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☆ Thames Water: Britain’s biggest water company left in the lurch by shareholders
▼ + stars: | 2024-03-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Investors are refusing to inject billions in new money into Britain’s biggest water company, leaving the beleaguered business at risk of an emergency government takeover. “After more than a year of negotiations with the regulator, Ofwat has not been prepared to provide the necessary regulatory support for a business plan which ultimately addresses the issues that Thames Water faces,” the shareholders said. In its turnaround plan published in October, Thames Water, which is saddled with £14 billion ($17.7 million) in debt, proposed to jack up the average annual customer bill by 40% by 2030. The first £500 million ($630 million) of that sum was due by Sunday, March 31. “Based on the feedback provided by Ofwat to Thames Water to date, the regulatory arrangements that would be expected to apply to Thames Water… make the (turnaround plan) uninvestible,” the utility said in a statement Thursday.

Persons: Ofwat, Chris Weston, “, Jeremy Hunt, Weston, ”, Olesya Dmitracova Organizations: London CNN — Investors, Ofwat, Thames, Water, Reuters, Government, BBC Locations: Thames, London, England, China, Abu Dhabi, British, Wales

☆ UK budget announcement is 'careful and thoughtful,' ex-finance minister says
▼ + stars: | 2024-03-06 | 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 budget announcement is 'careful and thoughtful,' ex-finance minister saysFormer British finance minister Philip Hammond discusses the latest U.K. budget announcement, including the abolishment of the non-domiciled tax status.

Persons: Philip Hammond Locations: British

☆ 'Last chance saloon': UK finance minister expected to pledge pre-election tax cuts
▼ + stars: | 2024-03-04 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

British Finance Minister Jeremy Hunt said earlier this month the U.K. would not enter a recession this year. LONDON — Economists expect U.K. Finance Minister Jeremy Hunt to use a small fiscal windfall to deliver a modest package of tax cuts at his Spring Budget on Wednesday. However, the big questions over tax cuts remain heading into Wednesday's statement. Raja suggested the finance minister will err on the side of caution in loosening fiscal policy, favoring supply side support over boosting demand. "Therefore, tax cuts to national insurance contributions (NICs) and changes to child benefits are more likely to come in the Spring Budget (in contrast to earlier expectations of income tax cuts)."

Persons: Jeremy Hunt, Hunt, Sanjay Raja, Raja Organizations: British, LONDON, Finance, Budget, Conservative, Labour Party, Treasury, Independent, Deutsche Bank, Bank of England

☆ Former UK finance minister joins Coinbase crypto exchange as an advisor
▼ + stars: | 2024-01-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Former British Chancellor George Osborne addresses guests during a visit to the Manchester Chamber of Commerce on July 1, 2016 in Manchester, England. LONDON — A former British finance minister on Wednesday joined cryptocurrency exchange Coinbase as a global advisor, beefing up the company's regulatory bargaining power at a time when it faces severe scrutiny stateside. Coinbase announced that George Osborne, who served as Britain's chancellor of the exchequer from 2010 to 2016, will join the company on its global advisory council. Faryar Shirzad, Coinbase's chief policy officer, said the company was "pleased to have George join our council at an exciting time for us in the U.K. and globally." We look forward to relying on his insights and experiences as we grow Coinbase around the world," Shirzard added.

Persons: George Osborne, beefing, He'll, Mark Esper, Patrick Toomey, Coinbase, George, Shirzard, Osborne Organizations: Manchester Chamber of Commerce, Wednesday, Coinbase, of Defense Locations: Manchester, England, British, Coinbase

☆ IMF warns British government against more tax cuts
▼ + stars: | 2024-01-30 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. government should not introduce further tax cuts this year, the International Monetary Fund said Tuesday, as its chief economist argued the national budget needed the money for public services and growth-friendly investments. "In that context, we would advise against further discretionary tax cuts, as envisioned or discussed now," he said. An IMF spokesperson separately said the U.K. had higher spending needs across public services and investments than were currently reflected in the government's budget plans. Hunt announced several tax cuts in his fall budget, and made several suggestions he wants to introduce more in the spring. The IMF on Tuesday forecast 0.6% growth for the U.K. economy this year, up slightly from an estimated 0.5% figure for 2023.

