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☆ UK property prices: Brits face biggest obstacles in 70 years to buying a first home
▼ + stars: | 2024-04-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“During some periods both the cost of buying (down payments) and the cost of owning (mortgage repayments) have been high. Mortgage rates biteThe average mortgage repayment has rocketed since late 2021 as the Bank of England, along with other major central banks, began jacking up official interest rates to bring down inflation. (The interest rate on some government bonds is used to set mortgage rates). On Monday, the average rate on a two-year fixed-rate mortgage stood at 5.82%, according to data from product comparison website Moneyfacts. “An election is due within the next year and a new government, committed to helping prospective first-time buyers, might start by acknowledging the challenges younger generations face not just in housing but more generally,” the BSA said.

Persons: Liz Truss, “ Organizations: London CNN, Building Societies Association, BSA, Office, National Statistics, Bank of England, UK Finance Locations: United Kingdom, London, England, Wales

☆ Liz Truss, Britain’s Prime Minister, Wants to Break America - The New York Times
▼ + stars: | 2024-04-22 | by ( Tanya Gold | ) www.nytimes.com time to read: +2 min

Liz Truss was the prime minister of Britain for 49 days in 2022, an interregnum between Boris Johnson and Rishi Sunak that was so short it was outlasted by a lettuce. If this were the 19th century, Ms. Truss would have perhaps exiled herself to a country estate where peacocks roamed the grounds or fought her enemies with pistols. (In 1809 the foreign secretary, George Canning, was wounded in a duel with the war minister.) A. Disgrace” — but was never really considered a likely leader of the Conservative Party until her predecessor Mr. Johnson almost burned the party down. (Even Mr. Canning, who survived his wounds and eventually became prime minister, lasted longer.

Persons: Liz Truss, Boris Johnson, Rishi Sunak, Queen Elizabeth II, George Canning, Truss, Truss’s, Margaret Thatcher, ”, Johnson, Canning Organizations: Liberal, Liberal Democrats, European Union, Conservative Party, Bank of England Locations: Britain

☆ Rishi Sunak: Everything seems to be going wrong for British PM
▼ + stars: | 2024-04-20 | by ( Luke Mcgee | ) edition.cnn.com time to read: +6 min

CNN —Life must seem bleak for British Prime Minister Rishi Sunak these days. Sunak has said that he will hold a general election this year, but has yet to confirm its date. It was only voted through by MPs because it has the support of the opposition Labour Party. Anderson is a working-class former miner who is from a part of the country that traditionally votes for the opposition Labour Party. However, Anderson was suspended from the Conservative Party after making comments about the Muslim mayor of London, Sadiq Khan, that Sunak clearly believed were beyond the pale.

Persons: Rishi Sunak, Sunak, –, Boris Johnson, Winston Churchill, It’s, ” Rishi Sunak, Dan Kitwood, Liz Truss, Lee Anderson, Anderson, Elon Musk, Tesla, Kirsty Wigglesworth, doesn’t, Sadiq Khan, Suella Braverman, Braverman, Johnson, Rishi, ” Sunak Organizations: CNN, British, Conservative Party, Labour Party, ”, Conservatives, Allies, Labour, Sunak's, SpaceX, Reuters, Conservative, “, Adidas Samba Locations: Quebec, London, Rwanda

☆ Opinion: Can the party of Winston Churchill really bring about the world’s toughest smoking ban?
▼ + stars: | 2024-04-17 | by ( Opinion Holly Thomas | ) edition.cnn.com time to read: +6 min

London CNN —Last week, former UK Prime Minister Boris Johnson treated a Canadian crowd to a helping of his signature bombast. Second World War-era Conservative British Prime Minister, Winston Churchill, is also one of history's most famous cigar smokers. Central Press/Hulton Archive/Getty ImagesDespite what Johnson may have led his audience to believe, a potential smoking ban enjoys broad popular support in the UK. New Zealand’s conservative National Party introduced a similar phased smoking ban last year, but reversed it before it went into effect to help pay for tax cuts. Smoking costs the NHS an estimated £2.5 billion ($3.1 billion) every year, equivalent to 2% of the health service’s budget.

