March 16, 2017 / 1:05 AM / 10 months ago

PRESS DIGEST- Financial Times - March 16

March 16 (Reuters) - The following are the top stories in the Financial Times. Reuters has not verified these stories and does not vouch for their accuracy.


Budget retreat sows seeds of doubt in Tory ranks

Energy price cap will cut consumer choice, warns Centrica

MoD set for clash with defence sector over plan to cut profit level

Davis admits UK has not assessed impact of Brexit without Brussels deal


With Brexit around the corner, seeds of doubt have been planted in the minds of Conservative MPs after finance minister Philip Hammond announced a budget U-turn on Wednesday that exposed Theresa May’s government to allegations of incompetence and division.

Ahead of a parliamentary debate on energy prices in UK, Centrica Plc Chief Executive Iain Conn has said that a cap on prices would reduce consumers choices as power companies would set their prices at, or near, the level of the cap.

British Defence Minister Michael Fallon is reducing the level of profit that companies can make on “single-source” contracts awarded without competition, saying the cut would mean “better value for money” for the Ministry of Defence, which is embarking on a 178 billion pounds ($218.67 billion) equipment-buying programme.

The British government has not carried out an assessment of what effect leaving the European Union without a new trade deal would have on the economy, Brexit minister David Davis said on Wednesday.

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