Microsoft’s Activision Deal Edges Closer to UK Approval
Microsoft’s revamped bid to snap up gaming titan Activision Blizzard is gaining ground with UK regulators. The Competition Markets Authority (CMA) hinted the tech giant’s fresh offer might finally clear regulatory hurdles.
Crucially, Microsoft has now decided to ditch the cloud gaming rights from the deal, a major sticking point in its original £59 billion ($69 billion) takeover plan, which the CMA initially blocked.
Earlier this year, the watchdog voiced fears Microsoft’s acquisition could squash competition in the UK cloud gaming scene. Microsoft responded with a reworked proposal, currently under CMA review.
“The CMA’s position has been consistent throughout – this merger could only go ahead if competition, innovation, and choice in cloud gaming was preserved,” said CMA Chief Exec Sarah Cardell.
The CMA is set for a consultation period before making its final call on the blockbuster deal. All eyes remain glued as regulators worldwide watch this high-stakes tech saga unfold.
Jeremy Hunt Dashes Hopes for Tax Cuts Amid Debt Fears
Chancellor Jeremy Hunt has thrown cold water on hopes for imminent tax cuts, declaring the chances “virtually impossible” until the UK’s shaky economy improves.
Speaking on LBC, Hunt highlighted soaring national debt — now at 98.8% of GDP, levels unseen since the 1960s — forcing him into “very difficult decisions.” This dampens expectations ahead of the November Autumn Statement, despite public pressure to ease the cost-of-living crunch.
With the Tories trailing in polls and the general election looming in May, internal party debates rage. Some MPs push for tax cuts, while others demand a concrete plan first.
Meanwhile, a slight dip in inflation last month saw the Bank of England hold interest rates steady at 5.25%, dodging further hikes that would have hit borrowing costs hard.
Labour Promises Ruthless Fiscal Oversight Before Election
Opposition Labour vows to lock in law requiring government tax and spending plans to undergo independent scrutiny by the Office for Budget Responsibility (OBR).
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 of its impact from the OBR.”
The pledge follows market chaos triggered by former PM Liz Truss’s uncosted “mini-budget” a year ago. Labour aims to prove it can manage the UK economy better than the Conservatives, who currently trail behind in polls.
Reeves also promised a single budget plan by November each year to give businesses and families time to prepare ahead of April’s new tax year.
UK and Sweden Tighten Grip on Key Clearing House
The Bank of England and Sweden’s Riksbank have reaffirmed their commitment to closely oversee the London Clearing House Limited (LCH).
A joint statement stressed their dedication to cooperating on effective regulation of this vital financial institution, underlining the importance of strong oversight in turbulent markets.
