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

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

Boris Johnson, Rishi Sunak lead race to be UK’s next prime minister

No candidates have yet declared their intention to run Doubts Johnson can reach the target of 100 lawmaker nominations Sunak is the bookmakers’ favorite The winner would be the fifth British PM in six years LONDON, Oct 21 (Reuters) – Boris Johnson and his former finance minister Rishi Sunak were leading the potential contenders to … Read more

UK PM Truss clings to power as chaos in Westminster escalates

Truss loses authority as lawmakers quarrel Pound stable against the dollar Some lawmakers say Truss must go now LONDON, Oct 20 (Reuters) – British Prime Minister Liz Truss battled to retain her grip on power on Thursday, a day after a second top minister quit and rowing and jostling broke out among her lawmakers in … 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

Bank of England ‘will not hesitate’ to act as it monitors market turmoil

Pound briefly touched a record low against the dollar Five-year gilts match Friday’s record daily slump Yields on 2-year and 5-year debt up 100 bps in 2 days Finance minister to detail fiscal plans on Nov. 23 BoE monitoring developments ‘very closely’ LONDON, Sept 26 (Reuters) – The Bank of England said on Monday it … Read more

Britain bets all on historic tax cuts and borrowing, investors take fright

Register now for FREE unlimited access to Reuters.com Register Kwarteng cuts the top rate of income tax in a dash for growth Huge increase in UK government debt issuance planned Gilts suffer the biggest slump in decades Pound falls to a new 37-year low against the dollar LONDON, Sept 23 (Reuters) – Britain’s new finance … Read more