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☆ UK's Hunt pledges to boost growth but won't budge on tax hikes
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

[1/2] British Chancellor of the Exchequer Jeremy Hunt leaves his house in London, Britain, November 16, 2022. REUTERS/Toby MelvilleLONDON, Jan 26 (Reuters) - British finance minister Jeremy Hunt will promise on Friday to tackle the country's weak productivity with post-Brexit finance reforms to boost growth, but he will also stick to the tax rises that have angered some lawmakers in his Conservative Party. Hunt, who steadied financial markets after the turmoil of former Prime Minister Liz Truss' "mini-budget" in September last year, is preparing to announce a plan for growth in a budget statement in March. The Telegraph newspaper said Hunt would reject calls from some Conservative lawmakers to bring forward tax cuts as a way to spur growth. Earlier on Thursday, Hunt told fellow ministers that he had to stick to the fiscal discipline he outlined in November in order to help reduce inflation which is running above 10%, according to Prime Minister Rishi Sunak's office.

☆ One of the UK's largest unions announces 10 more days of strikes
▼ + stars: | 2023-01-20 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

COVENTRY, U.K. - Dec. 21, 2022: Unite union general secretary Sharon Graham (centre), joins ambulance workers on the picket line outside ambulance headquarters in Coventry. On Friday, Jan. 20, Unite announced a further 10 days of strikes as a dispute between the government and ambulance escalated. Jacob King/PA Images via Getty ImagesLONDON — One of the U.K.'s largest unions on Friday announced 10 further days of strike action over the coming weeks, as a standoff between the government and ambulance workers intensifies. More than 2,600 ambulance workers in Wales and the West Midlands, North West, North East and East Midlands of England are already set to walk out on Monday as part of an ongoing dispute over pay and staffing. The newly announced strikes will affect the North West (Feb. 6, 22 and March 20), North East (Feb. 6, 20 and March 6, 20), East Midlands (Feb. 6, 20 and March 6, 20), West Midlands (Feb. 6, 17 and March 6, 20), Wales (Feb. 6, 20 and March 6, 20) and Northern Ireland (Jan. 26 and Feb. 16, 17, 23 and 24).

☆ Exclusive: Harbour Energy to cut jobs due to UK windfall tax
▼ + stars: | 2023-01-18 | by ( Ron Bousso | ) www.reuters.com time to read: +3 min

The jobs would be cut in Harbour Energy's headquarters in the North Sea hub of Aberdeen, Scotland, but the extent of the cuts is yet to be determined and will be subject to consultations. Harbour Energy Plc has 1,700 employees worldwide, according to its website. Executives in North Sea companies have urged the British government to introduce a price floor to mitigate the impact of the windfall tax as firms struggle to access new funding. Industry group OEUK said in response to Harbour's announcement that the windfall tax will further undercut spending. Companies including Shell Plc (SHEL.L) and Equinor ASA (EQNR.OL) have already said they will review their North Sea investments.

☆ Tech bosses could face jail after UK government backs down over online harm
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: +2 min

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. Tech bosses could be jailed if their platforms repeatedly fail to protect children from online harm after Prime Minister Rishi Sunak's government agreed a deal with lawmakers to avoid the prospect of a first parliamentary defeat. The rebels had tabled an amendment proposing jail sentences of up to two years for tech bosses for failing to protect children from content such as child abuse and self-harm. After days of negotiations between the government and the lawmakers, the two sides reached an agreement with ministers promising to introduce an amendment along similar lines. A spokeswoman for the Department for Digital, Culture, Media and Sport did not immediately respond to a request for comment.

☆ Tech executives could be jailed for deliberately failing to protect kids under UK proposal
▼ + stars: | 2023-01-17 | by ( Lauren Feiner | ) www.cnbc.com time to read: +2 min

Tech executives could face the possibility of jail time for breaching online safety standards under a proposal in the U.K. after Prime Minister Rishi Sunak's government reached an agreement with Conservative lawmakers who sought to amend the Online Safety Bill. The latest agreement could mean severe punishment for company leaders who deliberately fail to protect kids from online harm. Conservative lawmakers had proposed an amendment to impose criminal liability, including the possibility of a jail term of up to two years, on senior managers for failing to meet the child safety requirements. Bills seeking to protect kids in similar ways have also been introduced in the U.S. with bipartisan support. California passed its own Age-Appropriate Design Code, modeled off of U.K. guidelines, that similarly puts more of the onus on platforms to protect kids from online harms.

