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New Labour Party MP for Blackpool South, Chris Webb (C) reacts as his win is announced at the count centre in Blackpool, north-west England on May 3, 2024, during the Blackpool South by-election. The opposition Labour Party won a Blackpool South by-election, taking the seat from the Conservatives. The Reform UK party, founded by Brexit proponent Nigel Farage, came in third. Labour leader Keir Starmer posted on the social media platform X that the "swing towards Labour in Blackpool South is historic." Angela Richardson, deputy chair of the Conservative Party, told the BBC the result "was not unexpected," especially given the circumstances that sparked the by-election.

Persons: Chris Webb, Rishi Sunak's, David Jones, Nigel Farage, Scott Benton's, Keir Starmer, Angela Richardson Organizations: New Labour Party, Blackpool South, Blackpool, LONDON, Rishi Sunak's Conservative Party, Labour Party, Conservatives, New Labour, Conservative, Reform UK, Labour, Conservative Party Locations: Blackpool, England, Britain

☆ UK PM Rishi Sunak suffers two historic by-election defeats as Labour opposition surges
▼ + stars: | 2023-10-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Labour party candidate Sarah Edwards, centre, after polls closed in the Tamworth by-election on October 20, 2023 in Tamworth, England. LONDON — U.K. Prime Minister Rishi Sunak's Conservative Party suffered two historic by-election defeats on Thursday, with the main opposition Labour Party overturning huge majorities to win both seats. Labour overcame a 24,664 majority to win Mid Bedfordshire for the first time since the constituency's inception in 1931 in a 20.5% swing. In the process, it pulled off the largest Conservative numerical majority overturned in the U.K. by the main opposition party since 1945. The opposition party took on what was a 66% Conservative majority at the 2019 General Election.

Persons: Sarah Edwards, Rishi, Keir Starmer, Greg Hands, Chris Pincher, Pincher, Boris Johnson, Nadine Dorries, Johnson's Organizations: Labour, LONDON, Conservative Party, Labour Party, Tamworth, Mid Bedfordshire, Conservative, Conservatives, BBC Locations: Tamworth, England, Mid Bedfordshire, West Midlands, Bedfordshire

☆ 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

☆ Britain's Labour Party hails 'seismic' win in Scottish vote
▼ + stars: | 2023-10-06 | by ( Alistair Smout | ) www.reuters.com time to read: +3 min

People in Rutherglen and Hamilton West have sent a clear message – it is time for change. And it is clear they believe that this changed Labour Party can deliver it," Labour leader Keir Starmer said in a statement. John Curtice, Britain's most prominent pollster, said it was a "remarkable result" for the Labour party, which comes on the eve of its annual conference next week. "This is the kind of result that suggests that the Labour Party is potentially capable of winning seats again in Scotland," he told BBC News. "However, we will reflect on what we have to do to regain the trust of the people of Rutherglen & Hamilton West."

Persons: Rishi, Hamilton West, Keir Starmer, Margaret Ferrier, Michael Shanks, Katy Loudon, John Curtice, Ferrier, Humza Yousaf, Yousaf, Nicola Sturgeon, Alistair Smout, Jamie Freed, Michael Perry 私 Organizations: Labour, LONDON, Labour Party, Scottish Nationalist Party, Conservative Party, Hamilton, Hamilton West, BBC News, Scottish, COVID, Rutherglen & Hamilton, Rutherglen Locations: Scotland, Rutherglen, Glasgow, London's, Britain's, United Kingdom

☆ Bank of England forecasts 150 billion pound loss from QE gilt programme
▼ + stars: | 2023-07-25 | by ( David Milliken | ) www.reuters.com time to read: +3 min

LONDON, July 25 (Reuters) - The Bank of England forecast on Tuesday that it would make a net loss of just over 150 billion pounds ($193 billion) over the next 10 years as it unwinds its quantitative easing (QE) gilt purchases, up from 100 billion pounds projected in April. In the short term, the BoE expects the government to pay around 40 billion pounds a year in 2023, 2024 and 2025, roughly 10 billion pounds a year more than its last estimate in April. Markets currently expect BoE rates to peak at 5.75% later this year, up from around 5% at the time of April's report. The BoE projections assume holdings continue to fall at their current target rate of 80 billion pounds a year. That is still more than 50 billion pounds greater than forecast in April.

