DIRS.INFO The most relevant business & tech news

☆ UK inflation moves back up to 40-year high as Brits battle cost-of-living crisis
▼ + stars: | 2022-10-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The Office for National Statistics announced inflation figures Wednesday as the U.K. undergoes a historic cost-of-living crisis and political turmoil. The figure for September matches the 40-year high British inflation reached in July. The rate rose in the year to September 2022 as the country's cost-of-living crisis continues to hammer households and businesses ahead of a tough winter. Inflation unexpectedly dipped to 9.9% in August, down from 10.1% in July, on the back of a fuel price decline. September's inflation rate highlights the severity of the U.K.'s inflation crisis, and comes as the country weathers a period of economic volatility.

☆ UK finance minister says will prioritise "help for most vulnerable" as inflation rises
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: 1 min

LONDON, Oct 19 (Reuters) - British finance minister Jeremy Hunt said on Wednesday that the government will prioritise help for the most vulnerable as latest data showed that the annual rate of consumer price inflation inched up to 10.1% in September. “This government will prioritise help for the most vulnerable while delivering wider economic stability and driving long-term growth that will help everyone," Hunt said in a statement. Register now for FREE unlimited access to Reuters.com RegisterReporting by William James and Farouq Suleiman; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. stocks extend rally, Treasury yields dip after solid earnings, economic data
▼ + stars: | 2022-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 17, 2022. REUTERS/Brendan McDermidNEW YORK, Oct 18 (Reuters) - Wall Street stocks closed higher and Treasury yields dipped on Tuesday as upbeat earnings and better-than-expected factory data stoked a risk-on rally. The pan-European STOXX 600 index (.STOXX) rose 0.34% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.13%. Emerging market stocks rose 1.50%. The dollar index rose 0.02%, with the euro up 0.17% to $0.9855.

☆ Wall Street extends rally, Treasury yields waver after solid earnings, economic data
▼ + stars: | 2022-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 17, 2022. REUTERS/Brendan McDermidNEW YORK, Oct 18 (Reuters) - U.S. stocks surged and Treasury yields oscillated on Tuesday as better-than-expected earnings and robust factory data fueled investors' risk appetite. Extending Monday's broad rally, all three major U.S. stock indexes were last up well over 1%, with gains across the board. Emerging market stocks rose 1.47%. read moreThe dollar index rose 0.08%, with the euro up 0.12% to $0.985.

☆ Dollar edges up but gains in check as risk appetite rebounds
▼ + stars: | 2022-10-18 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

"Yesterday's risk-on vibe looks to be continuing into today's session," said Michael Brown, head of market intelligence at payments firm Caxton in London. U.S. stock market gains were also driven by strong corporate earnings from Goldman Sachs (GS.N) and Johnson & Johnson (JNJ.N). Against a basket of currencies, the dollar was 0.05% higher at 112.13, after having earlier slipped to a near two-week low of 111.76. The risk-sensitive New Zealand dollar rose about 0.71% to $0.5676, taking support from hotter-than-expected consumer inflation data which bolstered bets for further rate hikes. Bitcoin was 0.4% lower at $19,440.17, clinging close to the levels it has traded at for the last four weeks.

☆ U.S. stocks extend rally, Treasury yields dip on solid earnings, economic data
▼ + stars: | 2022-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermidNEW YORK, Oct 18 (Reuters) - U.S. stocks surged and Treasury yields eased as earnings surprised to the upside and robust factory data fueled investors' risk appetite. The pan-European STOXX 600 index (.STOXX) rose 0.67% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.23%. Emerging market stocks rose 1.40%. Treasury yields slid, echoing moves in UK and European bonds, as moves by the British government to stabilize its bond market have helped calm anxieties. read moreThe dollar index rose 0.22%, with the euro down 0.08% to $0.983.

☆ Sterling dips as market trims BoE rate hike bets, yen scrabbles off 32-yr low
▼ + stars: | 2022-10-18 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The battered Japanese yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus. ING expects now a 75 basis-point rate hike in November rather a full-point move expected before the fiscal policy U-turn, Smith added. The euro was volatile weakened against the dollar following German investor sentiment data, which albeit less pessimistic than expected, still painted a bleak picture of Europe's biggest economy. The dollar index which measures its performance against six major currencies, including sterling, the euro and the yen - was last down 0.1% at 112.00. Britain's policy U-turn saw the risk-sensitive New Zealand dollar surge more than 1%, already lifted by hotter-than-expected consumer inflation data, boosting bets for further rate hikes.

