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The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation. A recession is officially defined as two straight quarters of economic decline. Being in recession is hardly the ideal backdrop for Prime Minister Rishi Sunak as he mulls when to call the election. Higher interest rates help cool the economy by making it more expensive to borrow, thereby bearing down on spending. Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.

Persons: Rishi Sunak, Jeremy Hunt, ”, Hunt, Rachel Reeves, James Smith Organizations: Conservative Party, National Statistics, Labour Party . Treasury, Treasury, Labour, Conservatives, Bank of England Locations: Britain

☆ UK Opposition Labour Party Pledge Productivity Fix in Latest Pitch to Business
▼ + stars: | 2024-01-31 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

LONDON (Reuters) - Britain's opposition Labour Party will pledge to fix Britain's stagnating productivity at a conference for businesses on Thursday, its latest charm offensive to companies and investors ahead of a national election expected this year. Keir Starmer, leader of the left-leaning party, will tell assembled executives that Labour will "get under the bonnet to fix an unprecedented stagnation in British productivity growth." "The depth of the changes we've made to transform the Labour Party's relationship with business is something I take immense pride in," he will say, according to extracts released by the party. Ahead of the conference, the party's finance policy chief Rachel Reeves said that Labour would champion Britain's financial sector and not bring in a new cap on bankers' bonuses. Labour also wants closer economic ties with the European Union, including deeper co-operation with the bloc on financial services.

Persons: Keir Starmer, Rishi Sunak's, Rachel Reeves, Alistair Smout Organizations: Labour Party, Labour, Economic, Conservative, Business, Growth, European Union Locations: Davos

☆ Barclays CEO says difference in Labour and Conservative economic policy is 'fairly minimal'
▼ + stars: | 2024-01-18 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesPolitical risk in the U.K. is "far less than it's ever been" as the difference between the ruling Conservative Party and main opposition Labour on economic policy is "fairly minimal," Barclays CEO C.S. The U.K. is set to hold a General Election later this year, and the latest polling consistently suggests a landslide Labour victory, bringing an end to fourteen years of Conservative rule. "I think the political risk in the U.K. is far less than it's ever been," Venkatakrishnan told CNBC at WEF. The difference in economic policies between the two, and they're both striving to say so, are fairly minimal," he said, referencing two former British leaders.

Persons: Keir Starmer applauds, Paul Ellis, Venkatakrishnan, Keir Starmer, Rishi Sunak's, Rachel Reeves, Margaret Thatcher, James Callaghan, Labour's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Conservative Party, Labour, Barclays, C.S, Conservative, Labour's Shadow, Economic, CNBC Wednesday, CNBC, WEF, British Locations: Liverpool, England, Davos, Switzerland

☆ UK Labour party vows to focus on growth, not taxes in Davos pitch to investors
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUK Labour party vows to focus on growth, not taxes in Davos pitch to investorsLabour Shadow Chancellor Rachel Reeves says the U.K.'s main opposition party will focus on boosting economic growth to increase living standards if it wins the next general election.

Persons: Rachel Reeves Organizations: Labour Locations: Davos

☆ 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 Hunt says won't implement tax cuts that fuel inflation
▼ + stars: | 2023-11-19 | by ( ) www.cnbc.com time to read: +1 min

Jeremy Hunt, Britain's Chancellor of the Exchequer, speaks on the second day of the the Conservative Party Conference on October 02, 2023 in Manchester, England. British finance minister Jeremy Hunt said on Sunday that he would not implement tax cuts that would push up inflation, days before he announces a major budget update that is widely expected to contain tax cuts. The Sunday Times reported that Hunt was considering cutting income tax or national insurance in his Autumn Statement budget update on Wednesday. "The one thing we won't do is any kind of tax cut that fuels inflation," Hunt told Sky News. Rachel Reeves, the opposition Labour Party's finance spokeswoman, said cutting inheritance tax would be the wrong priority in a cost-of-living crisis.

