Press Digest: British Business - Oct 11

MccollS Retail

11/10/2022 02:38

Oct 11 (Reuters) - The following are the top stories on
the business pages of British newspapers. Reuters has not
verified these stories and does not vouch for their accuracy.   
 
    The Times 
    Prime Minister Liz Truss will have to find 62 billion pound
in savings even to meet her looser fiscal rules, according to
analysis warning that painful cuts to public services will be
needed to balance the books.
    The Guardian
    Santander UK Chief Executive Officer Mike Regnier said the
bank is putting aside more money for potential defaults linked
to the cost of living crisis after seeing a pickup in customers
falling behind on mortgage and loan payments.
    British finance minister Kwasi Kwarteng has brought forward
the date of his debt-cutting plan to 31 October after pressure
from MPs over the unfunded tax and spending promises announced
in last month’s mini-budget.
    The Telegraph
    Community Fibre has secured nearly 1 billion pound ($1.11
billion) in funding to expand its full-fibre network across
London, the latest injection of capital into the so-called "alt
nets" taking on the former state monopoly.
    The Bank of England should push through an emergency rate
rise to restore global confidence in UK policy-making and head
off a potentially dangerous cliff-edge when its bond support
operation expires, Maurice Obstfeld, a former chief economist of
the International Monetary Fund (IMF) has warned.
    Sky News
    Morrisons' acquisition of convenience retailer McColl's
 MCLSM.L , has edged closer to be cleared by the competition
watchdog. 
($1 = 0.9022 pounds)
 (Compiled by Bengaluru newsroom)
 ((globalnewsmonitoring@thomsonreuters.com))