Persons: Jeremy Hunt, Pierre, Olivier Gourinchas, Hunt Organizations: British, LONDON, International Monetary Fund, National Health Service, IMF, Conservative, Conservatives, Labour

☆ UK inflation rate surprises with rise to 4%, led by alcohol and tobacco
▼ + stars: | 2024-01-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Andresr | E+ | Getty ImagesLONDON — U.K. inflation unexpectedly nudged upwards to 4% year-on-year in December, fueled by a rise in alcohol and tobacco prices. Economists polled by Reuters had expected a modest decline in the annual headline CPI to 3.8%, after November's sharper-than-expected fall to 3.9%. The closely watched core CPI figure — which excludes volatile food, energy, alcohol and tobacco prices — came in at an annual 5.1%, above a 4.9% Reuters forecast and unchanged from November. "This unexpected rise in inflation is a timely reminder that the struggle against soaring inflation is not yet over, particularly given stubbornly high core and services inflation," said Suren Thiru, economics director at ICAEW. "While inflation may rise again in January, following the increase in Ofgem's energy price cap, it should fall at a decent pace thereafter, aided by the expected drop in energy bills from April and lower food inflation."

Persons: Jeremy Hunt Organizations: Reuters, National Statistics, British, Bank of England Locations: U.S, France, Germany

☆ UK and Switzerland sign post-Brexit financial services deal
▼ + stars: | 2023-12-21 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The U.K. and Switzerland are deepening the ties between their financial services sectors with a new post-Brexit deal. Sopa Images | Lightrocket | Getty ImagesLONDON — The U.K. and Switzerland on Thursday signed a post-Brexit financial services deal designed to bring two of Europe's largest banking centers closer together. He added that the mutual recognition accord, dubbed the Bern Financial Services Agreement, would provide a "blueprint" for future deals with other countries. As such, financial services providers and insurers will be able to offer certain cross-border activities in both Switzerland and the U.K. Meanwhile, U.K. advisors will be permitted to "temporarily serve" wealthy clients locally in Switzerland without registering in the country.

Persons: Jeremy Hunt, Hunt, Karin Keller, Sutter Organizations: Getty, British, CNBC, European Union, Swiss, U.K, City Locations: Switzerland, Britain, Bern, City of London

☆ UK's Hunt says he hopes to reverse public investment freeze
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

[1/2] British Chancellor of the Exchequer Jeremy Hunt speaks at the Resolution Foundation, in London, Britain December 4, 2023. REUTERS/Hollie Adams Acquire Licensing RightsLONDON, Dec 4 (Reuters) - British finance minister Jeremy Hunt said on Monday that he hoped in future to reverse the decline in public investment which is forecast in the government's latest budget plans. "I don't think you want declining public investment. And I very much hope we'll be able to get back into a place where we don't have to do that," Hunt said at an event hosted by the Resolution Foundation think tank. In government budget forecasts published last month, British public sector net investment is forecast to fall steadily from 2.6% of gross domestic product in the current financial year to 1.8% in the 2028/29 financial year.

Persons: Jeremy Hunt, Hollie Adams, we'll, Hunt, Keir Starmer, David Milliken, Kate Holton Organizations: REUTERS, Labour Party, Labour, Thomson Locations: London, Britain, British

[1/2] Former UK finance minister (Chancellor of the Exchequer), Alistair Darling, poses for a photograph in Edinburgh, Scotland, Britain, Aug 31, 2018. REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsLONDON, Nov 30 (Reuters) - Former British finance minister Alistair Darling, who steered the country's economy and banking system through the shock of the global financial crisis in 2007-08, has died aged 70 after undergoing treatment for cancer, his family said on Thursday. Darling was named chancellor of the exchequer by former prime minister Gordon Brown in June 2007, just as the crisis was brewing at leading financial institutions. "I never met anyone who didn't like him," Brown's predecessor as prime minister, Tony Blair, said. "Darling's passing is a huge loss to us all," said Britain's present prime minister Rishi Sunak, from the centre-right Conservative party.

Persons: Alistair Darling, Russell Cheyne, Darling, Gordon Brown, Brown, Margaret, Calum, Anna, Tony Blair, Lehman, Rishi Sunak, Muvija, Kate Holton, Andrew Heavens Organizations: REUTERS, Royal Bank of Scotland, Lloyds TSB, Labour Party, Treasury, Western General Hospital, Loretto School, Aberdeen University, The Guardian, Lehman Brothers, Conservative, Thomson Locations: Edinburgh, Scotland, Britain, British, United Kingdom

☆ Greece PM Laments Lack of Progress With UK on Parthenon Sculptures
▼ + stars: | 2023-11-26 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +2 min

LONDON (Reuters) - Talks over a possible return of the British Museum's Parthenon Sculptures to Athens are not advancing quickly enough, Greek Prime Minister Kyriakos Mitsotakis said on Sunday as he prepared to meet British Prime Minister Rishi Sunak this week. Athens has long campaigned for the return of the Elgin Marbles, as they are often described. The 75 metres of Parthenon frieze, 15 metopes and 17 sculptures were removed by diplomat Lord Elgin in the early 19th century, when he was ambassador to the Ottoman Empire then ruling Greece. "We have not made as much progress as I would like in the negotiations," Mitsotakis told BBC television on Sunday. The Financial Times last week reported that Starmer would not block a "mutually acceptable" loan deal for the sculptures.

