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☆ Britain’s Labour Government Says It Inherited a $28 Billion Budget Hole
▼ + stars: | 2024-07-29 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Britain’s Labour government said it was making “difficult decisions” concerning the budget, including cutting some road and rail projects and pension benefits, after accusing its predecessor, the Conservative Party, of leaving the country’s finances in a mess. Rachel Reeves, the chancellor of the Exchequer, said on Monday that there was a hole of 22 billion pounds (about $28 billion) in the country’s coffers this year because spending needs had exceeded expected revenue. Ms. Reeves accused the Conservative Party of making spending commitments on plans such as road repairs and building new hospitals “knowing the money wasn’t there.” Some of those plans would scrapped or reviewed. “The scale of this overspend is not sustainable,” Ms. Reeves told lawmakers in Parliament. She will present a full budget to lawmakers at the end of October.

Persons: Rachel Reeves, Reeves, Ms Organizations: Labour, Conservative Party Locations: Rwanda

☆ Middle-class Americans are falling behind
▼ + stars: | 2024-06-06 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Middle-class income growth has lagged behind that of the upper class since 1970, according to a Pew Research Center report published May 31. There are signs that middle-class Americans are dialing back their spending. Fast food joints, a mainstay dining destination for middle-income consumers, are leaning into discounts to placate frustrated diners. Kohl’s that same month reported weak first-quarter results, underlining how middle-income consumers are pulling back spending on non-essential clothing and discretionary merchandise at department stores. Economic growth has been anemic in recent years, squeezing living standards and starving public services of funds.

Persons: ”, Jennifer Jones Austin, Thomas Kingsbury, Narendra Modi, Diksha Madhok, Peeyush Mittal, Modi, ” Shilan Shah, ” Read, Hanna Ziady, Rishi Sunak, Sunak, Keir Starmer, Tony Blair, Starmer Organizations: CNN Business, Bell, New York CNN, Pew Research, Living Coalition, Data, Bureau of Labor Statistics, Matthews Asia, Bharatiya Janata Party, BJP, Capital Economics, Conservative Party of, European Union, Labour Party, National Health Service, Labour, Conservative Party Locations: New York, India’s, India, United Kingdom, China, San Francisco, Beijing, Washington, Ukraine

☆ UK Prime Minister Rishi Sunak was fact-checked by his own government before election debate with Keir Starmer
▼ + stars: | 2024-06-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

“Independent Treasury officials have costed Labour’s policies and they amount to a £2,000 tax rise for every working family,” Sunak said. The Conservative Party leader later repeated the claim. But Bowler’s letter could undermine Sunak’s claim to lead with integrity — a pledge made when he became prime minister in October 2022 — as he battles a high-stakes election. In a statement Wednesday, Labour said Sunak had “lied eleven times to the British people” about the party’s tax plans. During the debate Tuesday, Starmer dismissed the £2,000 ($2,560) figure as “nonsense” and said it was based on “pretend” Labour policies.

Persons: Rishi Sunak’s, “, ” Sunak, Keir Starmer, James Bowler, Darren Jones, Bowler, ”, Sunak, —, Starmer, Luke McGee Organizations: London CNN, Treasury, Labour Party, Labour, National Health Service, Independent Treasury, Conservative Party, senior Labour Party, Conservative, Civil Service, Tories, CNN

☆ UK general election: Why the economy is the key issue
▼ + stars: | 2024-06-04 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

Sunak will likely point to falling inflation and a strengthening economy as proof that his plan to “restore economic stability” is working. Here’s what data shows has happened to wages, living standards, the value of the pound, house prices and waiting times for medical treatment on the NHS. “Poor income growth has been an unfortunate feature of economic life in the UK over the last 15 years. On average, households now spend more than 29% of their after-tax income on rent, up from 24% in 2010, according to Zoopla, a property company. NHS waiting lists have grown steadily since the onset of the Covid-19 pandemic, contributing to worker shortages in the UK.

Persons: Rishi Sunak, Keir Starmer, Tony Blair, Sunak, YouGov, Labour Party Keir Starmer, Jeff J Mitchell, Alastair Grant, Tom Waters, “, —, Nick Ridpath, Liz Truss, “ Brexit, Clare Lombardelli, Brexit Organizations: London CNN, Conservative Party of, European Union, Labour Party, Labour, National Health Service, Conservatives, Britain's, Institute for Fiscal Studies, Conservative, Bank of England, Office, National Statistics, NHS Locations: Ukraine, United Kingdom, “, United States, Germany, Britain, England

SPRINGFIELD, Ill. (AP) — Former Illinois lawmaker and gubernatorial candidate William “Sam” McCann abruptly pleaded guilty on Thursday to nine felony counts of wire fraud, money laundering and tax evasion, halting his federal corruption trial over misusing up to $550,000 in campaign contributions. The seven counts of wire fraud and single count of money laundering each carry a sentence of up to 20 years in federal prison. But a complex set of advisory guidelines before Lawless, who set sentencing for June 20, will likely yield a far shorter term. “Are you pleading guilty because you are in fact guilty?” Lawless asked. McCann's trial was repeatedly delayed.

