The UK’s government borrowing increased in October as the energy support scheme for households and businesses got under way. According to data released by the Office for National Statistics (ONS) on Nov. 22, government borrowing rose to £13.5 billion ($16 billion) in October. The figure was £4.4 billion ($5.2 billion) higher than the same month…
UK Government Borrowing Rises as Energy Support Scheme Begins
November 22, 2022
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Business & Marketseconomic policieseconomyenergygovernment borrowinginflationJeremy HuntKwasi Kwartengliz trussrecessionUKWorld
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UK Chancellor Defends Decision to Raise Taxes for UK’s ‘Squeezed Middle’
November 18, 2022
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autumn statementBusiness & Marketseconomic policieseconomyinflationJeremy Huntpersonal financeraising taxesRishi SunakUKWorld
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The UK’s Chancellor of the Exchequer, Jeremy Hunt, has defended his decision to raise £25 billion ($30 billion) by raising taxes amid claims by some economists that it would hurt middle-income earners, the so-called “squeezed middle.” Hunt was criticised by former Business Secretary Jacob Rees-Mogg, who said he had taken the “easy option” and should have…
Jeremy Hunt Says UK Must ‘Face Into the Storm’ as He Raises Taxes and Makes £55 Billion Cuts
The Chancellor of the Exchequer, Jeremy Hunt, has warned Britain will need to “face into the storm” in the next year as it faces high energy prices, inflation, and recession. Unveiling his autumn budget, in which he raised taxes and announced £55 billion of funding cuts, Hunt told the House of Commons: “There may be…
Everyone Will Need to Pay ‘A Bit More Tax,’ UK Chancellor Says
Everyone in the UK will need to pay “a bit more tax” as the country seeks to balance its books, Chancellor of the Exchequer Jeremy Hunt has said. Hunt, who is set to deliver his autumn budget on Nov. 17, has declared he will be playing Scrooge as he sets out his vision to restore…
Chancellor Warns of ‘Tough Road Ahead’ as UK Economy Starts to Shrink
Chancellor of the Exchequer Jeremy Hunt has warned that the UK is facing a “tough road ahead” as new data shows the economy has begun to shrink. According to the latest release from the Office for National Statistics (ONS), the UK’s gross domestic product (GDP) shrank by about 0.2 percent between July and September. Monthly…
Ex-Chancellor Kwarteng Says He Warned Truss Over Pace of UK Economic Reforms
Former Chancellor Kwasi Kwarteng has said he told former Prime Minister Liz Truss to “slow down” her ambitious economic reforms, which caused market turmoil and eventually led to her resignation. After Truss became prime minister on Sept. 5, she set out to implement her economic vision for the UK to become a “low-tax, high-growth economy…
UK Central Bank Raises Interest Rates to 3 Percent, Highest for 14 Years
November 3, 2022
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Andrew BaileyBank of EnglandBusiness & Marketseconomyinflationinterest ratesJeremy HuntKeir StarmerrecessionUKWorld
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The Bank of England, the UK’s central bank, has raised its base interest rate to 3 percent, the highest for 14 years. All but two members of the bank’s Monetary Policy Committee (MPC) voted to push up interest rates by 0.75 percentage points, from 2.25 to 3 percent, during a crunch meeting on Nov. 3….
UK’s New Government Delays Debt-Cutting Plan to Nov. 17
The Treasury’s medium-term fiscal plan is pushed back from Halloween to Nov. 17 and it’s upgraded to a full autumn statement, Downing Street said on Thursday, one day after Prime Minister Rishi Sunak took the job. Chancellor of the Exchequer Jeremy Hunt said it’s “prudent” to delay the announcement to allow time for more accurate economic…
Pound Rebounds, UK Borrowing Costs Drop as Sunak Becomes Prime Minister
The value of the pound has rallied back to its highest levels since before last month’s crash and the cost of UK government borrowing has decreased, as financial markets react to Rishi Sunak’s appointment as the new UK prime minister. Sterling lifted 1.9 percent higher to 1.149 against the U.S. dollar after the new prime…
UK Vows to Drive Down Debt as Interest Bill Pushes Government Borrowing to £20 Billion
The UK government has vowed to do “whatever is necessary” to drive down debt after its rising debt interest payment pushed public sector borrowing to £20 billion ($22 billion) last month. According to the latest data from the Office for National Statistics (ONS), the UK’s public sector net borrowing was £20 billion in September 2022,…
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