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Home Business and Economics

EU investors snap up British firms suffering from a ‘Brexit discount’

High inflation, low investment confidence and a weaker currency make the UK an attractive target for European suitors.

Jack Peat by Jack Peat
2022-09-22 08:03
in Business and Economics
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Investors are snapping up British firms for bargain basement prices thanks to a ‘Brexit discount’ that is shrouding the economy.

According to FT reports, French buyers got their hands on a slew of British assets on Wednesday, from a slice of the UK’s biggest telecoms group to a buyout of one of the country’s oldest technology companies.

The surge in investment is a result of three things; high inflation, low investment confidence and a weaker currency.

Yesterday it was revealed that the Treasury is refusing to release an economic forecast alongside Friday’s so-called fiscal event, in which Kwasi Kwarteng is set to unveil Liz Truss’s plans for vast tax cuts and details of the energy price cap, aimed at tackling the cost-of-living crisis and boosting growth.

According to the Conservative chairman of the Commons Treasury Committee, Mel Stride, the forecasts are a “vital indicator of the health of the nation’s finances and provide reassurance and confidence to international markets and investors”.

Stride, who backed Rishi Sunak in the Conservative Party leadership race, said the economic outlook had deteriorated since the OBR’s last forecast in March.

🇬🇧🤦‍♂️🚨“UK companies are suffering from #Brexit discount and the [falling] pound so lots of foreign buyers are scouting here, not just the French.”

French groups swoop for depressed British assets – via @ft @AnnaSophieGross et al. https://t.co/85iEoNDWit pic.twitter.com/Yc4Nl46FRm

— Peter Foster (@pmdfoster) September 21, 2022

Related: Bank of England set to unveil biggest hike in interest rates for over three decades

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