Persons: Holly Thomas, Katie Couric, London CNN —, Boris Johnson, Winston Churchill, “, It’s, Rishi Sunak, Johnson, YouGov, Conservative backbenchers, Liz Truss, they’d, it’ll, ’ Organizations: Katie Couric Media, CNN, London CNN, Conservative Party Conference, Conservative British, Central Press, Hulton, National Health Service, Conservative, New, National Party, Cancer Research, Tory Locations: London, Quebec, Britain, America, England, Wales, Scotland

☆ How Trump’s tariff plans could kill jobs and worsen inflation
▼ + stars: | 2024-04-11 | by ( Matt Egan | ) edition.cnn.com time to read: +10 min

Trump has floated a 10% across-the-board tariff on imports, a 60% tariff on imports from China and a 100% tariff on foreign cars – including from Mexico. Trump’s proposals, if enacted, could easily set off a new trade war with China and potentially other nations, too. Some economists are warning Trump’s trade agenda and the ensuing retaliation from trading partners would hurt the US economy by worsening inflation, killing jobs, depressing growth and spooking investors. It’s hard to say exactly because there is a lot of uncertainty over how much of Trump’s proposed agenda would actually be enacted. That’s because tariffs tax imports when they come ashore, adding costs for US distributors, retailers and, ultimately consumers.

Persons: he’s, Donald Trump, Trump, ” Alex Durante, Trump’s, ”, Mark Zandi, Goldman Sachs, ” Goldman Sachs, Jan Hatzius, ” Goldman, Janet Yellen, Joe Biden’s, Karoline Leavitt, ” “, ” Leavitt, “, Biden, “ Donald Trump, ” Biden, James Singer, Biden’s, That’s, Durante, Joe Brusuelas, don’t, ” Brusuelas, Brusuelas, Liz, Maury Obstfeld, Obstfeld, Obama, ” Durante Organizations: New, New York CNN —, Tax Foundation, CNN, Trump, China, Bureau of Labor Statistics, Federal Reserve, RSM, Target, Walmart, Peterson Institute for International Economics, International Monetary Fund, US International Trade Commission, “, Obama Locations: New York, China, Mexico, Beijing, United States

☆ Runaway government debt could sink markets and slam the economy, 2 watchdogs warn
▼ + stars: | 2024-03-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US government's ballooning interest payments are eating a hole in its budget, they said. "We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week. While the US isn't at imminent risk of that kind of chaos, bond markets could "snap back" if the government's interest payments soar to $1 trillion in 2026 as expected, Swagel said. AdvertisementHowever, she noted that some experts on Wall Street were "incredibly worried" about the national debt and interest payments. DoubleLine Capital CEO Jeffrey Gundlach has also sounded the alarm on debt payments.

Persons: —, MacGuineas, Philip Swagel, Liz Truss, Swagel, bitcoin, Jim Rogers, George Soros, He's, Jeffrey Gundlach Organizations: Investors, Service, Federal Budget, Fox Business, Congressional, Office, Financial Times, Bank of, CBO, Wall, DoubleLine

☆ US debt: Is America at risk of a Liz Truss-style market meltdown? The CBO thinks so
▼ + stars: | 2024-03-26 | by ( Hanna Ziady | ) edition.cnn.com time to read: +4 min

In an interview with the Financial Times, CBO director Phillip Swagel said US government debt — which the Treasury Department puts at nearly $35 trillion — is on an “unprecedented” trajectory. UK government bonds, or gilts, and the pound sold off sharply, partly in response to plans by Truss to issue more debt in order to pay for tax cuts. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. He has promised to extend his 2017 tax cuts and has also spoken about reducing the corporate tax rate from the current 21% to 15%. “I will make the Trump tax cuts the largest tax cut in history,” he said last month at the Black Conservative Federation’s Honors Gala in South Carolina.