☆ IMF says Britain's U-turn on economic plan signals fiscal discipline
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 18 (Reuters) - The International Monetary Fund on Tuesday applauded the new British finance minister's decision to scrap most of a proposed debt-financed fiscal package, saying this signaled a commitment to fiscal discipline. "The UK authorities’ recent policy announcements signal commitment to fiscal discipline and help better align fiscal and monetary policy in the fight against inflation. We look forward to the Medium-Term Fiscal Plan," an IMF spokesperson said in a emailed statement to Reuters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal and David LawderOur Standards: The Thomson Reuters Trust Principles.

Hunt, appointed on Friday to fix the public finances after Truss's economic plan hammered the value of British assets, said the country needed to generate confidence and stability before it could seek to grow the economy. He said changes to planned tax cuts would raise 32 billion pounds ($36 billion) every year. While he had been expected to reverse some of the tax cuts, the change to the energy support scheme had been unexpected. Truss had announced a two-year subsidy scheme to support households and businesses through the period of surging energy prices, costing 60 billion pounds in six months. Hunt would still deliver a fuller medium-term fiscal plan as scheduled on Oct. 31, alongside forecasts from the independent Office for Budget Responsibility, the Treasury said.

☆ UK finance minister seeks to stem bond rout by rushing forward tax plan
▼ + stars: | 2022-10-17 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

"The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the finance ministry said. Register now for FREE unlimited access to Reuters.com RegisterSterling was up about 1% against the dollar in trading in Asia. Hunt met Truss over the weekend to overhaul her original economic proposals. No chancellor should seek to do that," the former foreign and health minister told BBC television in an interview broadcast on Sunday. Goldman Sachs said on Sunday it expected Britain's economy to shrink by 1.0% in 2023, a more severe contraction than its previous forecast of a 0.4% shrinkage, as Truss's tax cuts were reversed.

☆ UK finance minister Hunt reverses most of 'mini-budget'
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - British finance minister Jeremy Hunt on Monday tore up almost all parts of Prime Minister Liz Truss's proposed tax cuts, saying the measures would help the government raise around 32 billion pounds ($36.2 billion) a year. Below are the highlights from Hunt's announcement:REVERSE ALMOST ENTIRE MINI-BUDGET"We will reverse almost all the tax measures announced in the Growth Plan three weeks ago that had not started parliamentary legislation," Hunt said. Register now for FREE unlimited access to Reuters.com RegisterECONOMIC STABILITY"A central responsibility for any government is to do what's necessary for economic stability. REVIEW INTO FURTHER ENERGY BILLS SUPPORT"I'm announcing today a Treasury-led review into how we support energy bills beyond April next year. ($1 = 0.8842 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by William James and Sachin RavikumarOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: UK axes economic 'growth plan' to restore market confidence
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Here are some of the policy reversals announced by Hunt, which he said would raise 32 billion pounds ($36.19 billion) for the government finances. Hunt announced this will now stay at 20% indefinitely. Register now for FREE unlimited access to Reuters.com RegisterThe finance ministry said this will raise around 6 billion pounds a year. CORPORATION TAXBritain will now press ahead with its original plan to raise its 19% corporation tax rate - the lowest among the G7 club of rich nations - to 25% in 2023. The finance ministry had estimated that keeping the rate at 19% would have cost the taxpayer 67.5 billion pounds over the next five years.

☆ 'How's Brexit going?' British politics mocked at home and abroad
▼ + stars: | 2022-10-17 | by ( Gavin Jones | ) www.reuters.com time to read: +4 min

New British finance minister Jeremy Hunt will set out tax and spending measures on Monday, two weeks earlier than scheduled, as he races to stem a dramatic loss of investor confidence in Prime Minister Liz Truss's government. read more"How's Brexit going?" read moreEven Britain's staunchly conservative newspaper the Telegraph, which backed the Brexit referendum, acknowledged in a column on Sunday that its economic goals had failed. "The UK example of how quickly and aggressively markets can turn on you, is likely to keep Italian policy cautious. I am sure Rome is watching carefully what is happening in the UK," one senior euro zone official said.