☆ UK seeks stronger powers to stop disruptive protests
▼ + stars: | 2023-01-15 | by ( William James | ) www.reuters.com time to read: +2 min

[1/2] Climate activists from Extinction Rebellion take part in a demonstration at Oxford Circus in London, Britain, April 9, 2022. The government passed legislation to address this in 2022, but is planning to go further with a new set of laws known as the Public Order Bill. The government wants to amend the Public Order Bill before it becomes law to broaden the legal definition of 'serious disruption', give police more flexibility, and provide legal clarity on when the new powers could be used. The government says the new laws, if passed, will mean police can shut down disruptive protests pre-emptively. It builds on the Police, Crime, Sentencing and Courts Act, passed in April 2022, which sparked several large 'kill the bill' protests.

☆ Strikes in Britain set to intensify as teacher ballot results due
▼ + stars: | 2023-01-15 | by ( William James | ) www.reuters.com time to read: +2 min

[1/2] Rail workers that are members of the ASLEF union stand at a picket line outside Euston station while on strike, in London, Britain, January 5, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, Jan 15 (Reuters) - Strikes disrupting swathes of the British economy look likely to intensify this week, with teachers ready to announce industrial action, according to the Sunday Times, and nurses warning their strikes could double in size next month. Prime Minister Rishi Sunak's government, which sets pay levels in the publicly-funded health and education services, is already dealing with strikes in rail and other industries as wages increases fall behind rapidly rising prices. Last week, a strike ballot by a different teachers' union fell short of the required turnout threshold. Transport minister Mark Harper told Sky News on Sunday that any decision to strike by teachers would be regrettable.

☆ The latest news on Russia's war on Ukraine
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +3 min

[1/4] Emergency personnel work at the site where an apartment block was heavily damaged by a Russian missile strike, amid Russia's attack on Ukraine, in Dnipro, Ukraine January 15, 2023. Russia's defence ministry said its forces had launched a wave of missile strikes against Ukrainian military and infrastructure sites on Saturday. * Russian President Vladimir Putin said the special military operation - Russia's term for the war - was showing a positive trend and that he hoped Russian soldiers would deliver further gains after Soledar. MOLDOVA* Moldovan President Maia Sandu, denouncing "Russia's brutal war", said on Saturday that missile debris was found in her country near Ukraine's western border after the latest wave of Russian attacks. * Former Russian President Dmitry Medvedev accused Kishida of shameful subservience to the United States, suggesting on Saturday that he should ritually disembowel himself.

☆ British minister met Hong Kong tycoon Lai's legal team, Downing Street says
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

LONDON, Jan 10 (Reuters) - The legal team of Jimmy Lai, the pro-democracy Hong Kong tycoon sentenced to over five years in jail last month, met a British junior foreign office minister on Tuesday, Prime Minister Rishi Sunak's spokesperson said. "The British government will always support rights and freedoms and the rule of law," the spokesperson told reporters. "The foreign office ... has provided support for Jimmy Lai for some time, and Minister for Asia Anne-Marie Trevelyan has met his legal team today." Reporting by Andrew MacAskill, writing by Alistair Smout, editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

☆ Twitter has given new square business badges to some of its staff, news outlets, and a close friend of Elon Musk — but not Musk himself
▼ + stars: | 2022-12-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Twitter introduced a new square badge to show where company verified accounts are employed. At least 10 Twitter staff have the new badge, but Elon Musk doesn't. Musk himself, however, has not got a square badge, despite owning the company and spearheading the verification changes. Musk retweeted the official announcement for the feature, but is yet to address the poll which saw Twitter users vote for him to step down as CEO. The news outlet Bloomberg also has access to the square badge, which is currently being used for different sections of the outlet's coverage, but not individual journalists.

☆ Four dead after migrant boat capsizes off English coast
▼ + stars: | 2022-12-14 | by ( Peter Nicholls | ) www.reuters.com time to read: +6 min

"At 0305 (GMT) today, authorities were alerted to an incident in the Channel concerning a migrant small boat in distress," a government spokesperson said in a statement. Some British politicians say migrants from Albania - a European Union candidate - have not suffered persecution but are moving for economic reasons. "I'm sure the whole House will share my sorrow at the capsizing of a small boat in the Channel in the early hours of this morning and the tragic loss of human life," Sunak said. The refugee charity Care4Calais accused the government of doing nothing to prevent migrant deaths, which it said were "wholly unnecessary and preventable". Data compiled by the Missing Migrants Project showed 205 migrants had been recorded dead or missing in the English Channel since 2014.

☆ British PM Sunak faces new demands from his fractious party
▼ + stars: | 2022-12-11 | by ( Alistair Smout | ) www.reuters.com time to read: +3 min

The Conservative Party has already ousted two prime ministers in 2022 - Boris Johnson and Liz Truss - and trails the opposition Labour party in the polls by double digits, with another national election expected in 2024. Sunak became prime minister in October when Truss resigned after less than two months. Sunak has reversed those plans and instead raised taxes, reassuring financial markets, but upsetting some Conservative lawmakers. A separate group - Conservative Democratic Organisation - was also launched on Sunday aiming to "take back control" of the party on behalf of the party's membership, after Johnson and Truss were ousted - and Sunak selected - by the parliamentary party. Johnson and Truss were both chosen via a vote by the Conservative Party's membership of around 170,000.

