Good afternoon from Bloomberg’s UK finance team. Here are five news stories from the Square Mile and beyond that caught our eye this week.
1) UK’s Biggest Tax Cuts Since 1972 Trigger Crash in Pound, BondsLiz Truss’s new UK government delivered the most sweeping tax cuts since 1972, slashing levies on rich households and companies in a bid to boost economic growth in a move that triggered a massive market selloff of the currency and bonds.2) London’s Bankers Have Little Use for Lifted Bonus Cap This YearLondon’s investment bankers have long grumbled that the region’s bonus cap crimped their pay in high times. Its demise arrives in a year when few expect the change to unleash bumper payouts.3) Banks Dust Off Lockdown Plans to Beat Possible Power Blackouts in LondonSome of the world’s largest banks are dusting down their lockdown contingency plans to guard against possible power outages in London this winter.
4) Deutsche Bank’s New London Headquarters to Sell for a DiscountLandsec has exchanged contracts for the sale of the office development with an investment vehicle managed by Australia’s Lendlease Corp. for £809 million, according to a statement Wednesday. That’s 9% less than the March valuation. 5) Organic Milk Off the Table as Barclays Sees Consumer CutbacksCutting back on organic milk and avoiding pricier grocery stores are among the adjustments UK shoppers are taking as they look to navigate the rising cost of living.
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