UK Chancellor of the Exchequer Jeremy Hunt has ruled out “significant” tax cuts in the next budget as he put the top priority on reducing inflation. In a speech at Bloomberg’s London headquarters on Friday, Hunt said reducing inflation was the “only sustainable way to restore industrial harmony” in Britain as he suggested tax cuts…
UK Chancellor Rules Out Significant Tax Cuts as He Focuses on Cutting Inflation
UK’s Sunak Sets Out Ambitions for Economy, Health, Immigration in Keynote Speech
UK Prime Minister Rishi Sunak has set out five pledges for the year ahead, vowing to tackle major issues ranging from inflation to illegal immigration. In his first major speech of 2023, Sunak acknowledged that many Britons are looking ahead to the future “with apprehension,” and promised he will work “night and day” to improve…
UK Foreign Secretary Pledges Continuing Support for Ukraine During Kyiv Trip
Foreign Secretary James Cleverly has promised that the UK will continue to support Ukraine in its resistance against the Russian invasion. Cleverly met Ukrainian President Volodymyr Zelenskyy during a visit to Kyiv, just days after Prime Minister Rishi Sunak travelled to the Ukrainian capital and announced a £50 million ($60 million) package of defensive military…
Everyone Should Reduce Energy Consumption Amid Crisis, UK Chancellor Says
UK Chancellor Jeremy Hunt has urged people to reduce their energy consumption so that Britain is not susceptible to disruptions in international energy supplies. Talking to the Treasury Committee of the House of Commons on Nov. 23, Hunt warned that people will “have to take responsibility for their energy bills” and reduce their usage or…
UK Rail Union to Stage Series of Strikes During Festive Season
A British rail union has said it will stage a series of 48-hour strikes during the festive season in December and January in a long-running dispute over jobs, pay, and conditions. More than 40,000 members of the Rail, Maritime, and Transport (RMT) union across Network Rail and 14 train operating companies will strike on Dec….
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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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’s Sunak Says ‘More Must Be Done’ After Climate Deal at COP27 Summit
UK Prime Minister Rishi Sunak has said that “more must be done” on climate change, after a last-minute deal was reached at the COP27 climate summit in Egypt. Officials and negotiators agreed a deal in the early hours of Nov. 20 to create a fund to “compensate” poor nations that claim to be victims of…
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…
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…
Moscow Pushes Claims of British Complicity in Black Sea, Baltic Attacks
Russia dropped a bombshell late last month when it claimed an attack on its Black Sea Fleet had been carried out with the aid of “British specialists.” Moscow went on to assert that the same unit of “specialists” had also played a leading role in a September attack on its Nord Stream gas pipeline. London,…
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