Bank of England Governor Andrew Bailey said that “very big decisions” will be needed to stop Britain’s public debt pile spiraling higher, as he gave his backing to the government’s efforts to boost growth, Bloomberg News reported. Bailey told lawmakers on Wednesday that climate change, an aging population and an end to the “post-Cold War dividend” on defense spending are “very big structural headwinds” facing the already-stretched public finances.
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U.K. firms are set for a tough year as financial distress makes a historic jump in every sector across the country, a Begbies Traynor study said, the Wall Street Journal reported. The U.K. business recovery, financial advisory and property services consultancy on Friday published its latest Red Flag Alert report, noting a worrying surge in the number of U.K. businesses entering “critical” financial distress in the final quarter of 2024. Critical financial distress rose by 50.2% in the quarter to 46,853 companies, underscoring a deteriorating outlook, it said.
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Thames Water’s debt has been downgraded as the struggling utility company seeks to secure £3bn in emergency funding to stave off collapse, after it emerged that the government has approached potential administrators, The Guardian reported. The rating agency Moody’s downgraded the company’s debt rating, and increased its view of the probability of default, changing its outlook on Thames Water from stable to negative. Moody’s said that it downgraded Thames as it believes its proposed financial plans “do not provide an attractive risk-return balance for existing or new investors”.
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A Hong Kong court delayed a hearing on Sino-Ocean Group Holding’s restructuring agreement with lenders, as the state-linked builder awaits a decision later this month on a UK case involving a debt plan for all creditors, Bloomberg News reported. Sino-Ocean earlier said that a group of loan lenders holding 86.2 percent of its debt had voted in favour of the Hong Kong scheme, passing a threshold of 75 per cent required for the restructuring arrangement in the city. The next Hong Kong hearing is set for Feb 19, “given the pending decision of the English Court”, according to a company filing.
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