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☆ 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 Treasury: We are not out of the woods when it comes to inflation
▼ + stars: | 2024-04-16 | 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 Treasury: We are not out of the woods when it comes to inflationGareth Davies, exchequer secretary at the U.K. Treasury, discusses the British economy.

Persons: Gareth Davies Organizations: . Treasury

LONDON (AP) — Alistair Darling, a central figure in the U.K.’s response to the 2008 financial crisis who later helped organize the campaign against Scottish independence, has died. Darling had been treated for cancer, his family said in statement on Thursday. He served as Britain’s treasury chief under then Prime Minister Gordon Brown, who praised him as a “popular and effective’’ government minister. Though Darling held a variety of posts during his 28 years in the House of Commons, he is likely to be remembered most for his work in steering the nation’s finances during the global credit crunch. The package of measures he implemented were credited with preventing an even more dramatic slide after the crisis threatened the nation’s banking system.

Persons: — Alistair Darling, Darling, Gordon Brown, “ Alistair, ” Brown Organizations: Scottish, Commons, Associated Press

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

And some banks think the Bank of England may be the latest to paper over the QT cracks as soon as this week. Already, there's been some awkward shuffling of feet around a process that was meant to be just balance sheet plumbing. The Federal Reserve may be further away from dealing with the QT issue head on. Deutsche Bank's UK strategists agree and think "the bar for a shift in QT policy is lower heading into yearend." Deutsche argues the BoE could either skew gilt sales shorter or agree to sell evenly based on current market valuations.

Persons: there's, BOE, BoE, BofA, Deutsche, Mike Dolan, Lisa Shumaker Organizations: Bank of England, European Central Bank, Federal, . Treasury, Bank, Treasury, Bank of America, Deutsche Bank's, Reuters Graphics Reuters, Reuters, Thomson Locations: Treasuries, yearend

☆ HS2: Britain's high-speed rail fiasco reflects grim economic reality
▼ + stars: | 2023-10-05 | by ( Mark Thompson | ) edition.cnn.com time to read: +6 min

“Our plan will drive far more growth and opportunity here in the north than a faster train to London ever would,” he said Wednesday. Some of the alternatives Sunak highlighted were predicated on the delivery of HS2, said Henrietta Bailey, CEO of Greater Birmingham Chambers of Commerce. “This is the biggest and most damaging U-turn in the history of UK infrastructure,” the High Speed Rail Group, which represents companies such as Siemens, Hitachi and Bombardier, said in a statement. “The decision … sends a hugely disappointing message about our commitment to completing major infrastructure projects in the UK,” said Stephen Phipson, chief executive of Make UK, which represents manufacturing firms. The country must hope that his latest policy reversal doesn’t deter investors and further undermine a struggling UK economy, perpetuating a doom-loop of weak growth and underinvestment.

Persons: Rishi Sunak, Sunak, ”, Henrietta Bailey, Stephen Phipson, Mark Allen, ” Sunak, —, Liz Truss, he’s, Sunak blinked, James Mason, ” — Hanna Ziady Organizations: London CNN —, Leeds, Birmingham Chambers of Commerce, HS2 —, Conservative, Speed Rail Group, Siemens, Hitachi, Bombardier, Make, Investors, Treasury, Business Locations: England, United Kingdom, London, Germany, France, Italy, China, Japan, Edinburgh, Birmingham, Manchester, Britain, West, North Yorkshire

MANCHESTER, England (AP) — Britain’s Treasury chief is to announce a hike in the national minimum wage on Monday, as the governing Conservative Party tries to persuade voters it is on the side of those who are struggling financially. Chancellor of the Exchequer Jeremy Hunt has ruled out tax cuts, saying they would fuel inflation. The exact amount will be set after a recommendation by the Low Pay Commission, an advisory body. The right-of-center Tories, in power since 2010, are lagging far behind the center-left opposition Labour Party in opinion polls. Truss, whose plan for billions in unfunded tax cuts spooked the financial markets, is calling for the party to “revive Conservative values” such as “cutting red tape, lower(ing) taxes and trusting that markets will find the solutions we all want.”