☆ Britain's political and market turmoil
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Following is a snapshot of related events, comments and explanations:Register now for FREE unlimited access to Reuters.com RegisterWHAT'S BEHIND THE CRISIS? * The Bank of England was forced into emergency bond-buying to stem a sharp sell-off in Britain's 2.1 trillion pound ($2.3 trillion) government bond market that threatened to wreak havoc in the pension industry and increase recession risks. * The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment. MARKET REACTION* Long-dated British government bonds rallied on Monday.

☆ Massive fiscal U-turn leaves UK in political funk
▼ + stars: | 2022-10-17 | by ( Pierre Briancon | ) www.reuters.com time to read: +4 min

By the tax year ending in April 2027 this should help the government claw back 32 billion pounds of the 45 billion pounds a year Kwarteng and Truss had planned. Beyond that, the scheme, which the government had estimated might cost some 60 billion pounds over six months, will become less generous. The pound strengthened against the U.S. dollar while yields on 10-year UK government bonds declined by nearly 45 basis points. But they remain at 12-year highs, suggesting that the UK has much to do to regain credibility with global investors. Government spending cuts will also be required to narrow a hole in public finances that the Sunday Times reported was as big as 72 billion pounds ($81 billion).

☆ UK's Hunt brings forward fiscal announcement to Monday
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

British Chancellor of the Exchequer Jeremy Hunt arrives at the BBC, in London, Britain, October 15, 2022. REUTERS/Henry Nicholls/File PhotoLONDON, Oct 17 (Reuters) - New British finance minister Jeremy Hunt will announce tax and spending measures on Monday, two weeks earlier than previously scheduled, the finance ministry said as Hunt tries to turn around a loss of confidence in the government's fiscal plans. "The Chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the Treasury said. "He will also make a statement in the House of Commons this afternoon." Register now for FREE unlimited access to Reuters.com RegisterReporting by Bengaluru newsroom Writing by William Schomberg; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Hunt says he will raise 32 bln pounds more in tax, limit power subsidies
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

British Chancellor of the Exchequer Jeremy Hunt walks outside Downing Street in London, Britain October 17, 2022. REUTERS/Henry NichollsLONDON, Oct 17 (Reuters) - British finance minister Jeremy Hunt, seeking to quell a bond market rout, listed on Monday tax changes that he said would raise an extra 32 billion pounds ($36.16 billion) a year and scaled back the government's energy price cap scheme. "Taken together with the decision not to cut corporation tax and restoring the top rate of income tax the measures I've announced today will raise every year around 32 billion pounds," Hunt said. A cut to the rate of National Insurance and a cut to the stamp duty tax on property purchases will go ahead as planned, Hunt said. ($1 = 0.8849 poundsRegister now for FREE unlimited access to Reuters.com RegisterReporting by William James Writing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ U.K.'s new finance chief warns of 'difficult decisions ahead' amid political and market turmoil
▼ + stars: | 2022-10-15 | by ( Leila Sackur | ) www.nbcnews.com time to read: +5 min

LONDON — The U.K.'s new finance minister warned of “difficult decisions ahead” on Saturday, the morning after he had replaced his predecessor who was only 38 days into the job. Warning of “difficult decisions ahead” Hunt told British broadcaster Sky News: “Some taxes will not be cut as quickly as people would want, some taxes will go up.” (Sky News is owned by Comcast, the parent company of NBC News.) Kwarteng became the second shortest-serving chancellor of the exchequer, as the British finance minister is known. Britain's Prime Minister Liz Truss at a news conference on Friday. Truss is Britain’s third prime minister in six years.

