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United Kingdom

Mini-budget has 'inflicted lasting damage' on UK's Conservative Party

Kwasi Kwarteng on Monday made a u-turn on a proposal to give a tax cut to the rich, saying "we get it, and we have listened."

United Kingdom

UK announces U-turn on plans to abolish top rate of income tax

"We get it, and we have listened," said UK Chancellor Kwasi Kwarteng, announcing the U-turn.

United Kingdom

'Trust me' says Truss after budget havoc and as UK energy bills rise

The British prime minister insists the government has a "clear plan" that is "right for the country" after its mini-budget caused market turmoil and an opinion poll nosedive

United Kingdom

UK PM Truss defends tax-cutting budget despite market turmoil

The Bank of England made an emergency intervention on Wednesday after warning of a "material risk to UK financial stability".

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Economy

Market turmoil over Truss tax cut plan 'could hit Europe's economy'

The UK pound tumbled on Monday while the cost of borrowing soared to a higher level than that in Greece or Italy, the eurozone's most indebted members.

Business

British pound hits record low against US dollar

It dipped as low as $1.0349 per US dollar early Monday but then rebounded to $1.07.

United Kingdom

Royal mourning gives a boost to local businesses in London

Visitors crowding into central London from as far away as the US and India are giving a boost to businesses at a time when the British economy is facing a cost-of-living crisis

United Kingdom

'Breaking point': Record numbers at risk of homelessness in UK

A surge in 'no fault' evictions at the start of 2022 has left a record number of people at risk of homelessness in the UK.

Culture news

Booming UK film industry threatened by skill shortages

21,000 more staff are needed by 2025 to make films and TV in the UK, according to a report.

Money

A new stablecoin is ready to hit the UK amid the crypto crash

GBPT will launch in early July and will be built on the Ethereum blockchain.

United Kingdom

Brexit will make UK workers poorer over next decade, report says

An academic report "The Big Brexit" says some negative impacts on trade cannot be explained by the pandemic and is down to the UK's departure from the EU.

United Kingdom

UK government unveils budget for 'post-COVID economy'

The Chancellor of the Exchequer said that "this budget is focused on investment and a more innovative and skilled economy," but the opposition has railed against tax cuts for banks and short-haul flights.

United Kingdom

UK: Business urges Johnson to put flesh on bones of post-Brexit vision

The UK prime minister outlined a vision for a "high wage, high skill, high productivity and low tax economy" but gave no details of how he intends to achieve it.

United Kingdom

Boris Johnson lauds UK's 'fastest' COVID vaccination campaign

Johnson said that wealth creators, companies and bankers were the reason the vaccine was available so quickly, and "should be praised, not vilified'.

United Kingdom

UK job vacancies hit record high following restrictions lift

The number of job vacancies rose to over 950,000 — the highest level since records were started in 2001.

Travel News

Boris Johnson: We need to get the travel industry moving again

The UK looks set to introduce a new set of 'simple' travel restriction categories, including 'amber watchlist'.

United Kingdom

China overtakes Germany to become UK's largest import partner

Uncertainty over Brexit and the COVID-19 pandemic have hit Britain's imports from Germany but boosted those from China.

United Kingdom

UK economy shrinks by only 1.5% in first quarter despite lockdown

According to official statistics, the economy even managed to grow by 2.1 per cent in March when the country began easing some restrictions

United Kingdom

UK economy to record best year since 1941, Bank of England says

The Bank of England said that its revised forecast — it previously estimated that the UK economy would grow by 5 per cent this year — was down to the country's fast vaccine rollout which should enable the economy to reopen quicker than initially thought.

United Kingdom

Brexit: Quarter of small UK firms have temporarily suspended EU sales

Increased paperwork and border checks have put small UK businesses under strain and left them wondering if exporting to the bloc is worth the hassle, a new survey shows.