Afternoon all,
The government has stepped in on two major business stories today. First off, the culture secretary Lisa Nandy has formally intervened over Sky’s £1.6bn takeover of ITV’s broadcasting arm. Now, it’s over to the competitions watchdog and Ofcom to report on the impacts for the UK’s media landscape.
And Andy Burnham has said Poundland’s owners must work with the government on a “practical solution” to secure the future of its workers and shops, with Gordon Brothers coming under fire from Labour and Reform UK.
We’ll be back in your inboxes at 8am tomorrow. In the meantime, have a great evening!
Matt
Government intervenes in Sky’s £1.6bn ITV takeover
Nandy confirmed on Wednesday that she had issued a Public Interest Intervention Notice (PIIN), instructing the Competition and Markets Authority (CMA) and media regulator Ofcom to look into the proposed deal.
Both watchdogs have until 27 January to report their findings, after which Nandy will decide whether to order a more detailed investigation.
Burnham urges Poundland owner to work with government to save jobs
The Prime Minister criticised Gordon Brothers, the US investment firm which owns the retailer, for failing to engage with the “viable propositions” which have been tabled by a number of bidders.
Downing Street’s intervention comes amid growing political pressure on Gordon Brothers, as figures from Labour and Reform UK have criticised the Poundland owner for the handling of its attempted sale of the company.
‘Punishing’ Autumn Budget tax trap set to deal further blow to HENRYs
The Chancellor confirmed he will hike taxes on savings by a further two per cent in April 2027, taking the rate to 44 per cent and 49 per cent for higher and additional rate taxpayers respectively.
He also maintained the frozen tax thresholds implemented by his predecessor Rachel Reeves, including the longstanding personal allowance taper. If a worker’s income exceeds £100,000 the tax-free personal allowance is reduced by £1 for every £2 earned over the limit.
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