Persons: Jeremy Hunt, Britain's, Hunt, Rachel Reeves Organizations: Conservative Party Conference, Sunday Times, Conservative Party, Sky News, Labour Locations: Manchester, England, British

"We do want to bring down the tax burden but we will only do so responsibly," Hunt told Sky News. "The one thing we won't do is any kind of tax cut that fuels inflation." OPTIONS LIMITED AFTER HEAVY SPENDINGLabour's finance spokesperson Rachel Reeves said cutting inheritance tax would be the wrong priority in a cost-of-living crisis. "Lower taxes on working people - if the government can explain where the money is coming from - is something I would support," Reeves told Sky News. "We want to show people there is a path to lower taxes but we also want to be honest with people this is not going to happen overnight."

Persons: Hunt, Jeremy Hunt, Rishi Sunak, Rachel Reeves, Reeves, Kylie MacLellan, Andy Bruce, Emelia Sithole Organizations: Sunday Times, Labour, Sky News, Times Radio, Institute for Fiscal Studies, Organisation for Economic Co, Development, Britain, Thomson Locations: British

☆ The UK Labour Party has a Biden-esque economic plan — but it's very different to Bidenomics
▼ + stars: | 2023-10-16 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

LIVERPOOL, U.K. - Oct. 11, 2023: Britain's main opposition Labour Party leader Keir Starmer applauds a speaker the final day of the annual Labour Party conference in Liverpool, northwest England, on October 11, 2023. Paul Ellis | Afp | Getty ImagesLONDON — The U.K.'s main opposition Labour Party last week set out the economic platform it hopes will propel it to power at next year's general election, and the transatlantic parallels were clear. Reeves promised last week to "rebuild Britain" as the party seeks to de-risk business investment in emerging technologies with a new national wealth fund, maintaining an active state while harnessing private investment to drive economic growth. Labour's desired parallels to "Bidenomics" were discussed at a host of fringe events throughout the conference in Liverpool, particularly with regards to the "crowding in" of private investment — a Keynesian economic theory that suggests increased government spending can spur increased private investment. Just because the policies may be oriented towards boosting infrastructure and investment, unless they have that debt finance component, it's not Bidenomics."

Persons: Keir Starmer applauds, Paul Ellis, Keir Starmer, Starmer, they're, Rachel Reeves, Joe Biden's, Reeves, Britain —, Biden, Kallum Pickering, Liz Truss, Truss, Rishi Sunak, Pickering, it's Organizations: LIVERPOOL, Labour Party, Afp, Getty, Labour, U.S, Biden administration's, U.S . Treasury, CNBC, Bank of England, Conservative Party, U.S ., University of Pennsylvania Locations: Liverpool, England, America, Britain, Germany, France

☆ London's financial heart is sizing up a win for center-left Labour party at next year's UK election
▼ + stars: | 2023-10-10 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

Bloomberg | Bloomberg | Getty ImagesLIVERPOOL, England — The U.K.'s main opposition Labour party is seeking to woo London's powerful financial center as it sets its sights on winning power at next year's General Election. At the party's conference this week, lawmakers were unanimous in emphasizing Labour's renewed focus under leader Keir Starmer on spurring economic growth as its number one priority. Speaking at a fringe event on Sunday, Shadow Financial Secretary to the Treasury James Murray reiterated the party's mission of achieving the highest growth in the G7 and engaging the private sector. It really is crucial to underpin the encouragement of businesses to invest, to underpin everyone working together for economic growth," Murray added. Shadow Chancellor Rachel Reeves announced a host of new economic pledges aimed at stimulating growth, vowing to "rebuild Britain" if Labour wins the 2024 General Election.

Persons: Keir Starmer, James Murray, Murray, Rishi, Liz Truss's, Kwasi Kwarteng, Rachel Reeves, Reeves, Jeremy Corbyn, Starmer, Emma Reynolds Organizations: Bloomberg, Getty, Labour, Shadow, Conservative Party, Treasury Locations: Canary, London, LIVERPOOL, England, Britain, Liverpool

☆ Labour Party Conference: Meet Keir Starmer, Britain's likely next Prime Minister
▼ + stars: | 2023-10-10 | by ( Luke Mcgee | ) edition.cnn.com time to read: +10 min

