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Chancellor of the Exchequer Rachel Reeves said the UK will meet its fiscal rules “at all times,” as she faced ongoing pressure to explain how she’ll stabilize Britain’s public finances following a recent spike in borrowing costs, Bloomberg News reported. “We remain committed to those fiscal rules,” Reeves said in the House of Commons on Tuesday, referring to her self-imposed target that day-to-day government spending be covered by tax receipts.
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Scottish Court persuaded, albeit only just, on the competency of retrospective administration orders
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Britain will go its own way on artificial intelligence regulation, Prime Minister Keir Starmer said on Monday, Reuters reported. "I know there are different approaches (to AI regulation) around the world but we are now in control of our regulatory regime so we will go our own way on this," Starmer said. "We will test and understand AI before we regulate it to make sure that when we do it, it's proportionate and grounded."
https://finance.yahoo.com/news/uks-starmer-says-britain-own-120425912.html
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Some British pension funds are being told by asset managers to come up with more cash to support their hedging positions after a recent jump in borrowing costs, but pensions advisers told Reuters this week the market was behaving in an orderly way, Reuters reported. XPS and Gallagher said some funds had been instructed to post more cash to maintain derivatives positions they hold through so-called Liability Driven Investment (LDI) strategies.
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A U.K. council facing a £33.6m funding gap will effectively declare itself bankrupt unless the government allows it exceptional financial support, BBC.com reported. Worcestershire County Council is to ask the government for a "capitalisation direction" – described by the Institute for Government as a move that allows them to sell assets or borrow to fund day-to-day costs. Papers for a cabinet meeting on 16 January said the council needed £33.6m in 2025-26 and a further £43.6m in 2026-27.
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Greg Karpovsky, the founder of Stenn Technologies who was once feted by some of the biggest players on Wall Street, had suddenly gone quiet, Bloomberg News reported. Karpovsky said little on a Dec. 4 call with his 250-odd staff as they learned that his trade-finance business — valued at almost $1 billion just two years ago — had collapsed. He dialled in remotely, having left the UK just before Stenn’s British subsidiaries went into insolvency, people familiar with the matter said. On a call a week later, when most employees were made redundant, he didn’t appear at all.
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Potential investors in Thames Water will have to submit new bids for the water utility by Feb. 10, Bloomberg News reported. The highly indebted company told bidders to take industry regulator Ofwat’s December ruling about the scope for bill increases and investor returns into account for their submissions. Thames Water has been looking to raise at least £3.3 billion ($4.1 billion) in new equity after its existing shareholders declared the business “uninvestible” and kicked off a formal bidding process.
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