Microsoft’s Activision Blizzard Deal Gets UK Regulators Nod
The UK’s Competition Markets Authority (CMA) signals green light for Microsoft’s revised £59 billion bid to buy gaming giant Activision Blizzard. The watchdog says Microsoft’s latest offer tackles the competition concerns that initially blocked the mega deal.
Crucially, Microsoft has scrapped plans to acquire Activision’s cloud gaming rights, easing fears about a monopoly in the booming cloud gaming sector.
Sarah Cardell, CMA Chief Executive, said: “This merger can only proceed if competition, innovation, and choice in cloud gaming are preserved.”
The CMA is now consulting before making a final call as global regulators keep a close eye on this blockbuster gaming takeover.
Jeremy Hunt Slams Tax Cuts—Says They’re ‘Virtually Impossible’
Chancellor Jeremy Hunt has poured cold water on hopes for tax cuts anytime soon. Facing the UK’s highest debt levels since the 1960s at nearly 99% of GDP, Hunt warns tax relief is “virtually impossible” until the economy improves.
With the Autumn Statement due in November and the cost of living soaring, pressure mounts from Conservatives wanting tax cuts to win back voter support ahead of next year’s general election.
Hunt told LBC: “We face very difficult decisions”—a stark warning as the Bank of England holds interest rates at 5.25% after a small inflation dip.
Labour Promises Strict Tax and Spending Watchdogs
Labour gears up for the 2024 election with a pledge to lock in independent fiscal checks on all major government tax and spending plans. This follow-up to Liz Truss’s chaotic “mini-budget” aims to restore financial credibility.
Rachel Reeves, Labour’s prospective finance minister, said: “We will guarantee in law that any government making significant, permanent tax and spending changes will be subject to an independent forecast from the Office for Budget Responsibility.”
Labour also vows to publish one clear budget by late November each year, giving families and businesses time to plan for the April tax year start. For now, polls show Labour comfortably ahead of the Tories.
UK and Sweden Tie Up Oversight of London Clearing House
The Bank of England and Sweden’s Riksbank reaffirm their joint commitment to overseeing London Clearing House Limited (LCH). Their cooperation aims to ensure the financial hub remains stable and well-regulated amid global market shifts.
