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☆ The UK's recent market turmoil wasn't caused by the mini-budget, and the chaos was a result of interest rate 'differentials', Britain's business secretary says
▼ + stars: | 2022-10-12 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The turbulence in UK financial markets stems from the gap between UK and US interest rates, acob Rees-Mogg said Wednesday. The turbulence is "primarily caused by interest-rate differentials rather than by the fiscal announcement," he said. The fed funds rate in the US stands at 3%-3.25% and the UK's Bank Rate stands at 2.25%. "What has caused the effect in pension funds, because of some quite high-risk but low-probability investment strategies, is not necessarily the mini-budget. That decision was released after the Federal Reserve raised interest rates by a hefty 75 basis points, marking the third consecutive increase of that size, as it also battles inflation that's around a four-decade high.

☆ UK spy agency watching for any signs Russia considering nuclear weapons
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

After more than seven months of war, Jeremy Fleming, director of the GCHQ spy agency, told BBC Radio that Russia was running short of munitions, friends and troops. Russian President Vladimir Putin has so far stayed within established military doctrine of not using nuclear weapons, Fleming said, but his agency would be looking out for signs that this could change. Register now for FREE unlimited access to Reuters.com Register"I would hope that we will see indicators if they started to go down that path," he said, without saying what those indicators could be. "They're seeing just how badly Putin has misjudged the situation," he will say, according to excerpts from his speech. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sachin Ravikumar, Kylie MacLellan, Kate Holton, Michael Holden and Elizabeth Piper, Editing by Andrew CawthorneOur Standards: The Thomson Reuters Trust Principles.

LONDON, Oct 10 (Reuters) - Britain's government on Monday named an experienced Treasury official as the finance ministry's new top civil servant, after unsettling investors last month by abruptly ousting his predecessor. He replaces Tom Scholar whose departure shortly after Kwasi Kwarteng became finance minister contributed to a drop in confidence among investors since Liz Truss took over as prime minister. The removal of Scholar broke the British convention that non-partisan officials remain in post after a change of political leadership. It came shortly before Kwarteng announced a string of unfunded tax cuts that caused turmoil in financial markets. Bowler's appointment came as a surprise after newspapers last week reported that Truss wanted someone new to the Treasury to take the department's top job.

Mel Stride, a lawmaker who chairs the Treasury Committee in the lower house of parliament and had criticised Scholar's departure, said the appointment would help reassure investors. The moves came as Kwarteng prepared to head to Washington this week with International Monetary Fund criticisms of Britain's new policy direction ringing in his ears. British Chancellor of the Exchequer Kwasi Kwarteng speaks during Britain's Conservative Party's annual conference in Birmingham, Britain, October 3, 2022. Kwarteng said the new date for his medium-term fiscal statement would give the independent Office For Budget Responsibility (OBR) enough time to carry out a full forecast. The new date for the fiscal plan leaves Kwarteng and Truss with little more than two weeks to settle divisions in her cabinet over cuts to government spending.

☆ Dollar dishes the pain as selloff rumbles on
▼ + stars: | 2022-09-29 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. "The market wouldn't mind some stability, it has become a little bit unpredictable," said Barings Investment Institute's Chief European strategist, Agnes Belaisch. "We are facing difficult economic times," Truss, who only took over as UK Prime Minister this month, said on local BBC radio. U.S. GDP fell at an unrevised 0.6% annualized rate last quarter, the government said in its third estimate of GDP. read moreRecession angst combined with supply issues and the strong dollar meant oil prices see-sawed after gaining more than $3 in the prior session.

“Are you ashamed of what you’ve done?” one listener on BBC Radio Kent asked. Truss spoke to eight radio stations in all, spending between five and 10 minutes with each. The new prime minister did not answer many of the questions directly; instead, she gave the same semi-scripted answers, often punctuated with notable pauses and silences. “People like it when politicians are honest,” Sarah Julian, the presenter on BBC Radio Nottingham, said as she opened her segment. “As prime minister, I have to do what I feel is right for the country,” Truss told one of the radio stations, BBC Radio Norfolk, based in eastern England.