Persons: Kyriakos Mitsotakis, Rishi Sunak, Lord Elgin, Mitsotakis, we've, George Osborne, Sunak, Keir Starmer, Starmer, William Schomberg, Lefteris Papadimas, David Goodman Organizations: British, Elgin, BBC, Museum, Labour Party, Financial Locations: Athens, Ottoman Empire, Greece, British

☆ Greece PM laments lack of progress with UK on Parthenon Sculptures
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +2 min

[1/3] An employee views examples of the Parthenon sculptures, sometimes referred to in the UK as the Elgin Marbles, on display at the British Museum in London, Britain, January 25, 2023. Athens has long campaigned for the return of the Elgin Marbles, as they are often described. The 75 metres of Parthenon frieze, 15 metopes and 17 sculptures were removed by diplomat Lord Elgin in the early 19th century, when he was ambassador to the Ottoman Empire then ruling Greece. "We have not made as much progress as I would like in the negotiations," Mitsotakis told BBC television on Sunday. The Financial Times last week reported that Starmer would not block a "mutually acceptable" loan deal for the sculptures.

Persons: Toby Melville, Kyriakos Mitsotakis, Rishi Sunak, Lord Elgin, Mitsotakis, we've, George Osborne, Sunak, Keir Starmer, Starmer, William Schomberg, Lefteris Papadimas, David Goodman Organizations: Elgin, British Museum, REUTERS, British, BBC, Museum, Labour Party, Financial, Thomson Locations: London, Britain, Athens, Ottoman Empire, Greece, British

☆ UK's Sunak hails $37 billion investments before FDI summit
▼ + stars: | 2023-11-26 | by ( Alistair Smout | ) www.reuters.com time to read: +4 min

Australian funds IFM Investors and Aware Super will pump 10 billion pounds and 5 billion pounds, respectively, into projects ranging from infrastructure and energy transition to affordable housing, Sunak's Downing Street office said in a statement. Spanish power giant Iberdrola (IBE.MC) will add 7 billion pounds to its investment plans in Britain, which include transmission and distribution electricity networks, it said. France last year overtook Britain as the European country with the highest number of new FDI projects. French President Emmanuel Macron announced 13 billion euros ($14.18 billion)of investment commitments in his country at a similar FDI gathering in May. It wants to deal with one person," investment minister Dominic Johnson told Reuters ahead of Monday's event at Hampton Court.

Persons: Rishi Sunak, Ian Forsyth, Sunak's, Sunak, Emmanuel Macron, Stephen Schwarzman, David Solomon, Goldman Sachs, Jamie Dimon, JP Morgan Chase, Dominic Johnson, Jeremy Hunt, IFM, William Schomberg, Alistair Smout, Louise Heavens Organizations: Britain's, Nissan, IFM, Microsoft, Britain, Blackstone, Hampton Court, Thomson Locations: Sunderland, Britain, Spanish, Hampton, London, France, Germany, England, British

☆ Euro profits from better euro zone data; U.S. market shut
▼ + stars: | 2023-11-23 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsLONDON, Nov 23 (Reuters) - The euro edged up on Thursday after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the U.S. and Japan kept trading activity muted. Earlier in the day, the euro rose against most other major currencies, following the surveys. The survey showed the euro zone economy is on track to contract again in the fourth quarter. Its PMI rose to 43.8 from 43.1, beating the poll expectation for 43.4 but was still below breakeven. The euro was up last up 0.18% on the day at $1.09075, having traded as high as $1.0931 earlier in the day.

