Chancellor of the Exchequer Rishi Sunak's election announcement has thrown carefully laid business plans into disarray.
The regulator was expected to begin selling NatWest Bank shares in June.
However, this plan is now on hold due to the UK's decision to hold a general election on 4 July.
Calling an election triggers the purdah period, which restricts government activity until the vote.
And the timing of NatWest's results means July is not possible.
But it may be back in the fall.
Shadow Chancellor Rachel Reeves also believes the bank should be in private hands, but is open to continuing to sell shares on the market, as has been done in the past, rather than holding a major event.
The City was so convinced that a NatWest share sale was imminent that rival bank Barclays took out full-page adverts in newspapers yesterday inviting people to sign up for alerts and how to invest in the stock.
Thames Water's fortunes hang even more uncertain, with regulator Ofwat having to postpone a decision from 12 June on whether it can increase rates by 56%.
Thames Water has also proposed a £20 billion investment plan to fix leaking pipes.
But they can't raise vital lifeline funding from investors until they know their business plan has been approved.
If Ofwat rejects this, the alternative would be a government-backed form of insolvency called “special administration.”
As a result, Thames Water could become a major political headache for Labour to inherit if Sir Keir Starmer's party wins the election.
But it will allow the City to avoid the endless roadshows in which officials, including Bank of England Governor Andrew Bailey, offer conflicting views on inflation and interest rates.
The Fed has canceled all public statements but is still scheduled to make a decision on interest rates on June 20.
From grid to pylon: £31 billion pumped into revenue
With the war in Ukraine making electricity for homes more important, National Grid is spending £31 billion on building more transmission towers and connections.
The grid, which moves electricity from power stations to homes and businesses, plans to double infrastructure investment over the next five years, including through a £7 billion rights issue.
Households pay around £22 of their average energy bill of £1,800 for energy transmission.
Transmission company chief John Pettigrew said transmission charges may go up, but lower electricity prices should lower overall prices.
The grid has been criticised for being slow to provide connections to wind and solar farms.
But Pettigrew said the congestion was mainly caused by developers clogging up connection queues and later abandoning their projects.
“We need to build this infrastructure quickly so our users can get cheaper, safer electricity,” said Greg Jackson, president of Octopus Energy.
A gift of £100 for a friend of MUTUAL
Nationwide members will receive a £100 bonus for the second year running.
The mutual insurer is paying out £385 million under its “fair distribution” scheme to customers who have savings or mortgage accounts.
Only those who were members before March 31st are eligible.
Nationwide is also trying to attract new customers by promising £200 cashback and future bonuses on opening a savings account.
Chief executive Debbie Crosby said the bonus was “made possible because we are member-owned and all profits are reinvested in the benefit of our members”.
Most banks, such as Lloyds, are owned by investors.
The payment comes at a time when Nationwide reported a 22% fall in pre-tax profits, from £2.2 billion to £1.7 billion.
The bonus payment may please members who were outraged at being denied a vote on Nationwide's £2.9bn takeover of Virgin Money.
HSBC loses £6.2 million
HSBC has been fined £6.2 million for treating customers who were late with payments or in financial difficulty unfairly.
The financial watchdog said the banks had acted “disproportionately” between June 2017 and October 2018, putting around 1.5 million people at risk of greater harm.
If HSBC had not disclosed the wrongdoing itself, the fine from the FCA would have been £2.7 million higher.
Veterans investigating fraud
A formal investigation has been launched into whether the veterinary industry and the UK's 16 million pet owners are being duped.
The Competition and Markets Authority said changes to a market worth an estimated £5 billion a year could also include the introduction of a cap on prescription fees.
Other options include mandating practices to provide complete information to consumers.
Sarah Cardell, from the CMA, said they were hearing from people who couldn't afford vet bills and who “don't always know the best treatments available to them”.
Easing the funding gap
Brits are now more optimistic about their financial situation than they have been since December 2021, the data shows.
The Gfk index is currently at -17, while the consumer confidence index is up 2 points since April and 10 points higher than the same time last year.
Separate figures showed services sector growth fell to its lowest level in six months.
The closely watched S&P Purchasing Managers' Index also pointed to a decline in services inflation, which could be good news in the larger battle to rein in consumer inflation.