Persons: Phillip Swagel, Liz, ”, Truss, ” Swagel, Dave Ramsden, Donald Trump’s, Joe Biden, Fitch, “, Trump Organizations: London CNN, Congressional, Financial Times, Treasury Department, CNN, Bank of England, Democrats, Trump, Black Conservative, US Treasury, Federal, CBO Locations: United States, United Kingdom, South Carolina

☆ Britain Is Cutting Taxes Again. Why Now?
▼ + stars: | 2024-03-07 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

This year, Jeremy Hunt, the chancellor of the Exchequer, had to consider another priority: the upcoming general election. And so on Wednesday, Mr. Hunt announced that he would cut taxes for nearly 30 million workers. It will save the typical employee about 900 pounds ($1,145) a year, Mr. Hunt said. That’s because the tax cuts announced by the Conservative Party are smaller and, crucially, offset partly by some other tax increases. And Mr. Hunt didn’t announce much additional spending.

Persons: Jeremy Hunt, Hunt, Liz Truss, Hunt didn’t Organizations: National Insurance, Conservative Party

☆ Problems mount for UK PM Rishi Sunak as his party suffers heavy defeat in two parliamentary elections
▼ + stars: | 2024-02-16 | by ( Luke Mcgee | ) edition.cnn.com time to read: +4 min

London CNN —British Prime Minister Rishi Sunak is facing difficult questions after his governing Conservative Party lost two seats in parliament on Thursday. The Conservative Party traditionally beats Labour on issues like economics and immigration. Of particular concern to Conservatives is the rise of Reform UK, the new party of Nigel Farage. As leader of both the UK Independence Party and the Brexit Party, he forced the Conservatives into increasingly right-wing positions. He is honorary president of Reform UK but still has a habit of forcing issues onto the news agenda.

Persons: Rishi Sunak, Sunak, –, Nigel Farage, Farage, David Cameron, Liz Truss, Boris Johnson, isn’t Organizations: London CNN, British, Conservative Party, Labour, Reform UK, Conservatives, UK Independence Party, Brexit Party, UKIP, EU, Conservative, Reform, Sunak Locations: England, France, Israel

☆ Rishi Sunak Back in Hot Seat After Losses, but His Ouster Is Unlikely
▼ + stars: | 2024-02-16 | by ( Mark Landler | Stephen Castle | ) www.nytimes.com time to read: +1 min

Prime Minister Rishi Sunak of Britain could find himself in a familiar predicament after his Conservative Party went down to defeat in parliamentary elections in two districts on Thursday: isolated, embattled and the subject of whispered plotting by restive Tories bent on pushing him out for a new leader. The crushing loss of two seats in once-reliable Conservative areas capped another dismal week for Mr. Sunak. Economic data confirmed on Thursday that Britain had fallen into recession at the end of last year, undermining one of the prime minister’s five core pledges — that he would recharge the country’s growth. Yet the scheming against Mr. Sunak, analysts said, is no more likely to go anywhere than it has during his previous leadership crises. However desperate the political straits of the Conservatives, they would find it hard, at this late stage, to replace their languishing prime minister with someone else.

Persons: Rishi Sunak, Sunak, Liz Truss, Boris Johnson — Organizations: Conservative Party, Conservatives, Conservative Locations: Britain

LONDON (AP) — Voters in two districts in England delivered new blows to beleaguered Prime Minister Rishi Sunak, electing opposition-party lawmakers in seats that Sunak’s Conservatives had held for years. Labour Party candidate Damien Egan won the House of Commons seats of Kingswood in southwest England, and Labour's Gen Kitchen took Wellingborough in the country’s center, results announced Friday showed. The Conservatives won both by large margins at the last national election in 2019 but saw support collapse in Thursday's special elections. The hard-right Reform party — formerly known as the Brexit Party — came third, putting more pressure on the Conservatives. The Conservatives pointed to the low turnout — less than 40% of eligible voters cast ballots — as a sign British electors are not enthusiastic about Labour.

