While we were all flapping about lockdowns, the UK’s entire system of regulating the prices of utilities was fatally undermined last month. The Competition and Markets Authority over-ruled Ofwat, the water regulator, and awarded higher returns to Anglian, Yorkshire, Northumbrian and Bristol water companies.
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For virtue-signalling portfolio managers loath to touch the black stuff, it’s been tough to watch.
The usually gloomy Bank has upgraded its 2023 growth forecast by a full percentage point.
Jeremy Hunt is under renewed pressure to revive the economy as the IMF warns that UK growth this year will be worse than Russia’s, and half a million workers prepare to strike.
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