Persons: William “ Sam ” McCann, McCann, Colleen Lawless, Jason Vincent, Lawless, ” Lawless, he’s, “, Timothy Bass, McCann's, “ God's, McCann didn't, Vincent, Instagram, Michael Madigan, ’ ” McCann, I’m, ’ Organizations: Ill, Former Illinois, U.S, Conservative Party of Illinois, International Union of Operating Engineers, FBI, IRS Locations: SPRINGFIELD, Springfield, ”, St, Louis

He said that the international students program has been exploited by institutions offering “sham” degrees, putting pressure on housing and health care. The total number of foreign students is more than three times what it was a decade ago. The immigration minister said that there are unscrupulous schools that accept high tuition fees from foreign students without offering a solid education in return. In some cases, the schools are a way into Canada for students who can parlay their visas into permanent residencies. Admitting fewer foreign students during the next two years can’t solve the crisis on its own,” said Daniel Béland, a political science professor at McGill University in Montreal.

Persons: Marc Miller, “, ” Miller, Justin Trudeau’s, Miller, doesn’t, Pierre Poilievre, Trudeau, ”, Daniel Béland, It’s Organizations: TORONTO, —, Monday, Immigration, Conservative Party of Canada, McGill University Locations: — Canada, Montreal, Canada, Quebec

OTTAWA, Nov 24 (Reuters) - Canada's Liberal Prime Minister Justin Trudeau on Friday said his main political rival on the right was abandoning Ukraine under the influence of Donald Trump, the Republican frontrunner in next year's U.S. election. Canada's Prime Minister Justin Trudeau takes part in a climate change conference in Ottawa, Ontario, Canada October 18, 2022. The Ukrainian Canadian Congress, a lobby group, said in a statement it was disappointed Conservatives had voted against the trade agreement. On Thursday Poilievre insisted that he supported Ukraine and a free-trade deal, but "voted against Justin Trudeau forcing a carbon tax into that pre-existing agreement". One of Poilievre's main promises is to "axe" Canada's carbon tax if elected.

Persons: Justin Trudeau, Friday, Donald Trump, Pierre Poilievre, Trudeau, MAGA, Blair Gable, Poilievre, Sebastian Skamski, Trump, clobber Trudeau, Steve Scherer, Deepa Babington Organizations: OTTAWA, Liberal, Republican, Conservative, Conservative Party of Canada, Canadian Conservatives, European Union, Trump, Kyiv, Canada's, REUTERS, Ukrainian Canadian Congress, Liberals, Thomson Locations: Ukraine, U.S, Canada, Newfoundland, Ottawa , Ontario, Russia

☆ Trudeau's main rival offers affordable government in first convention speech
▼ + stars: | 2023-09-09 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

Canada's Conservative Party of Canada leader Pierre Poilievre speaks during Question Period in the House of Commons on Parliament Hill in Ottawa, Ontario, Canada April 19, 2023. "A common-sense Conservative government that frees hardworking people to earn powerful paycheques that buy affordable food, gas and homes in safe neighborhoods," Poilievre said at the convention in Quebec City. In Friday's address, Poilievre promised to balance the federal budget if the Conservatives won the next election. An Angus Reid poll on Thursday showed the Conservatives at 39% public support, with the Liberals on 27%. Additonal reporting by David Ljunggren and Steve Scherer in Ottawa; Editing by Diane CraftOur Standards: The Thomson Reuters Trust Principles.

Persons: Pierre Poilievre, Blair Gable, Justin Trudeau's, Poilievre, Trudeau, Angus Reid, Shachi Kurl, Kurl, it's, Stephen Guilbeault, David Ljunggren, Steve Scherer, Diane Craft Organizations: Canada's Conservative Party of Canada, REUTERS, Conservative Party, Conservative, New Democratic Party, Conservatives, Liberals, Liberal, Federal, Thomson Locations: Ottawa , Ontario, Canada, Quebec City, Ottawa

Conservative Party Leadership candidate Michael Chong, addresses crowd at the Conservative Party of Canada's final televised debate in Toronto, Ontario, April 26, 2017. REUTERS/Fred Thornhill/File PhotoAug 9 (Reuters) - Canada said on Wednesday that an opposition Canadian legislator with family in Hong Kong had been targeted in an online disinformation operation and said China most likely played a role. In a statement, the Canadian foreign ministry said the target was Michael Chong, a member of the opposition Conservative party, a frequent critic of China who has drawn Beijing's ire. "While China's role in the information operation is highly probable, unequivocal proof that China ordered and directed the operation is not possible to determine," the statement said. The Globe and Mail newspaper, citing an intelligence report, said in May that China sought information about Chong and his family in China in a likely effort to "make an example" of him.