Persons: Rishi, BoE, BoE Governor Andrew Bailey, David Milliken, Paul Sandle, Kylie MacLellan, Andy Bruce Organizations: Bank of England, Conservative Party, Thomson

☆ European markets flat ahead as traders react to earnings, look ahead to Spanish election
▼ + stars: | 2023-07-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were flat on Friday as investors digested a fresh round of corporate earnings and looked ahead to a crucial Spanish election over the weekend. Tech stocks shed 1.6% to continue the previous session's slide, while insurance stocks added 0.8%. The European blue chip index closed out Thursday's session 0.4% higher, though the tech sector dropped 2.5% on the back of weak U.S. tech earnings. The results were ominous for Sunak's ruling party as it looks ahead to a general election in 2024. Earnings season kicks off in earnest next week, when Europe's major banks, pharmaceutical firms, automakers, energy giants and aircraft manufacturers are all due to report.

Persons: Rishi, Pedro Sanchez, Glencore Organizations: Tech, Dow Jones, Nasdaq, Conservative Party, Labour Party, Liberal Democrats Locations: Asia, Pacific, Europe, Europe's, Swiss

☆ Rishi Sunak’s party just took a pounding in UK local elections. The road to recovery is steep
▼ + stars: | 2023-05-05 | by ( Luke Mcgee | ) edition.cnn.com time to read: +8 min

And they made grim viewing for a man hoping to lead his Conservative Party back to power in just over a year’s time at the next UK general election. With nearly three-quarters of results declared by late afternoon on Friday, the Conservatives had shed 35 local authorities and more than 600 councilors. Prime Minister Rishi Sunak's Conservative Party suffered a drubbing at local elections. They are downplaying the local elections and pointing out that Labour would still need a swing bigger than Tony Blair achieved in 1997 to win a majority of just one seat. The Conservative Party has developed a taste for regicide since 2016.

☆ Morning Bid: Apple comforts as payrolls loom
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +5 min

Apple upped its dividend and authorized another $90 billion share repurchase program, same as a year ago. Apple's stock has outperformed most of Wall Street in 2023, up 28% year-to-date. After a torrid 2022, that narrow index is up 35% so far this year - far outstripping the Nasdaq 100's (.NDX) 18% gain and accounting for the bulk of the more modest 6% rise in the S&P500 <.S&P500>. And after three hefty daily retreats in a row for the S&P500 this week, futures are up 0.4% ahead of Friday's open. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ UK's taxes are at a 70-year high. But its finance minister won't splash the cash at upcoming Budget
▼ + stars: | 2023-03-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

U.K. Finance Minister Jeremy Hunt has said Britain should have a "20-year plan" to become the world's next Silicon Valley. Public sector borrowing has also undershot by around £30 billion year-to-date, economists noted this week, in part reflecting higher-than-expected tax receipts. This will lend credence to Hunt's aims of bringing public sector net borrowing below 3% by 2027/28. LONDON — British Finance Minister Jeremy Hunt will deliver the government's Budget commitments on Wednesday against a better-than-expected economic backdrop, but economists expect him to stay cautious for now. The U.K. economy flatlined in the final quarter of the year to narrowly avoid entering a technical recession, though suffered a sharp slump in December.

☆ UK, EU inching towards Northern Ireland deal, Irish prime minister says
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

Momentum has been building for weeks towards a deal to ease checks on trade that were introduced under the Northern Ireland Protocol - the arrangements agreed to avoid a hard border with EU member Ireland when Britain exited the EU in 2020. Lawmakers in British Prime Minister Rishi Sunak's Conservative party have been told to be in parliament on Monday, in a sign that a deal could be imminent. Certainly the deal isn't done yet, but I do think we are inching towards a conclusion," Leo Varadkar told reporters. While an agreement would mark an end to a two-year standoff between Britain and the EU, Sunak could face a battle with pro-Brexit Conservative lawmakers and pro-British Northern Irish politicians to make the deal work. The Democratic Unionist Party (DUP), the region's largest pro-British party, has said it will not end its boycott of the assembly unless all checks on goods bound for Northern Ireland from Britain are removed.

☆ UK's Sunak wants to 'get the job done' on Brexit with Northern Ireland deal
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

"There's unfinished business on Brexit and I want to get the job done," Sunak told The Sunday Times newspaper in an interview. Sunak said he would try to resolve the concerns of the Democratic Unionist Party (DUP) which is worried about the EU retaining influence over Northern Ireland. Ireland's prime minister Leo Varadkar told reporters earlier on Saturday that Britain and the EU were inching forwards and an agreement was possible, but not guaranteed, in the coming days. Sunak, in a nod to the DUP's worries, said the Good Friday peace agreement for Northern Ireland had been unbalanced by the Brexit deal for the province's trade rules. He said the shooting of a police officer on Wednesday "reminds us of the delicate situation in Northern Ireland, the fragility of it, and we shouldn’t take it for granted.

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