At least that’s how it felt in Liverpool, where the opposition Labour Party held its annual conference this week. In front of a packed hall, Labour leader Keir Starmer gave an upbeat speech painting the ruling Conservatives as the party of national decline and Labour as the party of stability. A protestor throws glitter over Labour party leader, Keir Starmer during the leader's speech at the Labour Party conference on October 10, 2023 in Liverpool, England. Shadow chancellor Rachel Reeves makes her keynote speech during the Labour Party Conference in Liverpool on October 9, 2023. The story Labour is telling right now isn’t just the story of Keir Starmer, leader in waiting, but Keir Starmer and his political allies, who are the government in waiting.

Persons: Keir Starmer, “, Ian Forsyth, wilder, Jeremy Corbyn, –, Corbyn’s, Starmer, Corbyn, Boris Johnson’s “, Liz, ”, Queen Elizabeth II, David Lammy, Lammy, he’d, Johnson, Rachel Reeves, Peter Byrne, Jeremy Hunt’s, won’t, Trump, Labour – Organizations: Liverpool CNN, Labour Party, Labour, Conservative, Conservative Party’s, CNN, Conservative Party, Northern, Conservatives ’, Government, University of Leeds, Oxford, Cambridge, Public Prosecutions, Labour Party Conference, Corbyn, Biden, Conservatives Locations: Liverpool, Manchester, England, Corbyn, Israel, Britain, America, Germany, Labour’s

☆ UK opposition Labour announces sweeping economic reforms in promise to 'rebuild Britain'
▼ + stars: | 2023-10-09 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

LIVERPOOL, England — Britain's main opposition Labour party on Monday vowed to "rebuild Britain" if it wins the 2024 General Election, as Shadow Finance Minister Rachel Reeves announced a host of new economic pledges aimed at stimulating growth. The lifeblood of a growing economy is business investment," Reeves said, further cementing the party's recalibration in recent years as a centrist, pro-business alternative to the ruling Conservatives. Truss and then-Chancellor Kwasi Kwarteng opted not to seek an independent appraisal from the OBR, breaking with traditional norms of economic policy. Labour holds around a 20-point lead over the Conservatives across most major polling, with the ruling party damaged by a string of scandals and the fallout from Sunak's predecessor Liz Truss's "mini-budget." In order to catalyze and de-risk business investment, Labour would create a new national wealth fund, Reeves also announced.

Persons: Rachel Reeves, Jeremy Hunt, Reeves, Liz Truss, Kwasi Kwarteng, Rishi Sunak, Liz Truss's Organizations: Labour, Shadow, Conservative Party Locations: LIVERPOOL, England, Britain, Liverpool, France, Germany, America

☆ Britain's Labour plans to 'rewire' the country, ease grid delays
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

LIVERPOOL, England Oct 8 (Reuters) - Britain's opposition Labour Party on Sunday said it would speed up connections to the country's National Grid network as part of investment in clean energy infrastructure and to ease delays electricity companies face. Labour said that its plans "to rewire" Britain would remove barriers to connections and "facilitate the largest upgrade to national transmission infrastructure in a generation". "Labour will turbocharge our growth, get Britain building and unlock private sector investment by speeding up the grid." Labour said the plans would contribute to its overall target to cut 93 billion pounds from UK energy bills by 2030. Under the plans, GB Energy will also coordinate the launch of tenders for the supply chain that the revamped grid system will need.

Persons: Keir Starmer, Rishi Sunak, Rachel Reeves, Alistair Smout, Barbara Lewis Organizations: LIVERPOOL, Labour Party, Labour, GB Energy, Conservative, Energy, Thomson Locations: England, Liverpool, Britain

☆ To fix Britain, Labour will need new debt rules
▼ + stars: | 2023-09-29 | by ( Francesco Guerrera | ) www.reuters.com time to read: +7 min

Having fiscal rules – and sticking to them – is crucial for governments. The Bank of England expects anaemic GDP growth of 0.5% next year and 0.25% in 2025, and long-term growth of just 1%. Reuters Graphics Reuters GraphicsThe Labour leadership is concerned that rewriting debt rules would unsettle bond investors still scarred by Truss’s fiscal follies. What Britain’s next government shouldn’t do is obsess about restrictive fiscal rules at the expense of investments that could get the country out of its current hole. The reports said that Sunak was looking at scrapping the portion of the project linking the northern cities of Manchester and Birmingham because costs have been soaring from the original 55.7 billion pounds to an estimated 106 billion pounds.