LONDON, Sept 29 (Reuters) - British Prime Minister Liz Truss broke her silence on Thursday following nearly a week of chaos in financial markets triggered by her plans for tax cuts, saying she was willing to take "controversial" decisions to reignite growth. Register now for FREE unlimited access to Reuters.com Register"But I'm prepared to do that as prime minister because what's important to me is that we get our economy moving." Truss became prime minister on Sept. 6 after winning the leadership of the governing Conservative Party with promises to cut taxes. "This is the right plan that we've set out," Truss said, adding it would put Britain's economy on a better trajectory for the long term. Some financial analysts have said the government might have to bring forward that announcement to settle the nerves of investors.

☆ UK PM Liz Truss defends tax cuts, vows to press on
▼ + stars: | 2022-09-29 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — British Prime Minister Liz Truss on Thursday defended the fiscal policies announced last week which sparked chaos in U.K. markets, saying the country had been put on a "better trajectory." "I understand that families are struggling with their fuel bills, and we had to take urgent action to get our economy growing, get Britain moving, and also deal with inflation," she said. But I'm prepared to do that as prime minister, because what's important to me is that we get our economy moving." The measures unveiled last Friday included the biggest set of tax cuts since the 1970s, projected to total £45 billion ($48.6 billion). It sparked a historic sell-off in U.K. government bonds and a rapid fall in the value of the pound against the dollar, with sterling hitting an all-time low Monday.

☆ UK's Truss presses on with 'controversial' economic plan, says it's the right course
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 29 (Reuters) - British Prime Minister Liz Truss defended her economic plan that has roiled financial markets, saying on Thursday she was willing to take "controversial" steps to reignite growth and would not reverse course despite the turmoil. "This is the right plan that we've set out," she said in a series of interviews with local BBC radio stations. Register now for FREE unlimited access to Reuters.com Register"We are facing difficult economic times. But what is absolutely right is the UK government has stepped in and acted at this difficult time." But I'm prepared to do that as prime minister because what's important to me is that we get our economy moving."

☆ Sterling drops 1% as PM Truss defends economic plans
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 29 (Reuters) - Sterling fell as much as 1% on Thursday after British Prime Minister Liz Truss defended economic plans that have triggered chaos in the country's markets. Truss said big tax cuts were the right path for Britain and refused to consider reversing the so-called "mini budget" laid out last week. Sterling bounced on Wednesday to close at $1.0877 as investors digested the BoE's plans. However, it resumed its long-running slide on Thursday as Truss came out to defend her government's policies. Register now for FREE unlimited access to Reuters.com RegisterReporting by Harry Robertson; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Billionaire investor Ray Dalio says UK’s economic plan 'suggests incompetence'
▼ + stars: | 2022-09-28 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Ray Dalio, founder of Bridgewater Associates LP, speaks during a panel session on day three of the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, May 25, 2022. The financial market turmoil resulting from the U.K. government's spending plan "suggests incompetence," according to billionaire investor Ray Dalio. "I can't imagine that this is intended – and if it's not intended then it's an understanding question," Dalio said on BBC Radio 4′s "Today" program Wednesday. The measures included large swathes of unfunded tax cuts that have drawn global criticism, including from the International Monetary Fund. "It doesn't stimulate the economy, productivity is what stimulates the economy over the long run," Dalio said.

☆ UK lenders pull mortgages at record rate as market chaos worsens
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 28 (Reuters) - A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to a plunge in sterling and a surge in government bond yields as concerns mounted over its ability to fund the plan. read moreGovernment bond yields influence the cost lenders have to pay to borrow money. "We are seeing lenders across the market withdraw rates as headlines around interest rates soaring to 6% have spooked both lenders and borrowers," said Karen Noye, mortgage expert at wealth management firm Quilter. "Rates that were available one hour are gone the next which is making it a tricky time for buyers."