Persons: Rishi Sunak, Damien Egan, Kitchen, —, Brexit Party —, Keir Starmer, Chris Skidmore, Peter Bone, Sunak, Liz Truss, Brexit, Boris Johnson, John Curtice, ” “, ” Organizations: —, Labour Party, Wellingborough, Conservatives, Brexit Party, Labour, Conservative, European Union, University of Strathclyde, BBC Locations: England, Kingswood, Wellingborough

☆ King Charles’ cancer diagnosis: How much should the public be told?
▼ + stars: | 2024-02-07 | by ( Lauren Said-Moorhouse | Max Foster | ) edition.cnn.com time to read: +26 min

King Charles and Queen Camilla are seen leaving Clarence House in London on February 6, the day after it was announced King Charles had been diagnosed with cancer. But Queen Elizabeth and King Charles, they do not want to become the story, they still want to serve their public. In the fullness of time, I would like to think King Charles will talk about his treatment.”Britain's King Charles III poses for a portrait in Buckingham Palace's Throne Room after his official coronation in May 2023. From left are Camilla, Duchess of Cornwall; Prince Charles; Queen Elizabeth II; Prince Philip; Prince William; and Catherine, Duchess of Cambridge. From left are Prince Charles; the Queen; Prince Louis; Catherine, the Duchess of Cambridge; and Princess Charlotte.

Persons: London CNN — Britain’s King Charles III, Buckingham, Charles, King Charles, Queen Camilla, Clarence, Toby Melville, King, Rishi Sunak, Sunak, “, Sunak’s, Charles ’, Chris Jackson, ”, Kate Williams, Joe Biden, Matthew Chattle, survivorship, “ Jill, “ You’re, Anil Rustgi, Herbert, ” Rustgi, Sally Bedell Smith, George VI, ” King George VI, Prince Charles, Prince Harry, Emily Nash, It’s, Princes William, Harry, Andrew, Edward, Anne, Beatrice, Nash, Princess, Wales, She’s, hasn’t, Catherine, ” Williams, Kristina Kyriacou, ITV’s, They’ve, Kyriacou, she’d, Queen Elizabeth, ” Britain's King Charles III, Hugo Burnand, Princess Elizabeth, Elizabeth, Prince Philip, Prince Charles and Princess Anne, Eddie Worth, Margaret, Hulton, Sir Gerald Creasy, Paul Popper, Princess Margaret, Queen Elizabeth II, Prince, Popperfoto, Prince Edward, Princess Anne, Richard Nixon, William Lovelace, Serge Lemoine, David McFall, Anwar Hussein, Tim Graham, Camilla Parker Bowles, Lady Diana Spencer, Princess Diana, William, Diana, David Levenson, Johnny Eggitt, Nelson Mandela, David Thomson, Princess Diana's, Jayne Fincher, Thomas Coex, Adrian Dennis, Chris Ison, Prince of, Camilla, Matt Dunham, Prince William, Kate Middleton, James Devaney, FilmMagic, Andrew Milligan, Barack Obama, Chris Radburn, Duchess of Cornwall, Catherine , Duchess of Cambridge, Dominic Lipinski, Alessandro Bianchi, Mohd Rasfana, Andrew Parsons, Prince Charles , Prince Andrew, Duchess Camilla, Meghan Markle, Jonathan Brady, Max Mumby, He's, Prince George, Princess Charlotte, Prince Louis, Meghan, PoolAP Charles, Tim P, Paul Chiasson, Ben Stansall, Duchess, Cambridge, Hannah McKay, Reuters Charles, Liz Truss, Yui Mok, Queen Consort, Victoria Jones, Volodymyr Zelensky, Zelensky, Aaron Chown, Handout, Dan Kitwood, Andrew Matthews, Sarah Tilotta, Toby Hancock, CNN Charles, Giles, Jane Barlow, Emmanuel Macron, Benoit Tessier, Peter Nicholls, Britain's King Charles III, Estelle Paranque Organizations: London CNN, Clarence House, Reuters, CNN, BBC, British, Getty, Royal, Publishing, Macmillan Cancer, Cancer Research, Herbert Irving Comprehensive Cancer, Presbyterian, Columbia University Irving Medical Center, Topical Press Agency, Royals, CNN’s Royal, Buckingham Palace, Central Press, Hulton, Hulton Deutsch, Westminster Abbey, Keystone, Royal Navy, Queen, Trinity College , Cambridge, Bettmann, Hulton Royals, Cheshire Regiment, Spice, Westminster Hall, Royal Horticultural Society's, Chelsea, London Palladium, BBC Scotland's, Office, Zephyr, Army Air Corps, Sandringham, Royal Air Force, Whitby, Imperial State Crown, Royal Military Academy Sandhurst, Cathedral, Scotland, King, London Clinic, Northeastern University London Locations: London, British, Dubai, United Arab Emirates, Buckingham Palace, United Kingdom, NewYork, Queen, Windsor, Wales, Buckingham, Malta, Westminster, France, Washington, Kenya, West Berlin, Canada, Cirencester, England, Canterbury, India, Manchester, Papua New Guinea, Toronto, AFP, Balmoral, Balmoral , Scotland, Paris, Ashbourne, Ranville, Prince of Wales, Amatrice, Borneo, St, John's, Newfoundland, Labrador, Nyamata, Rwanda, St James's, Hamburg, Germany, Edward's, Edinburgh, Scotland, of Versailles, Versailles

