The International Monetary Fund (IMF) has urged the UK government to “reevaluate” its strategy to boost economic growth with massive tax cuts funded by borrowing, which has spooked the markets and caused the pound to plunge. The British pound on Monday plunged by more than 4 percent to just $1.03, an all-time low. It recovered…
IMF Urges UK to ‘Reevaluate’ Tax-Cutting Measures After Drop in Pound
September 28, 2022
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Business & Marketseconomic policieseconomyinflationInternationalKwasi Kwartengliz trussMarketstax cutsThe International Monetary Fund (IMF)UKWorld
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UK Economy to Grow Slower Than Previously Predicted, Says OECD
The British economy will grow less than previously predicted this year and flatline entirely in 2023, according to a new report. The Organisation for Economic Co-operation and Development (OECD) said it has downgraded its current annual projection for the UK economy owing to “declining real incomes and disruptions in energy markets.” The UK’s GDP is…
British Pound Falls to Record Low Against US Dollar After Tax Cut Plans
The British pound has plunged to an all-time low against the U.S. dollar after the UK government announced a massive tax-cutting programme, which is the biggest in 50 years. Sterling fell by more than 4 percent to just 1.03 dollars in early Asia trading before it regained some ground to about 1.07 dollars early on…
‘Politics of Envy’ Won’t Deter UK Government as It Cuts Taxes to Spur Growth: Minister
The UK government will not worry about the “politics of envy” as it tries to spur economic growth with the biggest tax cuts in 50 years, a minister has said. Prime Minister Liz Truss’s new government on Friday unveiled the biggest package of tax cuts in half a century, which will cost £45 billion ($49…
Police Must Focus on Fighting Criminals, Not ‘Symbolic Gestures’: UK Home Secretary
The police should focus on fighting real crimes rather than making “symbolic gestures,” the UK’s new home secretary has told police chiefs. In an open letter dated Sept. 23, Suella Braverman said she was “dismayed by the perceived deterioration of public confidence in the police” and said that “culture and standards in the police have…
UK to Tighten Rules on Industrial Action to Stop ‘Unacceptable’ Strike Disruptions
The UK government will tighten rules on industrial action to curb “unacceptable” strike disruptions, Chancellor Kwasi Kwarteng has said. Amid a wave of industrial action by hundreds of thousands of workers in multiple sectors, Kwarteng told the House of Commons, “At such a critical time for our economy, it is simply unacceptable that strike action…
UK Announces Biggest Tax Cuts in 50 Years to Boost Economic Growth Amid Crisis
UK Prime Minister Liz Truss’s new government has unveiled the biggest package of tax cuts in half a century aimed at spurring growth in the UK economy, which could already be in recession. Announcing his mini-budget in the House of Commons on Sept. 23, Chancellor Kwasi Kwarteng confirmed that the rise in corporation tax and…
UK Will Be ‘Fully Equipped’ to Tackle Challenges From China and Russia: Truss
The UK will update its security and foreign policies to be “fully equipped” to tackle the challenges posed by China and Russia, Prime Minister Liz Truss has said. Truss, who is attending a United Nations summit in New York, highlighted the threats to the international order posed by authoritarian states and said the West must…
5 British Nationals Among Hundreds Freed in Ukraine–Russia Prisoner Swap
September 22, 2022
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Aiden AslinEuropeliz trussprisoner swapRussia-Ukraine WarSaudi ArabiaShaun PinnerUKUkraineVolodymyr ZelenskyyWorld
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Five British nationals held by Russian-backed forces in Ukraine have returned to the UK after being released as part of a prisoner swap. The unexpected prisoner swap on Wednesday involved almost 300 people with 10 foreigners among them, including five British nationals, two U.S. nationals, as well as a Croatian, a Moroccan, and a Swedish…
Tax Cuts Benefit Everyone by Making UK Economy More Competitive: UK Prime Minister
UK Prime Minister Liz Truss has said her tax-cutting plans will make the UK economy more successful and benefit the population in general. Talking to journalists from the Empire State Building in New York on Sept. 20, Truss confirmed that she will be reversing the national insurance hike and axing the planned corporation tax rise…
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