Persons: Jeremy Hunt, Hunt, ” Hunt, “, Rishi Sunak, Sunak, Liz Truss, Boris Johnson, pocketbooks, Suella Braverman, Kemi Badenoch, James, Truss, ” Organizations: —, Treasury, Conservative Party, Conservatives, Low, Commission, U.K, Sky News, Labour Party, European Union Locations: MANCHESTER, England, Ukraine, Britain, Manchester

☆ The UK has slapped so many sanctions on Russian oligarchs, authorities are struggling to keep up with their applications to pay at supermarkets, florists, and yoga studios
▼ + stars: | 2023-08-07 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

UK's sanctions enforcement authority is swamped with license applications from Russian individuals, per the Guardian. The sanctioned individuals need to get permission to access funds even for their daily needs. UK received 1,000 applications related to Russian sanctions since the Ukraine war started — up 100 times on-year. After all, sanctioned individuals appear to be willy-nilly applying for licenses for every spend. "I've always advised my clients that, frankly, you shouldn't be applying for the florist or the yoga teacher," a second unnamed lawyer representing several sanctioned individuals told The Guardian.

Persons: Europe —, willy, I've, it's Organizations: Guardian, Service, Russia, Waitrose, Treasury Locations: Ukraine, Wall, Silicon, Russia, Europe

☆ The UK exempted some Russian oligarchs from sanctions, allowing them to pay for private chefs, report says
▼ + stars: | 2023-07-27 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

But many of them are allowed to spend a fortune on living expenses, The New York Times reported. One tycoon had permission to pay 19 members of staff, including private chefs, the report said. Last year, officials granted at least 82 exemptions — known as licenses — to oligarchs who were affected by UK sanctions imposed as a result of Russia's invasion of Ukraine, the report said. A big chunk of that money went into a security company that has been under investigation for likely helping Aven evade sanctions, The Times reported, citing court records. A spokesperson for the UK Treasury told The Times that licenses to allow payments for "basic needs" are "strictly monitored."

Persons: Mikhail Fridman, Fridman, Pavel Golovkin, Petr Aven, Vladimir Putin, Aven, Oleg Tinkov, Putin Organizations: New York Times, Service, The Times, EU, Bloomberg, Treasury, Times, Alfa Locations: Wall, Silicon, Ukraine, London, British, Russian, Moscow, Russia

☆ The Fed is trying to do the right thing: fmr. Goldman Sachs Asset Management chairman Jim O'Neill
▼ + stars: | 2023-07-26 | 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 EmailThe Fed is trying to do the right thing: fmr. Goldman Sachs Asset Management chairman Jim O'NeillJim O’Neill, former chairman of Goldman Sachs Asset Management and former UK Treasury Minister, joins 'Squawk Box' to discuss the Fed's rate hike decision later today, where a 25 basis point hike is widely expected, whether the bank can pull off a soft landing, and more.

Persons: Goldman, Jim O'Neill Jim O’Neill Organizations: Goldman, Asset Management, UK Treasury

NatWest has faced intense political and media scrutiny over a decision by its private bank Coutts to close Farage's accounts. In a post on the X social media platform on Wednesday, Farage called for further heads to roll in the wake of Rose's resignation. On Tuesday, Farage said on his eponymous TV show that Rose was "unfit" to run a bank. She realised that her comments had left Jack with the impression that the decision to close Farage's accounts was solely a commercial one, Rose said in the statement. Rose also said she was not part of the decision-making process to "exit" Farage's accounts and said this was a decision made by Coutts.

