Burnham cuts VAT on household electricity bills; UK borrows less than expected in June – business live

Rolling coverage of the latest economic and financial news Elsewhere on the corporate front – the outsourcer Mitie has agreed to a £3.1bn takeover by its private-equity owned rival OCS Group , making it the latest London-listed company to be acquired this year. Its board has recommended that shareholders accept a cash offer of 221.6p a share, a 44.7% premium to Monday’s closing price. This is an important milestone for both organisations and an exciting opportunity to bring together two highly complementary businesses with a shared commitment to delivering the best outcomes for colleagues and customers. Subject to completion, we would build a British facilities management group that is better positioned to support the organisations that keep the country running. Together, we can better support existing and new customers, help more people into work and strengthen our contribution to getting Britain moving. As chancellor, he will have many competing demands, and won’t just be the MoD’s man in No 11. His experience made him an obvious candidate for the role, and he represents a middle way between Miliband and Mahmood, but it will not be easy to find lots more cash for defence, especially when the new PM is so busy making broad spending commitments in other areas. Continue reading...