☆ Fitch affirms United Kingdom rating at 'AA-'
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Peter NichollsDec 9 (Reuters) - Rating agency Fitch maintained United Kingdom's sovereign debt rating at "AA-" on Friday, citing Prime Minister Rishi Sunak's macroeconomic policy framework, deep capital markets and the sterling's international reserve currency status. The agency affirmed its outlook for the country at "negative", due to high public and external debt, as well as rising energy prices. Despite concerns about a potential recession, investors have pinned hopes that the new government leadership will reinstill confidence in the country's fiscal health. "The new fiscal strategy has contributed to improved financial markets confidence," Fitch said. The agency also affirmed Bank of England's rating at "AA-", with a negative outlook.

☆ Morning Bid: Hat-trick
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +3 min

For the euro zone, commentary by officials is hinting at a peak in rates but anaemic growth and stubbornly high inflation are haunting investors. ECB policymaker Constantinos Herodotou said on Tuesday that interest rates will go up again but are now "very near" their neutral level. Markets will focus on industrial output data due from Germany, while euro zone third-quarter GDP and employment numbers, and UK house prices are among the other economic indicators for the day. Euro zone government bond yields dropped for the first time in three days on Tuesday in the run-up to a raft of major central bank decisions next week. The central bank has made conservative estimates on inflation despite Russia cutting gas supplies to Europe in response to Western sanctions over its invasion of Ukraine.

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

☆ Greece, Britain discussing Parthenon Sculptures return but deal not close, Athens says
▼ + stars: | 2022-12-05 | by ( Renee Maltezou | ) www.reuters.com time to read: +3 min

ATHENS, Dec 5 (Reuters) - The Greek government on Monday quashed local media reports that a deal with Britain over the repatriation of the Parthenon Sculptures to Athens was imminent but said the two sides were in talks on the long-running dispute. The museum, custodian of the sculptures known in Britain as the Elgin Marbles, also reiterated it would not dismantle its collection. Last week, Greek Prime Minister Kyriakos Mitsotakis said that there was "progress" and a sense of "momentum" in talks with Britain to reunite the sculptures in Greece. Citing a British official, Greece's ANT1 TV said on Sunday that the only way to return the sculptures to Greece without violating British law was "if the British Museum opened a kind of annex in Greece". In March, the United Nations' cultural agency UNESCO urged Greece and Britain to reach a settlement on the issue.

☆ Investigation into UK Deputy PM Raab widened to consider third complaint
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 25 (Reuters) - The scope of an investigation into the behaviour of British Deputy Prime Minister Dominic Raab has been widened to include a third formal complaint, Prime Minister Rishi Sunak's spokeswoman said on Friday. "I can confirm that the Prime Minister has now asked the investigator to add a further formal complaint relating to conduct at the Department for Exiting the European Union and to establish the facts in line with the existing terms of reference," the spokeswoman said. Reporting by Alistair Smout; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Bucking the trend
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +4 min

With an anxious look at China's worsening COVID surge, the U.S. dollar appears revitalized just as speculators turn against it for the first time this year. Peak interest rates, peak COVID, peak energy all get discussed as themes for 2023, along with recession risks, a return of bonds and a cresting of the supercharged dollar - which has already given back almost half its near 20% surge this year. With one eye on Federal Reserve meeting minutes later in the week, futures markets continue to nudge peak Fed rates next year further above the 5% level. Also anxious about the unfolding property bust, China's central bank and banking and insurance regulator said domestic banks should step up credit support for the economy. The dollar also got a lift from the widening crypto shock, with bitcoin falling back below $16,000 on Monday.

☆ Morning Bid: Bulls take cover
▼ + stars: | 2022-11-21 | by ( Yantoultra Ngui | ) www.reuters.com time to read: +2 min

We have seen this story before of markets getting ahead of themselves, but the latest China worries are resurfacing just as global investors dial back hopes of an imminent Fed pivot on interest rates. In Europe, ECB policymakers are seen taking an even tougher stance. Three top officials said on Friday that the European Central Bank must raise interest rates high enough to dampen growth as it fights record inflation and it could soon start running down its 5 trillion euro ($5.2 trillion) debt pile. Minutes from the ECB meeting and the Fed this week will provide markets more direction on the outlook for interest rates, while manufacturing and consumer confidence data will give a snapshot of the health of economies. Meanwhile, U.S. President Joe Biden is proving that age is just a number as he turned 80 on Sunday, making him the first octogenarian president in U.S. history.