LONDON (AP) — The news of King Charles III's cancer diagnosis has refocused attention on the responsibilities of Britain's monarch and revived a central question about the country's centuries-old system of government: What does the king actually do? Under Britain’s constitutional monarchy, the king is head of state but must remain politically neutral and leave policy-making to the elected Parliament. Another of the monarch's visible duties as head of state is hosting world leaders during their visits to the U.K. Charles is also head of the Commonwealth, a loose association of 56 countries, most of them former British colonies or once under British rule. ___Find more of AP’s coverage of King Charles III at https://apnews.com/hub/royalty

Persons: King Charles III's, Charles, Queen Elizabeth II, Liz Truss, Queen Camilla, Prince William, Princess Anne, Prince Edward . Prince Andrew, Prince Harry, Harry, King Charles III Organizations: U.K, Privy, Commonwealth Locations: Buckingham, England, California

☆ 'Get on board': UK PM Sunak appeals to Lords to deliver his Rwanda asylum law
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +2 min

LONDON, ENGLAND - JANUARY 18: UK Prime Minister Rishi Sunak speaks during a press conference in Downing Street on January 18, 2024 in London, England. He spoke after seeing the Safety of Rwanda Bill pass its third reading in the House of Commons by a majority of 44 last night. Weakened by the failed rebellion that simply underlined the deep divisions in his party, Sunak repeated his mantra that it was time to "stick with the plan", that his "plan was working" and that the opposition Labour Party had "no plan". "The House of Lords must pass this bill. An opinion poll underlined his party's flagging fortunes, putting support for the Conservatives at the lowest level since former Prime Minister Liz Truss was forced from office.

Persons: Rishi Sunak, Rwanda Bill, Stefan Rousseau, Sunak, Liz Truss Organizations: British, Conservatives, Labour Party, Labour Locations: ENGLAND, Downing Street, London, England, Rwanda

☆ Davos: A mountain of debt and a wave of elections. World leaders are hamstrung
▼ + stars: | 2024-01-14 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —World leaders are flocking to Davos this week to pontificate on the planet’s most pressing problems. Even in the absence of a new crisis, soaring debt servicing costs will constrain efforts to tackle climate change and care for aging populations. Mortgage rates and other borrowing costs soared as investors demanded much higher premiums for owning UK debt. Mounting debt and political brinksmanship have already taken their toll on America’s credit rating, which typically affects borrowing costs for the government, businesses and households. And that would increase the government’s borrowing costs.

