News in brief: French rating cut sees euro fall, Funds call for less UK reliance on gas
The euro flagged against the pound today as traders sold off the single currency following rating agency Moody’s decision to strip France of its triple-A credit score.
Moody’s blamed France’s lack of competitiveness and worsening public finances, as well as a large exposure to the eurozone’s struggling periphery. Rival Standard & Poor’s cut France’s rating in January. Sterling strengthened to €1.2434.
Funds call for less UK reliance on gas
Some 200 fund management groups have called on Chancellor George Osborne to cut the UK’s reliance on gas as its major energy source and address the dangers of climate change. The funds, which have a combined $11 trillion (£6.9 trillion) under management, have written to the Chancellor ahead of international climate negotiations in Doha next week.
Tax-avoidance claim on Sky mags
BSkyB today faced accusations it used its customer magazines as a tax-avoidance scheme. The Guardian alleged Sky could have avoided up to £40 million in tax a year as £2.20 of a TV customer’s monthly bill went on the magazines, which were not liable for VAT. Sky dismissed the claims about tax. The pay-TV giant, which axed the mags last year in favour of online, pays £1 billion a year in tax.