☆ British government to announce new budget after political chaos and market turmoil
▼ + stars: | 2022-11-17 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

U.K. Finance Minister Jeremy Hunt will deliver his Autumn Statement on Thursday, and is expected to announce a slew of tax rises and spending cuts as he attempts to plug a substantial hole in the country's public finances. Hunt will also be hoping to reassure the market of the country's fiscal credibility under new Prime Minister Rishi Sunak's government, after the chaos unleashed by former leader Liz Truss' disastrous "mini-budget" in late September. The Bank of England has projected that the U.K. is at the beginning of its longest recession on record, and the Office for National Statistics confirmed on Friday that GDP contracted by 0.2% in the third quarter of 2022. Thursday's statement will be accompanied by a long-awaited set of projections from the U.K.'s independent Office for Budget Responsibility (OBR), and following the Bank of England's grim outlook a couple of weeks ago, economists expect a similarly bleak picture to emerge.

☆ British government to usher in new era of austerity in effort to restore market confidence
▼ + stars: | 2022-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

We're going to see spending cuts," Hunt told the BBC on Sunday, while also promising the government would deliver a new and more focused plan to help with household energy bills beyond April. First, an increase in council tax with local authorities allowed to raise the level of council tax above 3% without a referendum," Raja said. "And second, an increase in both the duration and scale of the windfall tax on oil and gas 'excess profits'." Spending cuts, again executed via "stealth," could take the form of "nominal cash freezes to departmental budgets," Raja said, with spending budgets topped up minimally going forward. "If he wants to reassure the markets, he will have to announce early action in the form of a big fiscal tightening.

☆ In Burnley, Britain's cost of living crisis hits home
▼ + stars: | 2022-11-15 | by ( Natalie Thomas | ) www.reuters.com time to read: +6 min

[1/6] Keelie Topping shops in the parish of the Church of St Matthew the Apostle in Burnley, England, Britain November 10, 2022. While millions in Britain face a difficult winter, the Centre for Cities think tank says the nearly 95,000 residents of Burnley are most exposed to the shockwaves ripping through the economy. Consumers in Burnley saw prices rise 11.7% in the year to September, the think tank estimates, compared with 10.1% nationally, and 9.1% in London. Britain's exit from the European Union has so far failed to yield economic dividends for places like Burnley. Adrian Pabst, at the National Institute of Economic and Social Research think tank, said the cost of supporting the poorest households did not have to be big.

☆ Taiwan aims for British trade deal as minister meets president
▼ + stars: | 2022-11-09 | by ( Ben Blanchard | ) www.reuters.com time to read: +3 min

[1/6] British Minister of State at the Department for International Trade Greg Hands speaks during a meeting with Taiwan President Tsai Ing-wen at the presidential building in Taipei, Taiwan, November 9, 2022. Taiwan Presidential Office/Handout via REUTERSTAIPEI, Nov 9 (Reuters) - Taiwan hopes to sign a trade deal with Britain and deepen cooperation with new Prime Minister Rishi Sunak's government, President Tsai Ing-wen told a British minister visiting Taipei on Wednesday in defiance of Chinese demands such trips stop. "We attach great importance to the British proposal to promote an enhanced trade partnership between Taiwan and Britain," Tsai said. "Our goal is to strengthen mutually beneficial economic and trade exchanges between Taiwan and Britain and we hope Taiwan and Britain will work together to promote the signing of bilateral investment and trade agreements." Hands, in Taiwan for trade talks, told Tsai that their relationship was not only about that.

☆ Britain wants to do more with United States on gas supplies
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

LONDON, Nov 8 (Reuters) - Britain is looking to work more closely with countries such as the United States over gas supplies to help manage volatility in energy prices, Prime Minister Rishi Sunak's spokesman said on Tuesday. Asked if Downing Street would like to see a deal with the United States over gas supplies, the spokesman said that the government was open about its desire to work with a number of countries. "The U.S. (is one country) where we do feel that there is more we can do to work together to help tackle some of these energy price spikes," the spokesman told reporters. Reporting by Elizabeth Piper; writing by Alistair Smout. Editing by Andrew MacAskillOur Standards: The Thomson Reuters Trust Principles.

Summary Williams resigns to comply with inquiryOpposition parties question Sunak's judgementLONDON, Nov 8 (Reuters) - British minister Gavin Williamson resigned on Tuesday from the government over claims that he bullied colleagues, raising questions about Prime Minister Rishi Sunak's judgement just weeks into the job. Sunak became Britain's third prime minister in two months in October, pledging to restore integrity and professionalism to the heart of government following months of turmoil under his predecessors, Liz Truss and Boris Johnson. The opposition Labour Party said Williamson's resignation was a "damning reflection of a weak prime minister". The government and fellow ministers had previously said that Williamson's messages, if true, were not acceptable but that more time was needed to investigate the situation. Reporting by Muvija M and Kate Holton, Editing by Kylie MacLellan and Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

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