UK faces record hit to living standards as tax hikes loom

Britain facing record living standards hit UK economy in recession, set to shrink in 2024 Almost half of the 55 billion-pound belt-tightening from tax rises Budget watchdog sees 7% hit to living standards IFS think-tank says bulk of the hit to come after 2024 LONDON, Nov 17 (Reuters) – Britain faces a record hit to … Read more

COP27 negotiators still far apart on strong climate deal

G20 leaders expressed support for climate action Lula boosts COP27 with ‘Brazil is back’ message But countries struggle for climate deal in Egypt SHARM EL-SHEIKH, Egypt, Nov 16 (Reuters) – Countries were far from agreeing the contours of a climate deal at the COP27 summit in Egypt on Wednesday, with the host country urging negotiators … Read more

G20 summit deplores war in Ukraine ‘in strongest terms’

G20 says ‘most members’ condemn war in Ukraine Threat of use of nuclear weapons ‘inadmissible’ – declaration Agreement to calibrate monetary tightening NUSA DUA, Indonesia, Nov 16 (Reuters) – Leaders of the Group of 20 (G20) nations deplored Russia’s aggression in Ukraine “in the strongest terms” on Wednesday and demanded its unconditional withdrawal in a … Read more

Apple warns of lower iPhone shipments as COVID curbs hobble China plant

Apple expects lower shipments of iPhone 14 Pro and Pro Max Apple says a Chinese plant operating at sharply reduced capacity Apple supplier Foxconn revises down Q4 outlook TAIPEI, Nov 7 (Reuters) – Apple Inc ( AAPL.O ) expects lower shipments of premium iPhone 14 models than previously anticipated following a significant production cut at … Read more

Egypt’s pound slides as IMF deal triggers new exchange rate regime

The central bank hikes rates in an effort to contain inflation IMF says deal can catalyze about $5 billion in FY 2022/23 Finance rules that snarled imports to be phased out CAIRO, Oct 27 (Reuters) – Egypt’s pound slid about 14.5% to a record low against the dollar on Thursday as authorities announced a $3 … Read more

New PM Rishi Sunak pledges to lead Britain out of economic crisis

Sunak meets King Charles on Tuesday morning Vows to rebuild trust in the country Expected to start forming a cabinet Sunak faces a huge challenge to rebuild stability LONDON, Oct 25 (Reuters) – Rishi Sunak became Britain’s third prime minister in two months on Tuesday and pledged to lead the country out of a deep … Read more

UK finance minister Hunt vows to win back financial market trust

PM Truss remains under intense political pressure Government must account for every penny, says new finmin Promises to make “difficult decisions” on spending, taxes LONDON, Oct 16 (Reuters) – New finance minister Jeremy Hunt promised to win back Britain’s economic credibility by fully accounting for the government’s tax and spending plans, while insisting his boss … Read more

As UK’s Truss fights for her job, the new finance minister warns of tough decisions

PM Truss sacked finance minister on Friday New chancellor Hunt warns of tough decisions Ruling Conservatives have slumped in the polls Some Conservative lawmakers say Truss will be ousted LONDON, Oct 15 (Reuters) – Britain’s new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, signaling … Read more

UK’s Truss expected to fire Kwarteng – Times

Kwarteng leaves the IMF meeting early Pressure mounts for a U-turn over tax policy Pound, bond prices recovering PM Truss now faces a political fight LONDON, Oct 14 (Reuters) – British Prime Minister Liz Truss will fire her finance minister Kwasi Kwarteng and scrap parts of her economic package, the Times newspaper reported on Friday, … Read more

UK’s Kwarteng refuses to rule out tax U-turn as pressure grows on Truss

New PM Truss under pressure over economic proposals Unfunded tax cuts plan trigger bond market turmoil Reports there could be a U-turn on corporation tax Government’s poll ratings have slumped LONDON, Oct 13 (Reuters) – British finance minister Kwasi Kwarteng refused to say on Thursday if he would stick with his plan not to raise … Read more