PRESS DIGEST-British Business - April 24
April 24 (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
- British Chancellor Rachel Reeves will review a tax loophole exploited by Chinese e-commerce firms like Shein and Temu, following U.S. President Trump's approach, to curb duty-free imports of goods valued at 135 pounds ($179.28) or less that undercut British retailers.
- British Chancellor Rachel Reeves ruled out easing import standards on U.S. chlorinated chicken, hormone-treated beef, and U.S.-built trucks in trade talks with President Trump, stating that Britain will not compromise on food or car standards.
The Guardian
- Virgin Atlantic founder Richard Branson criticized U.S. President Donald Trump's policies as "doing so much damage" globally, particularly highlighting his "erratic and unpredictable" Ukraine stance as the most concerning.
- Ofwat, the water regulator for England and Wales, is probing allegations that water companies are spending far more on refurbishment projects than counterparts in similar countries, driving up consumer bills in what campaigners called a "rip-off".
The Telegraph
- AstraZeneca AZN.L CEO Pascal Soriot urged Europe to increase medicine spending to counter the impact of U.S. President Donald Trump's tariffs, warning that the region is lagging behind in drug investment and must bolster efforts to safeguard public health.
- Bank of England Governor Andrew Bailey said that a U.S. trade deal won't prevent a UK growth slump, signaling potential further interest rate cuts to stimulate the economy despite the impact of higher tariffs.
Sky News
- Shawbrook Group, a mid-sized British lender, has approached Starling Bank for a potential 5 billion pounds ($6.64 billion) merger to avoid a weak UK stock market listing climate.
- British Chancellor Rachel Reeves said that Britain will not compromise on food, car, or online safety standards to secure a U.S. trade deal, expressing confidence in reaching an agreement.
The Independent
- British Chancellor Rachel Reeves has indicated readiness to cut tariffs on U.S. vehicle imports from 10% to 2.5% to secure a trade deal.
($1 = 0.7530 pounds)
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