☆ Former BoE deputy governor Bean: Emergency bank meeting may have made sense
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

City workers walk past the Bank of England in the City of London, Britain, March 29, 2016. REUTERS/Toby Melville/LONDON, Sept 27 (Reuters) - Former Bank of England Deputy Governor Charlie Bean said he would likely have advised the central bank to call an emergency meeting following market turmoil this week, and that the lesson of emergency interventions was "you go big, and you go fast". "On this occasion if I had still been at the bank in my role as deputy governor I certainly would have been counselling the governor that I think this is one of those occasions where it might have made sense (to call a meeting)," he told BBC radio. "The key thing is, if you call it, you have to take significant action." Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan, writing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling sinks to new low as 'mini budget' shatters investor faith in UK markets
▼ + stars: | 2022-09-26 | by ( Amanda Cooper | ) www.reuters.com time to read: +5 min

"It also puts more pressure on the Bank of England to increase interest rates," she added. read moreScottish First Minister Nicola Sturgeon called for the Westminster parliament to be recalled to hold an emergency session. "It's hard to overstate the scale of the economic crisis caused by Friday's UK budget," she said on Twitter. read moreEYES ON BOEIn light of the rout, strategists and economists said the Bank of England needs to do something to calm markets and restore credibility. "The market is now treating the UK as if it's an emerging market.

☆ Sterling sinks to new low as 'mini budget' hits investor faith in UK markets
▼ + stars: | 2022-09-26 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

read moreOn Friday, he announced that he would cut a raft of taxes, but he did not detail how the government would fund it. , read moreIn light of the rout, strategists and economists said the Bank of England needs to do something to calm markets and restore credibility. The FTSE 100 (.FTSE) was roughly flat on the day, while the domestically focussed FTSE 250 (.FTMC) fell 1%. '1980S ON STEROIDS'Paul Dales, Capital Economics chief UK economist, said the central bank needed to take action. "The market is now treating the UK as if it's an emerging market.

CNN —The British pound fell to a new record all-time low against the US dollar of $1.035 on Monday, plummeting more than 4%. The slide came as trading opened in Asia and Australia on Monday, extending a 2.6% dive from Friday — and spurring predictions the pound could plunge to parity with the US dollar in the coming months. The unprecedented currency slump follows British Chancellor of the Exchequer Kwasi Kwarteng’s announcement on Friday the United Kingdom would impose the biggest tax cuts in 50 years at the same time as boosting spending. Former Tory chancellor Lord Ken Clarke criticized the tax cuts on Sunday, saying it could lead to the collapse of the pound. The previous record low for the British pound against the US dollar was 37 years ago on February 25, 1985, when 1 pound was worth $1.054.

☆ Expert: Al treilea val al pandemiei provocat de COVID-19 este în derulare în Anglia
▼ + stars: | 2021-06-19 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: +1 min

Al treilea val al pandemiei provocate de SARS-CoV-2 este „cu siguranţă în derulare” în Anglia. Declarația a fost făcută de către profesorul Adam Finn, cercetător care consiliază Guvernul britanic, scrie News.ro citând BBC. Finn, membru al Joint Committee on Vaccination and Immunisation (JCVI), a spus sâmbătă: „Cursa este strânsă între programul de vaccinare şi al treilea val provocat de varianta Delta”. De la începutul pandemiei, Marea Britanie a înregistrat mai mult de 4,6 milioane de cazuri (dintre care 4 milioane în Anglia) şi peste 128.000 de decese asociate (dintre care 113.000 în Anglia), potrivit datelor Universităţii Johns Hopkins. La nivel mondial, au fost înregistrate peste 178 milioane de contaminări şi peste 4 milioane de decese asociate.

Persons: Adam Finn, Finn, Universităţii Johns Hopkins Organizations: BBC, Universităţii Locations: Anglia, Immunisation, creşte, Europa

Oxford University Press a declarat cuvântul diez, hashtag, însă mai exact simbolul # - fiind cuvântul anului 2015 pentru copiii din Marea Britanie. După ce Oxford University Press a analizat mai mult de 120.000 de istorii scurte ale copiilor trimise către BBC Radio, au descoperit că simbolul „#” este folosit foarte des de către copii în afara Twitter-ului sau rețelelor de socializare. Vineeta Gupta, editorul dicționarelor pentru copii de la Oxford University Press, a explicat faptul că simbolul „#” este pe primul loc, deoarece intră în vocabularul copiilor sub o formă nouă. Copii îl folosesc în afara internetului pentru a adăuga dramatism în expunerilor lor scrise, informează Time.com. Simbolul „#” e folosit pentru a arăta importanța unui sau altui lucru.

Organizations: Oxford University Press, BBC Radio, Gupta

Search resuls for: "BBC Radio"

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