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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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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