☆ British PM Liz Truss axes finance minister, tax cuts that sent pound crashing
▼ + stars: | 2022-10-14 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Patrick-Smith-Circle-Byline-Template.Jpg | Patrick Smith | ) www.nbcnews.com time to read: +5 min

LONDON — Embattled British Prime Minister Liz Truss fired her finance minister and abandoned a flagship policy Friday, in a bid to save her job after her economic plan stoked weeks of market panic. Earlier, Truss removed Finance Minister Kwasi Kwarteng just 38 days after the pair took power. Kwarteng becomes the second shortest-serving chancellor of the exchequer, as the British finance minister is known. Truss' personal office confirmed the next finance minister will be Jeremy Hunt, a former health secretary and minister under successive Conservative governments. Crucially, the bank’s bond-buying program is set to end Friday, meaning the government must convince markets its economic plan is sound to avoid further chaos.

The battered pound and government bonds rallied on Thursday as Prime Minister Liz Truss's government began re-examining a package for unfunded tax cuts that has sent borrowing costs surging and forced the Bank of England to intervene. Asked if the government was preparing to change course, he told Sky News: "I saw the prime minister yesterday. The prime minister and the chancellor are absolutely determined to deliver on the growth plan. The sense of chaos at the heart of government has fuelled speculation as to whether Truss and Kwarteng can survive. Truss was elected by the members of the party, and not the broader electorate, as the fourth prime minister in six politically turbulent years in Britain.

☆ FTSE rallies on hopes of fiscal plan reversal
▼ + stars: | 2022-10-14 | by ( Sruthi Shankar | ) www.reuters.com time to read: +3 min

The blue-chip FTSE 100 (.FTSE) gained 0.9%, while the domestically focussed FTSE 250 (.FTMC) added 0.9%. Both indexes have recouped a large part of their losses this week but remain on track to record their fourth weekly decline in five. However, futures point to a weak start for U.S. stocks on Friday, with investors nervously awaiting quarterly reports from big Wall Street banks. read moreEmerging markets-focussed investment group Ashmore (ASHM.L) dipped 2.6% after reporting an $8 billion fall in assets under management for the September quarter. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sruthi Shankar in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Mystery Dance
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike Dolan. Sudden and sometimes unexplained stock rallies are often hallmarks of prolonged bear markets. U.S. stock futures have retraced a bit - but an hour is a long time in markets these days. read moreElsewhere, China's stocks surged ahead of the Communist Party Congress and amid an expected rise in domestic inflation. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ United Kingdom reverses decision on corporate taxation
▼ + stars: | 2022-10-14 | 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 EmailUnited Kingdom reverses decision on corporate taxationCNBC's Joumanna Bercetche joins 'Squawk on the Street' to report on the Prime Minister's renewed commitment to economic stability over market price action, and the reversed decision on corporate taxation, and the appointment of a new British Finance Minister.

☆ British finance minister races back to London as pressure builds for another policy U-turn
▼ + stars: | 2022-10-14 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

LONDON — U.K. Finance Minister Kwasi Kwarteng cut short his visit to the International Monetary Fund this week, dashing back to London amid reports Prime Minister Liz Truss is considering a U-turn on parts of her government's market-rocking tax cuts. Reuters reported, citing unnamed sources, that the finance minister planned to meet with colleagues to work on the government's medium-term budget plan. Kwarteng's abrupt departure from a series of international finance meetings in Washington, D.C. comes amid a growing political backlash against the Conservative government's proposed tax cuts. The British pound rose by 2% to trade at $1.1319 on Thursday, shrugging off stronger-than-expected U.S. inflation data. Meanwhile, long-dated U.K. government bonds — known as gilts — rallied on Friday morning, with 30-year yields trading at 4.38%.

☆ UK's Kwarteng cuts short Washington trip, returns to London, sources say
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 13 (Reuters) - British finance minister Kwasi Kwarteng is cutting short his trip to Washington for this week's global finance minister meetings and returning to London to continue work on his government's medium-term fiscal plan, sources familiar with the matter said on Thursday. Kwarteng confirmed to reporters that he was flying back to London early without providing further details. Kwarteng is due to announce his medium-term budget plans on Oct. 31, alongside independent fiscal forecasts. Kwarteng had a "successful" two days at the International Monetary Fund and World Bank's annual meetings here, the sources said. Register now for FREE unlimited access to Reuters.com RegisterReporting By David Lawder; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "British Finance"

25 mentions found