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Rishi Sunak hints at a business-friendly budget

BRITAIN’S new finance minister Rishi Sunak is preparing the government’s first post-Brexit budget to be presented on March 11.

The Chancellor of the Exchequer was very pro-active on updating his activities related to budget on Twitter.


His latest tweet hints at a business-friendly budget. The businesses in the country are having an uncertain time owing to Brexit. It is anticipated that the budget will be in line with the expectations of the business fraternity.

“Great meeting this morning with business leaders to discuss our plans to unleash Britain’s potential. I promise I didn't look this serious the whole time,” Rishi Sunak tweeted.

On February 18, when he first tweeted about the preparations for budget, just a few days after assuming the office, he promised that the budget “will deliver on the promises we made to the British people”.

He further said “levelling up and unleashing the country’s potential” will be the priority.

Since then he tweeted often with #Budget2020. Once he landed into controversy with one of his budget tweet.

“Quick Budget prep break making tea for the team. Nothing like a good Yorkshire brew,” he tweeted on February 21.

The visual of a large bag of Yorkshire Tea and an endorsing line—“Nothing like a good Yorkshire brew”—that accompanied it has stirred a large controversy.

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Frasers slams Debenhams over £222 million pay scheme

Highlights

  • Debenhams pushes ahead with executive pay scheme worth up to £222 m without shareholder approval.
  • CEO Dan Finley could earn up to £148 m if share price reaches £3 over next five years.
  • Frasers Group, holding 29.7 per cent stake, calls move "utterly disgraceful" amid long-running corporate tussle.
Struggling British online fashion retailer Debenhams has sparked outrage from its biggest investor after deciding to implement a new executive pay scheme worth up to £222 million without seeking shareholder approval.

Frasers Group, which holds a 29.7 percent stake in Debenhams, condemned the move through its chief financial officer Chris Wootton on Thursday. "Typical corporate governance from them, utterly disgraceful," Wootton said, criticising the retailer's decision to bypass investors.

Under the new incentive scheme, Debenhams CEO Dan Finley could earn up to £148 m and CFO Phil Ellis up to £14.8 m if the company's share price hits £3 over the next five years. Debenhams shares were trading at 22.25 pence on Thursday, down 3.3 percent.

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