House prices in the UK stabilised in January following a series of monthly falls last year, according to new figures from the Halifax bank. Halifax said the typical property value remained largely unchanged in January 2023 at £281,684, compared with December 2022. The bank’s House Price Index (pdf) recorded 0.0 percent house price growth in…
UK House Prices Stabilised in January, Halifax Figures Show
February 7, 2023
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Business & MarketseconomyGlobal Real EstateHouse Pricesinflationinterest ratesInvestmentKwasi Kwartengliz trussmortgagereal estateUKWorld
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Former Prime Minister Truss Says She Was Not Given ‘Realistic Chance’ to Enact Tax-Cutting Policy
Former British Prime Minister Liz Truss has blamed the “very powerful economic establishment” for her failure to realise her low-tax, high-growth economic vision in her brief time in office. Truss was forced to quit as prime minister in October after just 49 days in Downing Street, as the financial markets were plunged into turmoil after…
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 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…
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…
Pound Rebounds, UK Borrowing Costs Drop as Sunak Becomes Prime Minister
The value of the pound has rallied back to its highest levels since before last month’s crash and the cost of UK government borrowing has decreased, as financial markets react to Rishi Sunak’s appointment as the new UK prime minister. Sterling lifted 1.9 percent higher to 1.149 against the U.S. dollar after the new prime…
Truss Fights for Survival as Prime Minister After Her Economic Plan Ends in Ruins
UK Prime Minister Liz Truss is fighting for her political survival as MPs from her own party turn against her following the catastrophic consequences caused by her economic plan. Truss became prime minister on Sept. 5, but her position has been seriously weakened after her “mini-budget,” which included £45 billion ($50 billion) of unfunded tax…
UK House Prices Reach New High in October Despite Economic Turmoil
House prices in the UK hit a new record high in October despite the continuing uncertainties in interest rates following financial turmoil triggered by the government’s mini-budget. Britain’s housing market had already been showing signs of cooling after a more than 20 percent surge in prices since the start of the COVID-19 pandemic as the…
UK Reverses Tax Cuts, Scales Back Energy Help to Calm Markets
October 17, 2022
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Business & Marketseconomic policieseconomyenergyJeremy HuntKwasi Kwartengliz trussMarketstax cutsUKWorld
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Britain’s new Chancellor of the Exchequer Jeremy Hunt has reversed the tax cuts promised by his predecessor and scaled back support for household energy bills in an attempt to restore financial stability following weeks of market turmoil. Hunt was brought in only last Friday to boost the UK government’s fiscal credibility after former Chancellor Kwasi…
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