Persons: Alison Rose, Nigel Farage's, Paul Thwaite, Coutts, Farage, Rose, Simon Jack, Howard Davies, Davies, Peter Flavel, Jack, NatWest's, Sheldon Mills, Andrew Griffith, Iain Withers, Sinead Cruise, Urvi, Juby Babu, Simon Jessop, Mark Potter, Edwina Gibbs, Louise Heavens Organizations: NatWest, BBC, BBC Business, UK Treasury, Reuters, Government Investments, Authority, Thomson Locations: Bengaluru

☆ Public sector pay rise won't be inflationary, UK Treasury's Glen says
▼ + stars: | 2023-07-19 | 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 EmailPublic sector pay rise won't be inflationary, UK Treasury's Glen saysJohn Glen, chief secretary to the U.K. Treasury, reacts to June's inflation figures and tells CNBC's Arabile Gumede about the government's plans to bring prices under control.

Persons: Glen, John Glen, CNBC's Organizations: . Treasury

☆ Thames Water: The company supplying water to millions of Londoners is in deep trouble
▼ + stars: | 2023-06-28 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Britain’s biggest water supplier said Wednesday it needed to raise more cash from investors, as UK media reported the government was preparing contingency plans to rescue the company. Thames Water provides drinking water and waste water services to 15 million customers in London and the southeast of England. Thames Water received £500 million ($635 million) from shareholders in March, but said Wednesday it would need more. Ofwat said it was in “ongoing discussions” with Thames Water “on the need for a robust and credible plan to turn the business around.”“We will continue to focus on protecting customers’ interests,” it added. We prepare for a range of scenarios across our regulated industries — including water — as any responsible government would.”The spokesperson added that the UK water sector “as a whole is financially resilient.”Thames Water says about 24% of the water it supplies to customers is lost through leakage.

Persons: London CNN —, Sarah Bentley, “, Ofwat, ” Organizations: London CNN, Thames Water, Thames, Ofwat, UK Treasury, Sky News, CNN, Ontario, Columbia Investment Management Corporation Locations: London, England, Abu Dhabi

LONDON, June 26 (Reuters) - Companies will face more pressure to disclose how climate change affects their business under a new set of G20-backed global rules aimed at helping regulators crack down on greenwashing. The norms published on Monday have been written by the International Sustainability Standards Board (ISSB) as trillions of dollars flow into investments that tout their environmental, social and governance credentials. David Harris, head of sustainable finance strategic initiatives at London Stock Exchange Group, said the new norms bring more rigour to sustainability reporting, more aligned with financial reporting. Under the ISSB rules, companies would need to disclosure material emissions, with checks by external auditors. The European Union finalises its own disclosure rules next month and it and the ISSB have sought to make each other's norms "interoperable" to avoid duplication for global companies.

Persons: Emmanuel Faber, Faber, Joanna Penn, Jean, Paul Servais, David Harris, Harris, haven't, Huw Jones, Alexander Smith, Robert Birsel Organizations: International Sustainability, Reuters, Force, London Stock Exchange Group, Union, Thomson Locations: Canada, Britain, Japan, Singapore, Nigeria, Chile, Malaysia, Brazil, Egypt, Kenya, South Africa

☆ Britain is facing a mortgage crisis. There are no easy answers
▼ + stars: | 2023-06-23 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Mortgage painThe announcement comes a day after the Bank of England raised interest rates by half a percentage point to help bring down stubborn inflation. More than 2 million UK mortgage holders paying a fixed interest rate are facing an increase of hundreds of pounds in monthly repayments when they are forced to refinance this year and next. Many borrowers bought their homes when mortgage rates were closer to 1% or 2%. That sets the country apart from other major economies, including the United States, where on both measures inflation has started to ease. After the latest rise in interest rates Thursday, Hunt said the government would “stick to [its] guns” on keeping rates high to tame high prices.

