Brough says Govt takeover law will damage UK - report

Fund managers including Schroders' Andy Brough have attacked Labour's plans for a ‘Cadbury's Law' to protect UK companies from foreign takeovers as unworkable, costly and a threat to Britain's standing as a global financial centre.

The City figures, which include managers that control more than 6% of companies listed on the London Stock Exchange, told The Daily Telegraph the proposals, due to be unveiled today in Labour's election manifesto, risk damaging industry, the economy and fund returns. It is a further blow to the Labour Party, which has hit by business leaders over its proposed National Insurance hike. Named ‘Cadbury's Law' after the outrage sparked by Kraft's £11.4bn takeover of the UK confectioner, the changes would put curbs on hostile takeovers of businesses deemed to be of national interest. The...