Rentokil Initial Plc rose the most in more than two years after disposing of its unprofitable City Link express delivery business in a transaction that cost the pest-control provider 40 million pounds ($62.1 million).
Britain’s budget deficit narrowed more than economists forecast in March as capital spending fell, providing a boost for Chancellor of the Exchequer George Osborne as he faces new questions over his economic management.
Chancellor of the Exchequer George Osborne said the forecast for U.K. economic growth this year was cut by half as he lowered corporation tax and set out an updated central-bank remit to aid Britain’s recovery.
Britain had its smallest February budget deficit since 2008 after the Treasury received a second installment of cash from the Bank of England and proceeds from the sale of fourth-generation mobile spectrum.
Royal Mail Group Ltd., the U.K.’s state-owned postal carrier, for which the government said today it’s seeking private capital, said full-year profit rose 26 percent as it cut jobs and invested in technology.
U.K. Business Secretary Vince Cable said employees of Royal Mail Group Plc will be able to buy at least 10 percent of the shares in the company when the government legislates to allow private investment.
A stake of as much as 90 percent of the U.K.’s Royal Mail Group Ltd. postal service will be sold by the government, either in a private sale or an initial public offering, Business Secretary Vince Cable said.