Persons: Marcos Brindicci, There's, Michael Brown, Brown, Geert Wilders, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Vidya Ranganathan, Lincoln, Emelia, Marguerita Choy, Christina Fincher Organizations: REUTERS, PMI, Saxo Bank, British, Federal, University of Michigan, Fed, Bank of Japan, Thomson Locations: Buenos Aires, Argentina, U.S, Japan, Germany, EU, Wednesday's, Netherlands, Singapore

☆ Euro bounces as investors cling to sliver of positive euro zone data
▼ + stars: | 2023-11-23 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

REUTERS/Marcos Brindicci/File Photo Acquire Licensing RightsLONDON, Nov 23 (Reuters) - The euro rose on Thursday for the first time this week, after data suggested the downturn in the euro zone economy may be starting to ease, although holidays in the United States and Japan kept trading activity muted. The euro rose broadly, gaining the most against the Swedish crown , after the Swedish central bank left rates unchanged, while also gaining on the yen and the Swiss franc. The survey showed the euro zone economy is on track to contract again in the fourth quarter. Its PMI rose to 43.8 from 43.1, beating the poll expectation for 43.4 but was still below breakeven. Sterling was last up 0.5% on the day at $1.2558, having risen to a high of $1.2575 after the PMI data.

Persons: Marcos Brindicci, There's, Michael Brown, Brown, Geert Wilders, Sterling, Jeremy Hunt, Jeff Ng, Changpeng Zhao, Vidya Ranganathan, Lincoln, Emelia Organizations: REUTERS, Swiss, PMI, European Central Bank, Fed, University of Michigan, Sumitomo Mitsui Banking Corporation, Markets, Bank of Japan, Thomson Locations: Buenos Aires, Argentina, United States, Japan, Germany, Swedish, EU, Wednesday's, Netherlands, Asia, Singapore

[1/2] British Prime Minister Rishi Sunak speaks during the opening session of the Global Food Security Summit at Lancaster House in London, Britain November 20, 2023. Years of political churn - with five prime ministers and a non-stop ministerial carousel since the 2016 Brexit vote - have shaken Britain's reputation for stability among investors. Some executives say the country, long a magnet for FDI, has simply taken them for granted. But companies and investors say that a focus by regulators on limiting costs for bill-payers in sectors such as water, telecoms and energy has crimped investment. British investment minister Dominic Johnson said the government would be in listening mode at the gathering on Nov. 27 to hear how it can remove hurdles.

Persons: Rishi Sunak, Dan Kitwood, Sunak, Emanuel Macron, Jack Paris, Paris, Jeremy Hunt, EY, Alina Osorio, Mikhail Taver, Richard Harrington, Harrington, Dominic Johnson, Johnson, Kate Holton, Sinead Cruise, Andy Bruce, Alexander Smith Organizations: British, Global Food Security, Lancaster House, Hampton Court, Partners, Reuters, European Union, United, Labour Party, India's Tata Group, Britain, AstraZeneca, Ireland, Thomson Locations: London, Britain, Hampton, France, Versailles, European, Germany, United States, Europe, Delaware

☆ Why the UK government's tax cuts still leave workers worse off
▼ + stars: | 2023-11-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

British Finance Minister Jeremy Hunt that the U.K. economy would not enter a technical recession in 2023, while announcing the government's spring Budget. The U.K. National Insurance is a tax on workers' income and employers' profits to pay for state social security benefits, including the state pension. Touted by the Conservative party as the "largest ever tax cut for workers," the move nevertheless does not shield taxpayers from the effect of frozen tax thresholds that tip more of their income into higher tax brackets, as nominal wages rise. In March 2021, then-Finance Minister Rishi Sunak announced that the personal allowance (PA) and higher-rate thresholds (HRT) of income tax would be frozen for four years until April 2026. Alongside extending the freezes, Hunt in November 2022 froze the upper earnings limit for NI contributions and lowered the additional rate hold from £150,000 to £125,140 from April 2023.

Persons: Jeremy Hunt, Dan Kitwood, Rishi Sunak's, Hunt, Rishi Sunak, Torsten Bell, Paul Johnson Organizations: British, Getty, Finance, National Insurance, Labour Party, Rishi Sunak's Conservative, Insurance, Conservative, Treasury, Institute for Fiscal Studies

☆ Dollar climbs after U.S. labor, consumer sentiment data
▼ + stars: | 2023-11-22 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +4 min

"The fact that we are seeing a drop definitely suggests that the labor market is not cooling as quickly as markets or the Fed might have been expecting there," said Karl Schamotta, chief market strategist at Corpay in Toronto. Schamotta also said market participants were maintaining relatively high dollar positions before liquidity dries up before the U.S. Thanksgiving holiday on Thursday. The greenback extended gains after the University of Michigan's survey of consumer sentiment showed U.S. consumers' inflation expectations rose for a second straight month in November. UMich inflation expectationsThe dollar index rose 0.37% to 103.9, on track for its biggest one-day percentage gain since Nov 9. The Japanese yen weakened 0.82% to 149.61 per dollar, while Sterling was last trading at $1.249, down 0.37% on the day.