Persons: worryingly, Michael Saunders, ”, Saunders, that’s, Liz Truss, Dave Ramsden, Fitch, Moody’s, Raghuram Rajan, “ It’s, ” Rajan, Anna Cooban Organizations: London CNN —, Bank, CNN, Oxford Economics, Bank of England, AAA, States ’, Reserve Bank of India, Labour Party, Treasury Department, Federal, University of Chicago Booth School of Business Locations: Davos, Kingdom, Argentina, States, United States, Switzerland

☆ King Charles says world heading for ‘dangerous uncharted territory’ as climate crisis deepens
▼ + stars: | 2023-12-01 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

CNN —King Charles III told world leaders Friday that the warning signs of the climate crisis are being ignored and that the world is heading for “dangerous uncharted territory,” with devastating consequences for lives and livelihoods. The King called for a series of measures, including a ramp-up of public and private finance, to tackle the climate crisis and rapidly increase renewable energy. The King did not attend last year’s COP27 summit in Egypt, after the then UK Prime Minister, Liz Truss advised him against going. CNN understood at the time that, the monarch and government jointly agreed that the climate summit wasn’t the right occasion for the King’s first trip overseas as sovereign. The US announced a commitment of $17.5 million, which some experts and advocacy groups said was “embarrassing.”World leaders including India’s Prime Minister Narendra Modi, Brazil’s President Lula Da Silva, UK Prime Minister Rishi Sunak and Prime Minister of Barbados Mia Mottley are due to address delegates later.

Persons: King Charles III, King, ”, won’t, Liz Truss, Sheikh Mohammed bin Zayed Al Nahyan, “, Narendra Modi, Lula Da Silva, Rishi Sunak, Barbados Mia Mottley, CNN’s Lauren Said, Moorhouse, Angela Dewan, Ella Nilsen Organizations: CNN, UAE, CNN’s Royal, United Arab, US, India’s, Brazil’s, UK Locations: Dubai, Pakistan, Bangladesh, East Africa, Egypt, UAE, United Arab Emirates, Germany, Barbados

☆ As Economy Sputters, U.K. Cuts Taxes Ahead of Election
▼ + stars: | 2023-11-22 | by ( Eshe Nelson | More About Eshe Nelson | ) www.nytimes.com time to read: +2 min

Last week, data showed that Britain’s inflation rate had dropped to 4.6 percent in October, and Mr. Sunak declared victory in his pledge to halve inflation this year. The government’s fiscal credibility was also severely damaged by the unfunded tax cuts of Liz Truss’s short premiership. When he was installed as chancellor a year ago, Mr. Hunt took a cautious approach to the nation’s money and abandoned nearly all of Ms. Truss’s plans. He said there was little scope for spending increases and tax cuts because debt levels needed to be cut and the government had to be careful not to stoke inflationary pressures. Now with the election in sight, Mr. Hunt has found the money to offer some sweeteners in the form of lower taxes and even a freeze on alcohol duty.

Persons: ” Mr, Hunt, Rishi Sunak, Sunak, Liz Truss’s, Truss’s, Stephen Castle Organizations: Bank of England’s Locations: United States, Western Europe

LONDON (AP) — Britain's Conservative government will try to win favor with voters by cutting taxes but avoiding worsening inflation in a budget statement Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Sunak said Monday that his government would “cut tax and reward hard work” but would “avoid doing anything that puts at risk our progress in controlling inflation." Political Cartoons View All 1262 Images“Now that inflation is halved and our growth is stronger — meaning revenues are higher — we can begin the next phase and turn our attention to cutting tax,” he said. The election must be held by January 2025, with speculation focusing on May or sometime next fall. Arguably, cutting personal taxes will make that “journey” more difficult because it would likely raise consumer spending, thereby ratcheting up price pressures.

