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 Train Services Face Fresh Disruptions Amid Biggest Rail Strike of the Year
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
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AustraliaBusiness & Marketseconomic policieseconomyEuropeInternationalJohn HumphreysKwasi Kwartengliz trussUKWorld
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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…
A Slip of the Tongue
Commentary A member of the British parliament called Rupa Huq was once a university teacher of sociology and criminology, and may therefore be assumed to have, ex officio, a firm grasp of unreality. Such a grasp is no handicap, of course, to a political career, indeed of late seems almost to be a precondition of…
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…
UK Labour MP Suspended for Calling Conservative Minister ‘Superficially’ Black
The UK’s main opposition Labour Party has suspended an MP after she described a Conservative government minister as “superficially” black. In an audio clip published online, Rupa Huq, the MP representing Ealing Central and Acton in west London, was heard discussing the elite school background of Kwasi Kwarteng, who became Britain’s first black chancellor of…
Bank of England Intervenes to Calm Markets as UK Borrowing Costs Soar
September 28, 2022
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Bank of EnglandBusiness & Marketseconomic policieseconomygovernment bondsKwasi Kwartengliz trussMarketstax cutsThe International Monetary Fund (IMF)UKWorld
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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…
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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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…
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…
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