Government Bonds Correspondent
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Oct 22, 2013

Osborne says growth alone won’t fix British deficit

LONDON (Reuters) – Britain’s finance minister vowed to stick to the path of austerity, saying economic recovery on its own would not be enough to fix the budget deficit and the causes of over-spending still needed to be addressed.

George Osborne, speaking at a Thomson Reuters Newsmaker event on Tuesday, also said he was “a couple of weeks” away from deciding whether to split up state-owned Royal Bank of Scotland and rejected criticism that the government sold Royal Mail too cheaply.

Oct 16, 2013

MPs launch Royal Mail inquiry as share rise continues

LONDON (Reuters) – Shares in Royal Mail peaked 48 percent above their privatisation price on Tuesday as a committee of MPs said it planned to summon bankers and the business minister to a parliamentary inquiry into the sale.

The government, which last week priced the hugely oversubscribed sale of the near 500-year-old postal service at 330 pence per share, has been accused of undervaluing one of Britain’s biggest state sell-offs for decades.

Oct 15, 2013

MPs launch Royal Mail inquiry as shares peak

LONDON (Reuters) – Shares in Royal Mail peaked 48 percent above their privatisation price on Tuesday as a committee of MPs said it planned to summon bankers and the business minister to a parliamentary inquiry into the sale.

The government, which last week priced the hugely oversubscribed sale of the near 500-year-old postal service at 330 pence per share, has been accused of undervaluing one of Britain’s biggest state sell-offs for decades.

Oct 15, 2013

UK lawmakers launch Royal Mail inquiry as shares peak

LONDON (Reuters) – Shares in Britain’s Royal Mail peaked 48 percent above their privatization price on Tuesday as a committee of lawmakers said it planned to summon bankers and the business minister to a parliamentary inquiry into the sale.

The government, which last week priced the hugely oversubscribed sale of the near 500-year-old postal service at 330 pence per share, has been accused of undervaluing one of Britain’s biggest state sell-offs for decades.

Oct 15, 2013

UK banking reforms leave London exposed – banking commission

LONDON (Reuters) – Reform of Britain’s scandal-hit banking industry is too piecemeal, undermining its ability to boost the economy and leaving it exposed to further crisis, the lawmaker who drafted initial plans for an overhaul told Reuters.

Andrew Tyrie, the chairman of a government-appointed banking commission, said he was concerned that the government was ignoring important elements of his blueprint for reform and sometimes mistakenly favouring non-binding guidelines over statutory legislation.

Oct 15, 2013

UK banking reforms leave London exposed – lawmaker

LONDON, Oct 15 (Reuters) – Reform of Britain’s scandal-hit
banking industry is too piecemeal, undermining its ability to
boost the economy and leaving it exposed to further crisis, the
lawmaker who drafted initial plans for an overhaul told Reuters.

Andrew Tyrie, the chairman of a government-appointed banking
commission, said he was concerned that the government was
ignoring important elements of his blueprint for reform and
sometimes mistakenly favouring non-binding guidelines over
statutory legislation.

Oct 11, 2013

Strong Royal Mail market debut fuels debate over price

LONDON, Oct 11 (Reuters) – Shares in Britain’s Royal Mail
rocketed to a near 40 percent premium above their issue
price in Friday’s stock market debut, fuelling a debate about
whether they had been priced too low in order to guarantee a
successful privatisation.

The share price increase, which inflated the value of the
near 500-year-old company to 4.5 billion pounds ($7.2 billion)
in one of Britain’s biggest state sell-offs for decades, came
after criticism from the opposition Labour party that the
government was short-changing taxpayers.

Oct 10, 2013

Royal Mail shares priced at 330 pence in oversubscribed sale

LONDON (Reuters) – Britain sold a majority stake in Royal Mail at 330 pence a share on Thursday following massive investor interest that values the postal service company, known worldwide for its iconic red postboxes, at 3.3 billion pounds ($5.3 billion).

In one of Britain’s biggest privatizations for decades, Royal Mail (RMG.L: Quote, Profile, Research, Stock Buzz) priced its London listing at the top of a 260 pence to 330 pence range in a sell-off which could flush around 2 billion pounds into government coffers.

Oct 7, 2013

UK’s Cable says Labour ‘irresponsible’ to talk up Royal Mail value

LONDON (Reuters) – British Business Secretary Vince Cable accused the opposition Labour party of irresponsibly talking up the value of shares in the Royal Mail postal service, a day before order books close on Britain’s biggest privatisation in decades.

Despite the threat of strike action from delivery staff and criticism from opposition lawmakers, the government is close to completing the sale of a majority stake in the 497-year-old Royal Mail, known worldwide for its iconic red postboxes.

Oct 6, 2013

Cameron faces party battle over EU referendum

LONDON (Reuters) – British Prime Minister David Cameron’s control over his own party looks set to be challenged after a rebel lawmaker on Sunday launched a campaign to bring forward a planned referendum on European Union membership to next year.

The move sets up a parliamentary showdown between rival factions of the Conservative Party in November that could re-open divisions Cameron tried to heal earlier this year.