Persons: Karl Schamotta, Schamotta, CME's, policymaker Mario Centeno, Joachim Nagel, Sterling, Jeremy Hunt, Changpeng Zhao, Zhao, Chuck Mikolajczak, Will Dunham, Richard Chang Organizations: Labor Department, Reuters, United Auto Workers, UAW, Detroit's Big, Federal, Fed, University of Michigan's, European Central Bank, Investors, Thomson Locations: Toronto, U.S

☆ Morning Bid: AI buzzes but market shrugs at Nvidia beat
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +5 min

A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. Remarkably, Nvidia managed to vault the sky-high bar for quarterly earnings, revenue and projections yet again in its latest update overnight. Bond volatility (.MOVE) has also fallen to two-month lows, while currency market 'vol' (.DBCVIX) is plumbing 20-month lows. CONCERN OVER HOME SALES, HOLIDAY SEASON SALESNews of a drop in U.S. existing home sales last month to a 13-year low was perhaps as important as the Fed minutes - as was warnings from more major U.S. retailers, this time Best Buy and Nordstrom, about sticky holiday season sales and the need for discounting. The dollar (.DXY) was a touch higher on Wednesday, meantime, with most overseas stock markets firmer too.

Persons: Lucas Jackson, Mike Dolan, thrall, OpenAI, Sam Altman, Changpeng Zhao, October's, Jeremy Hunt's, underperformed, Jeremy Hunt, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, U.S, Nvidia, Federal, Nordstrom, University of Michigan, Bank of Canada, Treasury, Deere, Reuters Graphics Reuters, Thomson, Reuters Locations: New York, U.S, Gaza, China, yearend, York, Beijing

☆ Morning Bid: Nvidia shares take bumpy ride after hours
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022. Courtesy NVIDIA/Handout via REUTERS/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Wayne Cole. The early focus was on Nvidia (NVDA.O), which in AI tech terms is the only company selling shovels during a gold rush. Volumes were so large and orders so backlogged that the price was - unusually - still moving erratically hours into the Asian day. A Reuters poll showed 10 of 19 economists looked for a rise, while market pricing is leaning against a move.

Persons: Wayne Cole, Changpeng Zhao, Zhao, didn't, Hunt, ECB's Centeno, Elderson, Mester, Macklem, Edmund Klamann Organizations: NVIDIA, Handout, REUTERS, Nvidia, Treasury, Fed Bank of Cleveland, Bank of Canada, Thomson Locations: Santa Clara , California, Wayne, China, Sweden's

☆ 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

[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

"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

☆ 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

☆ UK's Hunt offers incentives, penalties to get more people into work
▼ + stars: | 2023-11-16 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

British Chancellor of the Exchequer Jeremy Hunt during Britain's Conservative Party's annual conference in Manchester, Britain, October 2, 2023. The "Back to Work" plan, billed as a way to help people "stay healthy, get off benefits and move into work", will form part of the Autumn Statement that Hunt will present next Wednesday. Anyone choosing to coast on the hard work of taxpayers will lose their benefits," Hunt said of the "Back to Work" plan. "This sort of language just pushes people away – alienating those who could benefit from support, alienating employers and alienating partners like GPs and voluntary services," Wilson said. Labour said Hunt's plan was "more of the same".

Persons: Jeremy Hunt, Toby Melville, Hunt, Tony Wilson, Wilson, Hunt's, Liz Kendall, Andy Bruce, Susan Fenton Organizations: Britain's Conservative, REUTERS, Institute for Employment Studies, Labour Party, Conservative, IES, Labour, Tories, Confederation, Thomson Locations: Manchester, Britain, British

☆ British fiscal headroom an 'illusion' that will not leave room for tax cuts, report says
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Extra fiscal headroom as a result of higher inflation is illusory and will not give any space for tax cuts when British Finance Minister Jeremy Hunt gives a fiscal update later this month, a think tank report said on Monday. The Resolution Foundation's analysis said that higher tax receipts and lower borrowing - both a result of sticky inflation - would increase Britain's fiscal headroom by 13 billion pounds ($16.09 billion), but added this was based on "implausible" public spending plans. That higher inflation is affecting public spending. Public spending will also have to increase more than is currently forecast to protect the budgets of some ministries in real terms in the coming years, the think-tank said. "It's increasingly clear that spending plans pencilled in for after the next election cannot be delivered," Smith said.

Persons: Jeremy Hunt, James, Suella Braverman, Hannah McKay, Hunt, James Smith, Smith, Alistair Smout, Sharon Singleton Organizations: Conservative, REUTERS, British, The Bank of England, Foundation, Thomson Locations: Manchester, Britain

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