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…
British Pound Falls to Record Low Against US Dollar After Tax Cut Plans
UK’s Kwarteng Hints at More Tax Cuts as Starmer Says He Would Reintroduce Top Rate Income Tax
Chancellor of the Exchequer Kwasi Kwarteng said on Sunday that more tax cuts are on the way. It comes after his tax-slashing mini-budget announcement on Friday was met with mixed reactions. In the biggest tax cuts in 50 years, the Chancellor brought forward a planned cut to the basic rate of income tax from 20 pence…
‘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…
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…
Truss Meets New Cabinet After Rewarding Allies in Major Reshuffle
The UK’s new Prime Minister Liz Truss has held her first Cabinet meeting after a major government reshuffle, in which her close allies were rewarded with top Cabinet posts while supporters of her leadership rival Rishi Sunak were expelled. Truss became the UK’s third female prime minister on Tuesday after an audience with Queen Elizabeth…
As Royal Mail Workers Strike, Czech Billionaire Shareholder Faces National Security Probe
Business Secretary Kwasi Kwarteng has told the Royal Mail if Czech billionaire Daniel Kretinsky increases his shareholdings in the company above 25 percent he will face a national security investigation. It comes as 115,000 postal workers went out on strike on Friday after the Royal Mail offered a 2 percent pay rise, which the Communication Workers Union…
Dubai-Owned Ferry Firm Won’t Face Criminal Action Over Sacking of 800 UK Staff
The Dubai-owned company P&O Ferries will not face any criminal action over its decision to sack nearly 800 British workers without notice, the Insolvency Service has said. P&O Ferries, which was bought by Dubai-based logistics giant DP World in 2019, sparked outrage on March 17 when it fired 800 seafarers without any prior notice and…
UK Blocks Takeover of Tech Company Pulsic by Hong Kong-Based Firm Over Security Fears
August 18, 2022
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The British government has blocked a proposed takeover of an electronic design company by a Hong Kong-based firm on national security grounds. In an order issued on Aug. 17, Business Secretary Kwasi Kwarteng ruled that the acquisition of the Bristol-based Pulsic Limited by Super Orange HK Holding Limited should not proceed. Kwarteng said the decision…
Thousands of UK Firms Cut Ties With China Amid Rising Tensions: Industry Group
July 31, 2022
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Thousands of British businesses are cutting their economic ties with China as they anticipate faster decoupling between China and the West, a major UK business group has said. Confederation of British Industry (CBI) Director-General Tony Danker said thousands of companies in the UK are currently rethinking their supply chains in anticipation of hardening anti-China political…
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