UK Prime Minister Liz Truss has stressed she must take a responsible approach to the public finances, refusing to rule out real-terms cuts to benefits. Both the Cabinet and the wider Conservative Party are split on whether benefits should increase in line with inflation. Leader of the House of Commons Penny Mordaunt, who ran against…
UK’s Truss Stresses Fiscal Responsibility, Refuses to Rule out Real-Term Benefit Cut
October 4, 2022
admin
Business & Marketseconomic policieseconomyIain Duncan Smithinflationliz trussMichael GovePenny MordauntUKWorld
0 Comment
UK Government Scraps Plan to Cut Tax Rate for Highest Earners After Market Turmoil
The UK’s new prime minister Liz Truss on Monday made a dramatic u-turn on plans to cut taxes for the highest earners following backlash over the decision that prompted major market turmoil Chancellor of the Exchequer Kwasi Kwarteng announced the scrapping of the plan on Twitter early Monday and said it was clear that reducing the 45…
King Charles Will Not Attend Climate Summit on UK Government Advice
King Charles III will not be attending next month’s Cop27 climate change summit in Egypt, Buckingham Palace has confirmed. Charles has a longstanding and passionate commitment to environmental issues. As Prince of Wales, he addressed the Cop26 summit in Glasgow last year. His elder son, William, the then-Duke of Cambridge, also spoke at the event,…
Truss, Kwarteng Defend Mini Budget, Promise ‘Credible’ Fiscal Plan
The UK’s Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng appear to be undeterred by criticisms of the government’s mini-budget amid market turmoil and calls to reverse some of the tax cuts. Truss on Friday insisted the government had been right to subsidise energy bills and cut taxes, while Kwarteng said he will be…
UK Train Services Face Fresh Disruptions Amid Biggest Rail Strike of the Year
Britain’s rail network will face severe disruptions on Saturday amid the biggest strike so far this year. Only 11 percent of normal services will run and there will be no trains in many areas, Network Rail said. People attending the London Marathon and delegates travelling to Birmingham for the Conservative Party conference this weekend will…
UK Leaders Say They Value Fiscal Scrutiny After Tax Plan Sparked Market Turmoil
UK Prime Minister Liz Truss and Chancellor Kwasi Kwarteng have said they value the scrutiny from an independent fiscal watchdog, after their plan to fund massive tax cuts with government borrowing rattled investors and led to turmoil in the financial markets. At an unusual meeting held in Downing Street on Friday, Truss and Kwarteng told…
UK Tax Cuts the Right Medicine for Productivity: Economist
September 29, 2022
admin
AustraliaBusiness & Marketseconomic policieseconomyEuropeInternationalJohn HumphreysKwasi Kwartengliz trussUKWorld
0 Comment
As UK Prime Minister Liz Truss’ tax cuts come under fire from financial institutions and media outlets, one Australian economist says it is a step in the right direction, but more needs to be done to curb spending. The Truss government is backing tax cuts and reductions to stamp duty (a form of property tax)…
Royal Mail Workers to Launch 48-hour Strike as Pay Dispute Escalates
Union members at Royal Mail will launch a 48-hour strike on Friday in an escalating dispute over pay. According to the Communication Workers Union (CWU), the walkout by around 115,000 of its members will be the biggest strike in the UK this year. In a major escalation of the dispute, the union has announced a…
Tax-Cutting Plan Is ‘Urgent Action’ Needed to Get UK Economy Growing: Truss
UK Prime Minister Liz Truss has defended the government’s tax-cutting plan which has led to turmoil in the financial markets, calling it an “urgent action” needed to get the economy growing. Chancellor Kwasi Kwarteng on Sept. 23 unveiled the biggest package of tax cuts in half a century, which was aimed at spurring growth in…
Bank of England Intervenes to Calm Markets as UK Borrowing Costs Soar
September 28, 2022
admin
Bank of EnglandBusiness & Marketseconomic policieseconomygovernment bondsKwasi Kwartengliz trussMarketstax cutsThe International Monetary Fund (IMF)UKWorld
0 Comment
The Bank of England, Britain’s central bank, has sought to restore financial stability with an emergency bond-buying programme, after the government’s new fiscal policy caused the pound to dive and borrowing costs to soar. The British pound on Monday plunged by more than 4 percent to just $1.03, an all-time low. It recovered to about…
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`