout the previous day, it left a bruised bond market still wary of further Federal Reserve interest rate rises and praying disinflation may stay its hand after one more hike later this month. Although Treasury bond volatility (.MOVE) backed off six-week highs on Friday, its weekly rise was the biggest since the wild swings around the banking stress in March. Stock futures were in the red again ahead of Monday's open despite gains in Chinese and European bourses. British markets - where the UK government bond market selloff last week had been worse than in Treasuries - remained edgy. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Dolan, disinflation, Janet Yellen, Joe Biden, Jeremy Hunt, Andrew Bailey, Michael Barr, Mary Daly, Loretta Mester, Raphael Bostic, Ed Osmond Organizations: Wednesday's, Treasury, NATO, HSBC, Sunday . Bank of England, Federal, San Francisco Fed, Cleveland Fed, Atlanta Fed, Bank of England, . Treasury, Graphics Reuters, Reuters, Thomson Locations: U.S, China, Vilnius, British, Treasuries, South Korea, Ukraine

☆ Explainer: Boosting the City: Part Two of UK's post-Brexit finance reforms
▼ + stars: | 2023-07-10 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Companies on the London Stock Exchange's AIM and Aquis Exchange's growth market would also be eligible. Many savers in direct contribution pension funds are years away from retirement, making it easier to make changes now without risking their pensions. The proposed Intermittent Trading Venue would be launched by the London Stock Exchange in 2024. Britain will make trading shares more efficient by ending the use of paper trails for official transaction records. The government will hold public consultations on some of the proposed pension reforms while regulators already have powers to implement other changes, such as the rules on research.

Persons: Jeremy Hunt, AFME, Huw Jones, Mark Heinrich Our Organizations: London, European, Companies, London Stock, AIM, ARM, London Stock Exchange, Labour Party, Labour, Thomson Locations: European Union, Britain, New York, Australia, Canada

☆ Morning Bid: China disinflation a mix of good and bad
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +3 min

On the face of it, this implies there is plenty of scope to ease monetary and fiscal policy further. Yet it also underlines the scale of the challenge that Beijing faces in avoiding an outright deflationary spiral. Globally, a deflationary pulse from China could over time help to offset service-driven inflation in developed nations. Disinflation in goods is a major reason analysts expect coming U.S. CPI data to show a slowdown in June. One side effect of the surge in bond yields has been a shake-out of carry trades in the forex market.

Persons: Wayne Cole, Andrew Bailey, Jeremy Hunt, Mary Daly, Loretta Mester, Raphael Bostic, Edmund Klamann Organizations: CPI, Headline, Treasury, Bank of Japan, Bank of England, San, Cleveland, Atlanta, Thomson Locations: Wayne, Beijing, China

☆ UK's Hunt to detail plans to steer pensions into growth investment
▼ + stars: | 2023-07-08 | by ( ) www.reuters.com time to read: +2 min

LONDON, July 9 (Reuters) - British finance minister Jeremy Hunt will spell out on Monday long-awaited plans to encourage pension funds and other asset managers to invest in high-growth sectors, the Treasury said on Sunday. But the pensions industry has said it opposes mandatory investment quotas. Financial services lobby group TheCityUK said government policy should aim for pension funds to invest in growth and in turn deliver higher returns. "On average, Australian and Canadian pension funds currently provide better performance. Hunt was also expected to reiterate that bringing down high inflation remained his priority, saying there could be "no sustainable growth without first eliminating the inflation that deters investment and erodes consumer confidence".

Persons: Jeremy Hunt, Hunt, TheCityUK, Muvija, William Schomberg, Helen Popper Our Organizations: Treasury, Reuters, Financial Times, Thomson Locations: British, London's

☆ UK set to ease stock market listing rules
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +2 min

Hunt will also seek to roll back a European Union-era securities law, Treasury said. UK is set to approve recommendations in Rachel Kent's Independent Research Report, paving the way for a new "Research Platform" to provide a one-stop-shop for firms looking for research experts, the statement added. UK had last year announced the launch of the Investment Research Review - an independent review of financial services investment research and its contribution to UK capital markets competitiveness, headed by Kent. The approval also sets the way for potentially removing unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research. "We will not countenance tax cuts if they make the battle against inflation harder," the newspaper quoted Hunt as saying.

Persons: Jeremy Hunt, UK's, Hunt, Rachel, Hogan Lovells, Rishi Sunak's, Nilutpal, Chris Reese, David Gregorio, Shri Organizations: Finance, UK's Treasury, Treasury, Investment Research, Financial Times, Aviva Plc, Phoenix Group Holdings, City of London Corporation, FT, Thomson Locations: Union, Kent, Bengaluru

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