Persons: Grant Shapps, Liz Truss, Rishi Sunak, Jeremy Hunt, Hunt, Keir Starmer, Worth ”, Ian Ball, Willem Buiter, John Crompton, Dag Detter, Jacob Soll, Crompton, Breakingviews, PSNW, –, Rachel Reeves, Labour’s, “, Reeves, Britain’s, Sunak, George Hay, Oliver Taslic Organizations: Reuters, Sunday, Sky News, Labour, Conservative, Bank of England, Sunak’s, Worth, Reuters Graphics Reuters, Britain’s, Thomson Locations: Britain, New Zealand, Zealand, Manchester, Birmingham

☆ Uxbridge by-election: In Boris Johnson's back yard, Britons are desperate for a change
▼ + stars: | 2023-07-18 | by ( Rob Picheta | ) edition.cnn.com time to read: +11 min

A mid-term by-election to replace Johnson is taking place on Thursday, alongside two other by-elections to replace MPs elsewhere in the country. Boris Johnson is seen on a walkabout in Uxbridge in 2020, during his time as prime minister. Inside, the owner told CNN: "They're all the same ... Johnson’s company ran the first major opinion poll ahead of the Uxbridge by-election, which found a solid but assailable eight-point lead for Labour. Labour leader Sir Keir Starmer (far right) and Shadow chancellor Rachel Reeves (right) on a campaign visit with Danny Beales, the local Labour candidate (back center).

Persons: Mike Okoli, ”, Okoli, Boris Johnson –, Johnson, “, ” Okoli, Rob Picheta, CNN Johnson, Manoj Supeda, I’ve, hasn’t, ‘, ’ He’s, Supeda, Johnson’s, ” Supeda, “ It’s, ” Manoj Supeda, Tony Blair, Labour's, Brexit, CNN Okoli, he’s, “ I’ve, Sonia Caetano, Boris Johnson, Stefan Rousseau, there’s, ” Caetano, Danny Beales, We've, Caetano, Keir Starmer, Steve Reed, Piers Corbyn, Jeremy Corbyn, Steve Tuckwell, ” Tuckwell, Reed, ” Reed, They’re, Mick, Starmer, “ We’re, we’re, ” James Johnson, Theresa May’s, Sir Keir Starmer, Rachel Reeves, ” Tracy Peabody Organizations: United Kingdom CNN, European Union, CNN, Labour Party –, Tories, Labour, Conservatives, Britain, Uxbridge, Beales, London’s Labour, Conservative, Hillingdon Hospital, CNN ‘ Labour, “, Press Association Locations: Uxbridge, United Kingdom, Nigeria, Caribbean, London, South Ruislip, Britain, “, Okoli, Portuguese, Yiewsley, Portugal, Covid, Ukraine, Hillingdon, Ruislip Manor

☆ Securonomics is fuzzy new lodestar for investors
▼ + stars: | 2023-06-02 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

During the era of free trade and financial liberalisation, the politicians danced to the economists’ tune. President Joe Biden’s National Security Advisor explained that the era of unqualified support for free markets is over. The state will explicitly subsidise “specific sectors that are foundational to economic growth (or) strategic from a national security perspective,” Sullivan explained. Internationally, meanwhile, free trade is no longer the pole star. Sullivan’s 5,000-word speech devoted just three sentences to the World Trade Organization.