Persons: Rishi Sunak, Jeremy Hunt, Sarah Coles, Hargreaves Lansdown, ”, Matt Hammerstein, David Duffy, Debbie Crosby, James Manning, ” Max Mosley, Jake Berry, Sunak, Liz Truss, Brexit, Mark Carney, Charlie Bean, Hunt, ” — Hanna Ziady Organizations: London CNN, UK Treasury, HSBC, Lloyds Banking Group, Barclays, BCS, CNN, Bank of England, National Institute of Economic, Social Research, Virgin Money, Conservative Party, Institute for Fiscal Studies, European Union, Bank of, Daily Telegraph, BBC Radio Locations: United Kingdom, United States, Britain

☆ Crypto is dead: long live crypto!
▼ + stars: | 2023-06-16 | by ( Felix Martin | ) www.reuters.com time to read: +8 min

The end of near-zero interest rates, quantitative easing and pandemic-era fiscal stimulus has sent prices crashing back to earth. Rising real interest rates have proved to be kryptonite for crypto, as for so many other speculative assets. The normalisation of interest rates may have done for crypto in its most recent incarnation as a get-rich-quick scheme. The proposition that the circulation of private currencies might be economically beneficial has also been around for a while. Nevertheless, history shows that for privately issued currencies to attain critical mass it has typically required more than just the availability of viable alternatives.

Persons: cryptocurrencies, Gary Gensler, noncompliance, Balaji Srinivasan, marc ”, Paul Krugman, Friedrich Hayek’s, Money ”, James Steuart, ”, Crypto, Long, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, U.S . Securities, Exchange Commission, Coinbase, SEC, State, Brixton, counterparties, Central Bank of, Thomson Locations: Ithaca, Scottish, United States, Central Bank of Argentina

☆ AIIB will investigate claims of Chinese Communist Party control after Canada suspends ties
▼ + stars: | 2023-06-16 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A Beijing-based multinational lender is launching an internal review after Canada suspended its ties with the regional development bank, citing explosive claims that the Chinese Communist Party had infiltrated the institution. Alexander’s comments Friday were in response to a freeze on activity ordered by Ottawa this week, pending its own review of claims about Chinese government control. She said Canada would discuss the matter with allies and partners, raising the specter of more AIIB members suspending their ties. Alexander told CNN that the AIIB isn’t concerned about losing members, which number 106 including the United Kingdom, Germany and France. “Those are independent people appointed by different constituencies of our members,” Alexander added.

Persons: Hong Kong CNN —, Danny Alexander —, —, Alexander, Bob Pickard, ” Picard, Chrystia Freeland, Pickard, ” Alexander, Picard, Xi Jinping Organizations: Hong Kong CNN, Canada, Chinese Communist Party, Asian Infrastructure Investment Bank, World Bank, UK Treasury, CNN, Communist Party, Canadian Finance, Asian Development Bank Locations: Hong Kong, Beijing, Ottawa, Canadian, Canada, United Kingdom, Germany, France, Washington ,, Japan, United States, China

☆ We have one of the most competitive visa regimes in the world, says secretary to UK Treasury
▼ + stars: | 2023-06-13 | 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 EmailWe have one of the most competitive visa regimes in the world, says secretary to UK TreasuryGareth Davies, exchequer secretary to the U.K. Treasury, discusses the jobs market in Britain and what needs to be done to get more people into the workplace.

Persons: Treasury Gareth Davies Organizations: Treasury, . Treasury Locations: Britain

☆ The UK will scrap windfall tax on energy firms if prices keep falling
▼ + stars: | 2023-06-09 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —The UK government plans to scrap its windfall tax on oil and gas companies if energy prices fall below certain levels, abolishing a levy that has raised around £2.8 billion ($3.5 billion) since it was introduced a year ago. The tax helped subsidize the energy bills for millions of UK households and businesses after they soared following Russia’s full-scale invasion of Ukraine. Energy prices have fallen sharply over the past few months. UK natural gas was trading at £0.67 ($0.84) per therm, according to Michael Hewson, chief market analyst at stockbroker CMC Markets UK. There are a number of ways to measure oil and gas prices and the Treasury didn’t specify which prices it would use as a reference for its thresholds.

