Chancellor of the Exchequer Rachel Reeves said she believes the U.K. can strike an agreement with the U.S. to avoid tariffs on steel and aluminum introduced by US President Donald Trump, and suggested also that Britain doesn’t plan to retaliate, Bloomberg News reported. “I strongly believe that a deal can be done,” Reeves said, speaking before Trump signed executive orders imposing 25% tariffs on all imports to the US of the two metals. Asked about potential retaliatory measures, she said: “I don’t believe in tariffs.
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The chairman of Britain’s consumer watchdog has announced plans to step down as Rachel Reeves urges regulators to slash red tape and turbocharge growth, The Telegraph reported. Baroness Manzoor, who oversees the Financial Ombudsman Service (FOS), revealed her resignation during an appearance before MPs on Tuesday. It comes just days after the departure of chief executive Abby Thomas, and follows the Government’s move last month to replace Marcus Bokkerink as chairman of the Competition and Markets Authority.
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One of the rescue bidders for Thames Water has written to the High Court in London questioning the feasibility of finding new equity for the beleaguered utility by April, Bloomberg News reported. Covalis Capital LLP is one contender to provide Thames with billions in new equity it needs after its existing shareholders declared the business “uninvestible.” The deadline to bring in another investor is Monday.
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The Bank of England will use newfound Brexit freedoms to shield Britain’s banks from international red tape, Andrew Bailey has said, The Telegraph reported. The Governor said that the Bank was seeking to exclude some domestic lenders from incoming rules that require lenders to hold more money in reserve to help survive a crisis. Mr Bailey said leaving the European Union meant the UK could shield smaller banks from some elements of the stringent Basel rules, which were drawn up internationally in the wake of the 2008 financial crash.
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The Bank of England lowered interest rates by a quarter of a percentage point on Thursday, judging a sharp upward revision to its inflation forecasts for this year will prove temporary, while two officials called for a bigger rate cut against a backdrop of weaker growth, Reuters reported. The cut to 4.5% was in line with economists' expectations in a Reuters poll, but the two dissenting votes from external members Catherine Mann and Swati Dhingra in favour of a bigger rate cut to 4.25% were not.
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Allowing Thames Water to run out of money by not approving restructuring plans is “a risk which cannot be run”, the High Court has been told, PA Media reported. Thames Water Utilities Holdings Limited, the parent company of Thames Water Group, England’s largest water company, is set to run out of cash by March 24 and risks entering special administration if a judge does not approve its plans to inject up to £3 billion to keep it afloat.
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