Persons: Rachel Reeves, Jake Sullivan, Joe Biden’s, ” Sullivan, Jacob Soll, Jean, Baptiste Colbert, Alexander Hamilton, Adam Smith, securonomics, Colbert, Hamilton, Christine Lagarde, Lagarde, ”, Soll, Peter Thal Larsen, Pranav Kiran Organizations: Reuters, Labour, Bank of England, White, U.S . Treasury, U.S . Trade Representative, Joe Biden’s National, Biden, offshoring, World Trade Organization, Industries, BAE Systems, Dow, Aerospace, Defense, U.S, Treasury, University of Southern, European Central Bank, Soviet, Russia, Thomson Locations: Washington, Tellingly, States, French, Scottish, University of Southern California, China, United States, Europe, Saudi Arabia

☆ 'It's a no-brainer': U.S. beats UK investment scene, says British MP, calling for radical overhaul
▼ + stars: | 2023-05-18 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Rachel Reeves, Britain's shadow Finance Minister, has said that the current U.K. business landscape pales in comparison to that of the U.S.Britain's shadow finance minister on Tuesday lambasted the country's business environment under the current Conservative government, saying that companies currently deciding whether to invest in the U.K. or in the U.S. faced "a no-brainer" decision. "Businesses say to me: if we've got a choice between investing in the U.S. or investing in the U.K., I'm afraid, at the moment, it's a no-brainer," Reeves said at a conference hosted by the Chartered Management Institute. "The deeper capital markets, as well as the government support for those growing industries, means investment in the U.S. makes sense in a way that it does not in the U.K.," she said. Reeves said that under Labour leadership, Britain would implement a "modern industrial strategy" encouraging the government and businesses to work in partnership. "At a time of huge change, we've got to have a business and government partnership to seize some of these big opportunities that are out there for the taking," she said.

☆ UK's Labour attacks planned pension changes as giveaway to the rich
▼ + stars: | 2023-03-16 | by ( Kate Holton | ) www.reuters.com time to read: +3 min

LONDON, March 16 (Reuters) - Britain's opposition Labour Party vowed on Thursday to reverse the government's planned pension changes, saying they were a giveaway to the top 1% of pension savers at a time when many households are being hit by tax increases and high inflation. "The budget was a chance for the government to unlock Britain's promise and potential," Rachel Reeves, Labour's would-be finance minister said. Some long-serving senior doctors have cut back their hours or retired early as they near the lifetime pension limit, adding to strains in the National Health Service (NHS). The focus on tax support for the wealthiest had echoes of the criticism that met the "mini-budget" of former Prime Minister Liz Truss and her finance minister Kwasi Kwarteng in September. They were later forced to reverse their plan to scrap the top rate of income tax for Britain's highest earners.

☆ Hunt, hemmed in by debt, set to focus on growth in UK budget
▼ + stars: | 2023-03-14 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

Instead, hemmed in by his promise to lower the burden of Britain's 2.5 trillion pounds ($3.0 trillion) of debt, Hunt will seek to tackle some of the causes of Britain's long-term economic funk. "In the autumn we took difficult decisions to deliver stability and sound money," Hunt is due to say, according to excerpts of his budget speech. "Today, we deliver the next part of our plan: a budget for growth," he adds. Labour's would-be finance minister, Rachel Reeves, sought to keep the heat on Hunt by calling for urgent action now. In an attempt to soften that tax hit, Hunt has hinted at new incentives for business investment.

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. "Silicon Valley Bank cannot be allowed to fail given the vital community it serves," Bank of London co-founder and CEO Anthony Watson said. But an executive at a major UK bank said it was unlikely a high street lender would buy SVB UK because its credit products would not be a good fit for a mainstream bank. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Sunak has said he wants to turn Britain into the "next Silicon Valley".

☆ UK races to minimise SVB fallout amid reports of potential buyers
▼ + stars: | 2023-03-12 | by ( Andrew Macaskill | ) www.reuters.com time to read: +6 min

[1/2] A notice hangs on the door of Silicon Valley Bank (SVB) located in San Francisco, California, U.S. March 10, 2023. SoftBank-owned lender OakNorth Bank is weighing a bid to buy Silicon Valley Bank UK Ltd, a person with knowledge of the talks told Reuters, confirming a Sky News report. EXISTENTIAL THREATMore than 250 UK tech firm executives signed a letter addressed to Hunt on Saturday calling for government intervention and warned of an "existential threat" to the UK tech sector, a copy seen by Reuters shows. Hunt reiterated comments by the BoE that overall, Silicon Valley Bank had a limited presence in Britain and did not perform functions critical to the financial system. Sunak has said he wants to turn Britain into the "next Silicon Valley".

