Wednesday newspaper round-up: Windfall tax, trade, pensions

by | Oct 12, 2022

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Renewable power companies will have their revenues capped in England and Wales, after the government bowed to pressure to clamp down on runaway profits. The announcement late on Tuesday night provoked immediate accusations that Downing Street had performed “another screeching U-turn” – having previously rejected calls to impose a windfall tax on power giants. – Guardian
UK regulators are struggling to cope with the post-Brexit trading environment because of “poor preparation and planning”, a House of Commons committee investigation has found. Almost two years after the UK quit the EU, there are still shortages of vets, toxicologists, lawyers and economists to deal with the UK’s new status as a “third country”, found the public accounts committee report, Regulating After EU Exit. – Guardian

The publisher of the Financial Times has revealed a slowdown in subscriber growth despite returning to profit. The Financial Times Limited, its UK business, reported a profit after tax of £11.6m for 2021, having fallen to a £34.5m loss the previous year. – Telegraph

Pension chiefs have warned the Bank of England it risks creating further market chaos by ending its bond-buying support later this week after officials were forced into another intervention. The industry urged Governor Andrew Bailey to extend the Bank’s bond purchases to at least the Chancellor’s Hallowe’en fiscal statement amid growing fears of more market chaos when the support wraps up on Friday. – Telegraph

Investors withdrew £11.25 billion from UK-domiciled open-ended investment funds and exchange-traded funds, the largest sum in more than a decade, according to the financial research firm Morningstar. Markets worldwide have seen a big sell-off since the start of the year as the war in Ukraine, rising interest rates, inflation and threats of recession rattle investors. An open-ended fund is a mutual investment fund that can issue and redeem shares at any time. – The Times

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