Persons: Michael Chong, Fred Thornhill, Chong, Kanishka Singh, David Ljunggren, Mark Porter, Matthew Lewis, Andy Sullivan, David Gregorio Our Organizations: Conservative, Conservative Party, REUTERS, Ottawa, Beijing, Globe, Mail, Canadian, Thomson Locations: Toronto , Ontario, Canada, Hong Kong, China, Canada's, Beijing, Washington, Ottawa

Sterling weakened against the U.S. dollar and the euro as the Office for National Statistics said the consumer price inflation growth rate was its lowest since March 2022 but stayed above the pace of price growth in other big, rich economies. The BoE said in May it expected June inflation would fall to 7.9%. Economists polled by Reuters had expected the core measure of price growth to hold at 7.1%. Reuters GraphicsFood price and non-alcoholic drinks price inflation slowed to 17.3% - still a major strain on the finances of many households - from 18.3% in May. Services prices, also monitored closely by the BoE, rose by 7.2% in annual terms, slowing from 7.4% in the 12 months to May.

Persons: Sterling, BoE, Paul Dales, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, Andy Bruce, Kate Holton, Catherine Evans Organizations: Reuters, Bank of, Bank of England, U.S ., National Statistics, Capital Economics, Investors, Reuters Graphics, Labour Party, Sunak's Conservative Party of, Manufacturers, Thomson Locations: Bank of England, Britain

The BoE said in May it expected June inflation would fall to 7.9%, moving further away from October's 41-year high of 11.1% but still way above its 2% target. Economists polled by Reuters had expected the core measure of price growth to hold at 7.1%. Despite June's drop, Britain's inflation rate remains the highest among the world's top seven rich economies. In Western Europe, only Iceland had a higher rate of inflation in June. Suren Thiru, Economics Director at ICAEW, an accountancy body, said July's inflation rate was likely to slow to below 7%.

Persons: Sterling, BoE, James Smith ,, BoE Governor Andrew Bailey, Rishi Sunak, Jeremy Hunt, Hunt, William Schomberg, William James, Sarah Young, Catherine Evans Organizations: Reuters, Bank of, Bank of England, U.S ., Reuters Graphics, National Statistics, Labour Party, Sunak's Conservative Party of, Reuters Graphics Reuters, Manufacturers, Thomson Locations: Bank of England, May's, Western Europe, Iceland, Britain

Rishi Sunak , Britain’s prime minister, is trying to do what none of his recent predecessors have pulled off: Move the U.K. beyond Brexit, shore up the country’s rickety public services and sell the country as a profitable destination for business. He also has only about a year and a half to persuade British voters that, after 13 years in power, the Conservative Party of Brexit and Prime Ministers Boris Johnson and Liz Truss deserves a record fifth consecutive term in office.

☆ 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.

Huaman is one of Peru's "forgotten" people, marginalized, rural groups Castillo tried to represent - often falling short - whose anger has been fired up by his arrest, threatening to derail a fragile new government and a reviled Congress. Many of the protesters - some Castillo supporters and others simply angry - said they felt ignored by political leaders. The military says protesters, most in Peru's Andean south, have used homemade weapons and explosives. A political rookie, he had won support with pledges to reform the constitution, redistribute huge copper riches and empower marginalized indigenous groups. Outside the Lima jail, Katherine Asto had come to support Castillo wearing a white hat with a slogan making her feelings clear: "Shut down Congress, it's a nest of rats".

LONDON, Oct 26 (Reuters) - Britain's new Prime Minister Rishi Sunak earned cheers from his lawmakers and plaudits from political commentators on Wednesday as he locked horns with the opposition Labour Party in parliament for the first time since becoming leader. "My record is, when times are difficult in this country I will always protect the most vulnerable," Sunak said to vociferous support from the Conservative benches in the House of Commons. Britain's Prime Minister Rishi Sunak walks outside Number 10 Downing Street, in London, Britain, October 26, 2022. Sunak's Conservatives saw their standing in opinion polls sink to multi-year lows as Truss stumbled through her six weeks as prime minister. "The only time he ran in a competitive election, he got trounced by the former prime minister who herself got beaten by a lettuce," Starmer said.

Then, the former finance minister repeatedly described his predecessor's ideas as "fairytale" economics that would spook the markets. He will also be the first person of colour to become Britain's prime minister. "I grew up in the 80s and 90s, and I could not even imagine a non-white prime minister in my lifetime... COVID CHAMPIONSunak rose swiftly up the ranks of the Conservative Party, becoming, in 2020, one of the youngest finance ministers. When the COVID-19 pandemic hit Britain, Sunak dropped the Conservatives' small-state instincts to borrow massively and stave off the risk of an economic depression.

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