Persons: —, Rishi Sunak, Sunak, Jeremy Hunt's, ”, “, ” Sunak, Liz Truss, Hunt, There's, hasn't, “ Hunt, Kallum Pickering, Andrew Bailey Organizations: Conservative, Conservative Party, Labour Party, Bank of, Bank of England Locations: Ukraine, Berenberg

☆ British tax cut spells trouble in store for next government
▼ + stars: | 2023-11-22 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

UK Parliament/Jessica Taylor/Handout via REUTERS Acquire Licensing RightsLONDON, Nov 22 (Reuters) - British finance minister Jeremy Hunt's big tax cut surprise could help the ruling Conservatives recover some favour among voters, but it threatens to store up budget problems for whichever party wins power after the expected 2024 election. Combined with his decision to make permanent the incentives for business investment announced earlier this year, Hunt's package of tax cuts would be worth about 20 billion pounds ($25 billion)a year by the 2028/29 tax year. "The giveaways announced today are funded by handing whoever wins the next election implausibly large spending cuts," Torsten Bell, chief executive of the Resolution Foundation, said. Hunt is likely to remain under pressure from within his party to go further with more tax cuts in a final pre-election budget statement expected in March. "There's a material risk that those plans prove undeliverable and today's tax cuts will not prove to be sustainable," Johnson said.

Persons: Jeremy Hunt, Jessica Taylor, Handout, Jeremy Hunt's, Hunt, Liz, Rishi Sunak, Labour Party's, Rachel Reeves, Torsten Bell, Investec, David Jones, Paul Johnson, Johnson, William Schomberg, Elizabeth Piper, Alexander Smith Organizations: REUTERS Acquire, Wednesday, Labour, Conservative, Bank of England, Institute for Fiscal Studies, Thomson Locations: London, Britain, British

☆ UK's Jeremy Hunt to announce tax cuts aimed at reviving stagnant economy
▼ + stars: | 2023-11-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement budget announcement on Wednesday, facing pressure from within the ruling Conservative Party to implement tax cuts as the country's economy stagnates. Hunt will have more money at his disposal than a year ago and is under pressure from the right of his party to enact tax cuts. He is expected to announce reductions in National Insurance and business tax, while one Treasury minister has suggested that personal taxes could also be coming down. While Hunt has not ruled out tax cuts, he has emphasized the fragile state of the economy and reiterated that reducing living costs is the government's priority. The U.K. Treasury last week announced £4.5 billion ($5.6 billion) in funding for British manufacturing to boost investment in eight sectors across the U.K., available for a five-year period from 2025.

Persons: Jeremy Hunt, Rishi Sunak's, Liz Truss, Hunt, Sunak Organizations: Finance, Conservative Party, Bank of England's, National Insurance, Treasury, Labour Party Locations: U.K

[1/5] Chancellor of the Exchequer Jeremy Hunt leaves 11 Downing Street for the House of Commons to deliver his autumn statement, in London, Britain, November 22, 2023. "After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track," Hunt told parliament on Wednesday in his Autumn Statement fiscal update. Hunt pointed to OBR forecasts showing the government would meet its targets for the public finances, leaving open the possibility of further pre-election giveaways to voters in his full budget statement expected in early 2024. Sunak this week promised "responsible" tax cuts, mindful of last year's "mini-budget" turmoil in financial markets triggered by his predecessor Liz Truss's plans for much bigger tax cuts. This time last year, the newly installed Sunak and Hunt raised taxes sharply to quell the bond market mayhem.

Persons: Jeremy Hunt, Stefan Rousseau, Hunt, Rishi Sunak's, Paul Johnson, we've, giveaways, Johnson, BoE, Philip Shaw, Liz Truss's, Muvija M, Paul Sandle, Sarah Young, William James, Elizabeth Piper, Alistair Smout, Andrew MacAskill, James Davey, Suban Abdulla, Farouq Suleiman, Kate Holton, Sumanta Sen, William Schomberg, Catherine Evans Organizations: REUTERS Acquire, Labour, Labour Party, Institute for Fiscal Studies, Gross, Reuters Graphics, Bank of England, Graphics, Thomson Locations: London, Britain, British

☆ UK's Hunt to cut taxes to boost economy and election prospects
▼ + stars: | 2023-11-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Buoyed by a fall in inflation, Hunt plans to use his Autumn Statement budget update speech to parliament to shift the government's focus to fixing the long-running weak growth problem of the world's sixth-biggest economy. The Times reported that Hunt would cut the headline rates of national insurance for around 28 million people and make tax incentives for business investment permanent. After the meltdown in British financial markets last year, triggered by the huge tax cut plans of former prime minister Liz Truss, Hunt and Sunak have promised to move carefully. Hunt and Sunak announced major tax-raising measures a year ago to assuage bond investors after Truss's mini-budget. Many analysts say that in the coming years whoever runs Britain will have to raise taxes further, not cut them.

