January 23, 2013 / 2:10 AM / 5 years ago

PRESS DIGEST - British Business - Jan 23

LONDON, Jan 23 (Reuters) - The Daily Telegraph

KING WARNS AGAINST ABANDONING INFLATION TARGET Bank of England governor Mervyn King said abandoning the bank’s inflation-targeting remit would be irresponsible and could risk a return to the high inflation of the 1970s. King, who will be succeeded by Mark Carney in July, said retaining a 2 percent target for inflation was an “essential” part of monetary policy.

ROSE’S APPOINTMENT AT OCADO WELCOMED BY INVESTORS The appointment of retail industry veteran Stuart Rose as chairman of Ocado was welcomed by investors in the online grocer on Tuesday, sending its shares up by more than 6 percent.

GOVERNMENT WANTS BSKYB TO END BBC CHARGES The government wants BSkyB to stop charging the BBC and other public service broadcasters fees for carrying their channels on its satellite service. Culture minister Ed Vaizey will say on Wednesday that the government will intervene if BSkyB does not voluntarily stop the charges, which total around 7 million pounds ($11 million) a year, the newspaper said, The Times RETAILER HMV’S CHANCE OF SURVIVAL IMPROVE AFTER HILCO MOVE The future for HMV, the music and DVD retailer that went into administration last week, brightened after specialist investor Hilco effectively took control on Tuesday. Hilco, which buys distressed businesses, said it had bought HMV’s debt to provide stability for the business during the administration.

The Guardian JUMP IN GOVERNMENT BORROWING PUTS BRITAIN’S AAA STATUS AT RISK Ratings agencies came under increased pressure to downgrade Britain’s coveted AAA credit status on Tuesday when official figures showed government borrowing in December rose by a higher-than-expected 15.4 billion pounds.

All three agencies had put the UK on negative watch, and were expected to downgrade its rating unless tax receipts rebounded in January, the newspaper said.

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