United Kingdom

3i’s crown jewel dilemma is coming to a head

16 May 2025

Dutch retailer Action has fuelled a near-fivefold rise in the $52 bln UK investor’s shares since 2020. It’s not an obvious time to sell or list a gem that represents most of its portfolio value. But with sales and margin growth potentially slowing, waiting carries risks too.

Pauses, tweaks and can-kicking are new trade norms

15 May 2025

The US inked a deal with the UK and agreed to freeze triple-digit tariffs on China. In this Viewsroom podcast, Breakingviews columnists explain what these agreements reveal about the Trump administration’s negotiating hand, and what trade is likely to look like in the future.

UK pension private-market punt is acceptable risk

13 May 2025

Chancellor Rachel Reeves is cajoling retirement funds to pour more money into domestic private equity, infrastructure and the like. The risk is higher losses, and a lack of the right sort of assets to invest in. Yet easing UK investors’ low-returns problem is a laudable aim.

Europe’s self-defence is battle on multiple fronts

13 May 2025

Leaders are scrambling to shore up defences against Russia while also becoming less dependent on the US. In this episode of The Big View podcast, Bruegel Senior Fellow Guntram Wolff talks about the need for a joint European body to make the increase in spending more effective.

US-UK trade deal offers fuzzy blueprint for others

8 May 2025

Donald Trump waived tariffs on British steel and granted quotas on car imports in return for lower levies on American beef and other products. The modest first win for the president’s trade policy represents the lowest of low-hanging fruit. It only gets harder from here.

Tech can give Europe more bang for defence buck

8 May 2025

A big chunk of the bloc’s hundreds of billions of euros in extra military spending will go on tanks, guns and shells. But if Europe wants to prevent its armies from becoming obsolete, it needs to invest much more in tech and R&D. Doing so could even reduce its overall bill.

India hands Global Britain another second-rate win

7 May 2025

Prime Minister Keir Starmer has inked a trade pact with New Delhi, a sign the UK can strike deals quickly outside the EU. Yet some terms look skewed to India’s benefit, and the economic gains are slight. Its main appeal is to show trade upheaval has not left Britain friendless.

Donald Trump may help Ukraine despite himself

6 May 2025

The US president has undermined the country in its war with Russia. But his actions have some unintended benefits for Kyiv. His trade war with China means he needs Europe and may be more open to its views on Russia. Knocking the oil price also hurts Moscow, which relies on crude.

Trade spats give repair giants narrow flight path

2 May 2025

Firms such as $115 bln Safran have been flying high as investors bet they will reap the benefits of plane shortages. Trade tensions – and airlines refusing to pay duties on new jets – could boost the trend further. But there’s a risk uncertainty will ground appetite for travel.

HSBC’s trade-war stress test flags valuation risk

29 Apr 2025

CEO Georges Elhedery said the bank would meet a roughly 15% return on tangible equity target even if tariffs stay high. His scenario mapping, though, excludes painful rate cuts that may happen if the global economy tanks. HSBC’s relatively high multiple doesn’t reflect the pain.

Elliott has a point on BP’s ballooning costs

29 Apr 2025

The activist investor wants the $76 bln UK oil major to cut costs by another $5 bln a year by 2027. BP is pushing back, but its corporate expenses have risen 30% since 2019, while those at bigger peer Shell have fallen. That makes it harder to resist calls for deeper cuts.

DoorDash’s Deliveroo swoop is pricey but timely

28 Apr 2025

The $79 bln US food delivery giant has bid $3 bln for its UK peer. Even with a relatively modest premium, DoorDash needs growth and savings for its deal to stack up. Still, with rival bidders either distracted by other deals or out of the game, it’s a logical time to pounce.

Private equity bets on pets will lose their sheen

25 Apr 2025

UK competition authorities are probing vet clinics, where prices have increased 60% in eight years. Buyout shops like EQT and CVC stand to lose out if the regulator intervenes. But even without a clampdown, tighter household budgets will limit the scope for juicy returns.

Why a defence boss could boost Europe’s revival

22 Apr 2025

The region’s armies, and their corporate suppliers, lack cross-border scale and a joint investment approach. Putting someone in charge of common projects, including with non-EU members like Britain, could make sure that a 640 bln euro annual defence budget is well spent.

Barclays’ Brookfield schmuck insurance may flop

17 Apr 2025

The $53 bln bank will give the private-capital group 10% of its payments business in return for help growing it, and may sell Brookfield another 70% over time. It seems designed to avoid seller’s remorse. Investors may end up wishing for a simpler arrangement.

Banks can dodge a 2022-style hung debt disaster

17 Apr 2025

High-yield borrowing costs have spiked, raising memories of the $80 bln of loans and bonds that got stuck with lenders three years ago. Yet the leveraged buyout backlog is smaller now, and the credit market moves less violent. A mild headache is more likely than a nasty hangover.

Bunzl shows no company is immune to trade bungle

16 Apr 2025

Shares in the UK distributor of niche business supplies plunged 25% after issuing a modest profit warning. Though problems in the $10 bln company’s North American unit predate Donald Trump’s tariffs, the selloff suggests even previously reliable companies cannot afford a misstep.

De La Rue’s final deal looks surprisingly positive

15 Apr 2025

After years of selling assets and battling with decline, the UK banknote printer accepted a $350 mln private equity offer. It’s a better outcome than seemed possible a few years ago, when the company was worth $50 mln. And there’s scope for the new owner to boost margins.

UK picks right moment for nationalisation playbook

14 Apr 2025

Prime Minister Keir Starmer’s government is on the cusp of taking British Steel, and its almost $1 mln of daily losses, into public ownership. It’ll cost, but so would the alternative of subsidising Chinese owner Jingye. Rising defence spending also makes the move a no-brainer.

Trump’s tariff retreat leaves lasting US scars

9 Apr 2025

Stocks, bonds and the dollar rallied after the president rolled back most of his reckless levies to 10% for 90 days. Trade frictions linger, however, especially with China, as does anxiety about future rash moves. Damage to the White House and American credibility will endure.