Persons: Jeremy Hunt, Hunt, Rishi Sunak, Liz Truss, Sunak, William Schomberg, Mark Potter Organizations: Conservative, Labour Party, The Times, Bank of England, Institute for Fiscal Studies, Thomson Locations: Britain

☆ UK borrowing figures give Hunt some room for tax cuts
▼ + stars: | 2023-11-21 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

Government borrowing between April and October totalled 98.3 billion pounds ($122.49 billion), the Office for National Statistics (ONS) said on Tuesday. The data meant borrowing was running about 22 billion pounds higher than in the same period last year but almost 17 billion pounds less than the Office for Budget Responsibility (OBR) forecast in March, giving Hunt some fiscal room for manoeuvre. The ONS said that in October alone, public sector net borrowing, excluding state-owned banks, was 14.9 billion pounds last month. A Reuters poll of economists had pointed to public sector net borrowing, excluding state-owned banks, of 12 billion pounds in the month. The figure was also higher than the OBR's forecast for borrowing of 13.7 billion pounds in the month.

Persons: Jeremy Hunt, Laura Kuenssberg, Isabel Infantes, Hunt, Rishi Sunak, Sunak, Liz, Michal Stelmach, Stelmach, William Schomberg, Kate Holton, Jason Neely Organizations: BBC Broadcasting House, REUTERS, National Statistics, KPMG, Labour Party, ONS, Thomson Locations: London, Britain

☆ UK PM Sunak promises tax cuts after meeting his inflation pledge
▼ + stars: | 2023-11-20 | by ( Alistair Smout | ) www.reuters.com time to read: +3 min

Under pressure from within his traditionally low-tax Conservative Party, Sunak said his government needed to prioritise lowering the tax burden but stressed he would not repeat the unfunded tax cut plan that his predecessor Liz Truss announced last year, triggering turmoil in bond markets. Sunak said the government would cut taxes over time and would not do anything that added to inflation. "You can trust me when I say we can responsibly start to cut taxes," he said. Conservative lawmakers have long called on Sunak to cut taxes to help reduce the gap in the opinion polls with the opposition Labour Party before an election expected next year. Blowing tens of billions of pounds on unfunded spending is just as dangerous as blowing tens of billions of pounds on unfunded tax cuts," he said.

Persons: Rishi Sunak, Jeremy Hunt, Sunak, Liz Truss, Hunt, Sarah Young, Alistair Smout, William Schomberg, Kylie MacLellan, Kate Holton, Christina Fincher Organizations: British, Conservative Party, Data, Conservative, Labour Party, Thomson Locations: Rwanda

LONDON (AP) — U.K. Treasury chief Jeremy Hunt says the government can afford to lower some taxes now that inflation is falling, but that any cuts will come along with a squeeze on welfare benefits. British media have reported that there will be relief for businesses and wealthy property-owners in Hunt’s autumn budget statement on Wednesday. But he cautioned to broadcasters on Saturday that “there’s no easy way to reduce the tax burden. The most likely tax cuts are a reduction in corporation tax and slashing inheritance tax, a move that would help the wealthy. Only about 4% of estates have to pay inheritance tax.

Persons: Jeremy Hunt, Hunt, “, ” Hunt, Rishi Sunak’s, Liz Truss, Ken Clarke, “ I’m, ” Organizations: Treasury, Saturday's Daily Telegraph, Conservative, Rishi Sunak’s Conservative, Bank of England’s, Labour Party, Conservative Treasury Locations: Ukraine

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