Persons: Brent, Michael Hewson, ” Organizations: London CNN, UK Treasury, Treasury, CMC Locations: North, Ukraine

To revive its fortunes, the government late last year published its Edinburgh Reforms agenda comprising over 30 proposed changes to existing rules. "There are a variety of factors that keep somewhere attractive in terms of investment, listing and being an international finance centre." "We want the UK to be the world's most innovative and competitive global financial centre," the spokesperson added. CHALLENGING ASSUMPTIONSSupporters of a more vibrant UK stock market are also increasing pressure on bankers managing IPO processes to challenge assumptions about London's poorer liquidity or post-IPO performance, relative to rival venues. Proposed changes to UK listings are encouraging, but may not be enough, said Steve Bates, BIA CEO.

☆ As cost of living crisis bites, some Brits are questioning spending money on glitzy coronation As cost of living crisis bites, some Brits are questioning spending money on glitzy coronation
▼ + stars: | 2023-05-02 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +18 min

The church operates the cafe alongside a food bank which offers free food, clothes, household items and other necessities to locals who are struggling. When it first opened before the pandemic, the food bank was serving mostly homeless people. Liz Coopey, left, a volunteer at the Given Freely Freely Given food bank in Doncaster, helps local resident Angela Davis with her shopping bags. The Given Freely Freely Given food bank in Doncaster offers its clients other items than just food, including household goods and clothing. Liz Coopey, one of the volunteers there, said she understands the idea of having to rely on a food bank might be scary to many.

[1/2] A logo of the Swiss bank UBS is seen on the Paradeplatz in Zurich, Switzerland March 21, 2023. Representatives for UBS and Credit Suisse declined to comment. The longer the deal takes to close, the harder it could be for Credit Suisse to hold on to its business. The United Kingdom, where Credit Suisse has $60 billion of risk-weighted assets primarily in its investment banking division, is one of its biggest markets outside of Switzerland. John Glen, chief secretary to the UK Treasury, said last week he did not have any immediate concerns about the execution of Switzerland's Credit Suisse rescue by UBS.

☆ UK stocks climb as banks, export-focused companies rise
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 up 0.3%, FTSE 250 adds 0.3%March 29 (Reuters) - UK stocks edged higher on Wednesday, supported by gains in banks amid easing fears of a financial sector meltdown, while shares of export-focused energy and materials companies gained as the pound weakened. The exporters-heavy FTSE 100 (.FTSE) rose 0.3% as the pound slipped 0.2% . Industrial metals (.FTNMX551020) and precious metals (.FTNMX551030) miners rose 0.1% and 0.5%, respectively. Late on Tuesday, John Glen, chief secretary to the UK Treasury, told Reuters that Britain's banks had not seen deposit outflows in reaction to the failures of U.S. regional lenders. Shares of UK lenders (.FTNMX301010) gained 0.7%.

☆ Why the UK spring budget won't fix the economy's problems
▼ + stars: | 2023-03-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +7 min

London CNN —The last time a British finance minister unveiled a “budget for growth,” UK financial markets crashed and mortgage rates shot up, threatening to tip an already weak economy into a deep recession. But he will deliver his budget against essentially the same gloomy backdrop: the UK economy is stuck in the doldrums. John Springford, deputy director at the Centre for European Reform, estimates that Brexit had cost the UK economy 5.5% of GDP by June 2022. SVB could depress UK bank lendingAnother factor that could weigh on the UK economy in the near term: Silicon Valley Bank. “It is likely that UK financial conditions will remain tighter (or potentially significantly tighter) over coming months than they would have been without the US banking troubles,” Pickering said in a research note Monday.

☆ UK Treasury minister: Silicon Valley Bank collapse not a systemic issue
▼ + stars: | 2023-03-13 | 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 Treasury minister: Silicon Valley Bank collapse not a systemic issueAndrew Griffith, economic secretary to the U.K. Treasury, discusses the purchase of the U.K. arm of Silicon Valley Bank by HSBC.

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