☆ UK's shortest-serving PM Liz Truss blames economic 'orthodoxy' for downfall
▼ + stars: | 2023-02-05 | by ( ) www.reuters.com time to read: +3 min

LONDON, Feb 5 (Reuters) - Former British prime minister Liz Truss blamed on Sunday the economic "orthodoxy" in the country's finance ministry, other nations and in parts of the governing Conservative Party for derailing her premiership and "plan for growth". But she was not successful, she wrote, because she had underestimated "the blob of vested interests" and orthodoxy. "As I had spelled out during the leadership campaign, I wanted to go for growth ... But this was not in line with the instinctive views of the Treasury (finance ministry) or the wider orthodox economic ecosystem." Grant Shapps, business minister, said everyone wanted lower taxes but Prime Minister Rishi Sunak's government had to focus on reducing debt, bringing down inflation and boosting growth first.

☆ UK Labour leader Starmer slams PM's Davos no-show, touts new 'inverse OPEC' alliance
▼ + stars: | 2023-01-19 | by ( Elliot Smith | ) www.cnbc.com time to read: +3 min

DAVOS, Switzerland - Jan. 19, 2023: Keir Starmer, leader of the Labour Party, during a CNBC panel session on day three of the World Economic Forum (WEF). Stefan Wermuth/Bloomberg via Getty ImagesU.K. opposition Labour Party leader Keir Starmer on Thursday hit out at Prime Minister Rishi Sunak for opting not to attend the World Economic Forum in Davos, Switzerland. On a CNBC-moderated panel in Davos, Starmer said he had been meeting with business leaders and policymakers to promote the idea of a Clean Power Alliance should Labour win the next general election in 2024. "I think our prime minister should have showed up — I absolutely do. 'Inverse OPEC' Labour holds a massive polling lead over Sunak's ruling Conservative Party ahead of the next general election slated for 2024.

☆ Davos 2023: UK Labour signals pragmatism over divergence on EU
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] Britain's Labour leader Keir Starmer and the party's financial chief Rachel Reeves walk to a meeting during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 19, 2023. REUTERS/Arnd WiegmannDAVOS, Switzerland, Jan 19 (Reuters) - Britain's opposition Labour party, ahead in polls with an election due in less than two years, said that in government it would favour pragmatism over divergence for its own sake in dealings with the European Union. Labour has ruled out seeking to re-enter the EU's single market. She added: "Having to certify things twice, once for the UK once for the EU, is another cost that frankly we could do without." Reporting by Mark John in Davos; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Davos 2023-'Open for business' Labour slams PM Sunak no-show
▼ + stars: | 2023-01-19 | by ( Brenda Goh | ) www.reuters.com time to read: +3 min

DAVOS, Switzerland, Jan 19 (Reuters) - British Labour Party leader Keir Starmer set out his green growth plan in Davos on Thursday and criticised British Prime Minister Rishi Sunak for not showing up at the annual meeting of the World Economic Forum. "Somebody has got to be an ambassador for Britain and the prime minister and the chancellor are not here," she told a separate audience referring to finance minister Jeremy Hunt. "We are here to send a message that at the next election ... the British economy will be open for business again." Although Sunak did not attend the event, the British government did send Trade Minister Kemi Badenoch and Business Minister Grant Shapps to Davos. And former Prime Minister Boris Johnson also made an appearance, which he used to urge Britain's allies to double down on sending military equipment to Ukraine.

He froze until 2028 a threshold at which employers start to pay social security contributions, which will cost companies more. Public spending would grow more slowly than the economy but rise in overall terms, he said. It now expects gross domestic product to contract by 1.4% next year compared with its projection in March for growth of 1.8%. The OBR forecasts GDP growth of 1.3% in 2024 and 2.6% in 2025, compared with previous forecasts of 2.1% and 1.8% respectively. Thursday's forecasts by the OBR showed that target would be met in the 2027/28 financial year.

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