Britain’s former Chancellor of the Exchequer Rishi Sunak has announced he will stand in the Conservative Party leadership contest, promising to “rebuild trust” following Boris Johnson’s scandal-laden term in office. Sunak, whose resignation as chancellor on July 5 helped to trigger an avalanche of ministerial resignations, announced his decision on Twitter saying: “Let’s restore trust,…
Ex-Chancellor Rishi Sunak Enters Race to Replace Boris Johnson as Prime Minister
Who Could Replace Boris Johnson as UK Prime Minister?
July 7, 2022
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Ben WallaceBoris JohnsonJeremy Huntliz trussMichael GoveNadhim Zahawi.Rishi Sunaksajid javidTom TugendhatUKWorld
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Boris Johnson has announced his resignation as leader of the UK’s ruling Conservative Party. There will now begin a leadership contest for a new Conservative leader, who will become Britain’s next prime minister. Here are some of the potential frontrunners to replace Johnson as prime minister. Rishi Sunak Rishi Sunak served as chancellor of the…
UK Inflation Reaches 9.1 Percent, Highest for 40 Years
The inflation rate in the UK rose to 9.1 percent in May, remaining at 40-year highs and deepening the squeeze on households, latest data show. According to the Office for National Statistics (ONS), the rate of consumer prices index inflation rose from 9 percent in April to 9.1 percent in May—the highest since early 1982—largely…
UK Economy Contracts in 1st Back-to-Back Monthly Decline in 2 Years
The UK economy contracted in both March and April, the first back-to-back monthly decline since the start of the COVID-19 lockdowns two years ago. According to the latest figures released by the Office for National Statistics (ONS), GDP fell by 0.3 percent in April 2022, after a decline of 0.1 percent in March 2022. The…
UK’s Johnson Hails ‘Decisive’ Win in Confidence Vote
British Prime Minister Boris Johnson has described the results of a confidence vote in his leadership as “convincing” and “decisive,” though over 40 percent of his own Conservative MPs voted against him. Johnson survived a vote of confidence within the ruling Conservative Party on Monday, with 211 MPs backing him and 148 wanting him to…
UK Imposes Windfall Tax on Energy Firms to Fund £15 Billion Relief Package for Households
The UK government has announced a temporary windfall tax on oil and gas giants to fund a relief package for households struggling with rising bills. Chancellor of the Exchequer Rishi Sunak has previously resisted opposition parties’ calls for a windfall tax, warning about the impact it would have on future investment. But he has now…
Petrol and Diesel Prices Hit Record High in UK
May 24, 2022
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Boris JohnsonBusiness & Economyeconomic policieseconomyenergy pricesinflationMarketsRishi SunakUKWorld
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Fuel prices in the UK have continued to hit record highs, official statistics show. The average price of a litre of petrol at UK forecourts was 167.7 pence ($2.1) on May 23, up from 165.1 pence a week earlier, according to new figures released by the Department for Business, Energy, and Industrial Strategy. The average…
Energy Price Rises Push UK Inflation to 40-Year High
Rising energy prices have pushed the UK’s inflation rate to the highest level in four decades, adding to the financial pressure on millions of British households. The Consumer Price Index (CPI) inflation rose to 9 percent in the 12 months to April, up from an already high 7 percent in March, the Office for National…
UK Unemployment Rate Falls to Lowest in 48 Years but ‘Bumpier Ride’ Ahead
The UK’s unemployment rate has dropped to the lowest level in 48 years, but experts say it could well be “the calm before the storm” and the economy may face a “much bumpier ride” ahead. According to the latest data from the Office for National Statistics (ONS), the rate of unemployment dropped to 3.7 percent…
UK to Provide Ukraine With £1.3 Billion in Further Military Support
The UK government has pledged £1.3 billion ($1.6 billion) worth of further military support to Ukraine to sustain the country’s continuing resistance to the Russian invasion. The newly announced package includes £300 million ($370 million) of military equipment promised by Prime Minister Boris Johnson on May 3, such as anti-battery radar systems to target Russian…
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