British utility Thames Water lodged an appeal to the country's competition regulator on Friday, beginning a process to try to raise the prices it can charge customers for the next five years and improve its chances of survival, Reuters reported. Thames Water is waiting to hear whether the courts will approve a 3 billion pound ($3.77 billion) rescue deal to ward off nationalisation in the short term and give it time to deal with its financial problems, including debt of 18 billion pounds. Its future viability also depends on how much it can charge customers.
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United Kingdom
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The U.K.’s competition regulator plans to speed up its reviews of large deals in response to pressure to help boost the country’s economy, the Wall Street Journal reported. “We know speed of decision making is vital to reduce uncertainty and costs for businesses,” Sarah Cardell, the Competition and Markets Authority’s chief executive, said in a blog post Thursday. She noted the vast majority of deals reviewed by the CMA end up getting cleared. “We must move as quickly as possible to get to the right decisions,” she said.
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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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