November 8, 2019 / 12:36 AM / 10 days ago

PRESS DIGEST-Financial Times - Nov 8

Nov 8 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.

Headlines

Sajid Javid tears up borrowing rules but blocks big tax cuts

on.ft.com/2PWLxqk

Bank of England ready to cut rates if economy slows further

on.ft.com/2pQz1hl

Sainsbury’s chief warns of Brexit effect as profits plunge

on.ft.com/34zQCZA

Overview

British finance minister Sajid Javid said a new Conservative government would set itself new borrowing rules and allow an extra 22 billion pounds ($28.19 billion) of public sector net investment a year, funded by borrowing at ultra-low interest rates, which would keep a tight limit on extra day-to-day spending or tax cuts.

Bank of England said on Thursday it will be prepared to cut interest rates if the economy slows further, as it cut its growth forecasts to reflect a weaker global backdrop and the likely effects of Boris Johnson’s Brexit deal.

Chief Executive Officer of UK’s Sainsbury Plc, Mike Coupe, warned on Thursday political uncertainty over Brexit was holding back consumers’ spending as the company’s profits were almost wiped out by the cost of closing stores.

$1 = 0.7803 pounds Compiled by Bengaluru newsroom

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