DIRS.INFO The most relevant business & tech news

☆ 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.

☆ UK finance minister Hunt to set out govt's fiscal plan on Oct. 31
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

New Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain, October 14, 2022. REUTERS/Henry NichollsLONDON, Oct 14 (Reuters) - New British finance minister Jeremy Hunt will set out the government's medium-term fiscal plan on Oct. 31, the Treasury said in a statement on Friday, sticking to the date his predecessor had announced. The Treasury said Hunt, who was appointed on Friday after his predecessor Kwasi Kwarteng was fired by Prime Minister Liz Truss, would set out how the government would get debt falling as a percentage of GDP over the medium term. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; Editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Kwarteng should change course within 48 hours - senior lawmaker
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 14 (Reuters) - British finance minister Kwasi Kwarteng should change course on his budget policy within 48 hours in order to regain the confidence of financial markets and the public, a senior Conservative lawmaker, Mel Stride, said on Friday. And I think that means doing something right now," Stride told the BBC. "He has got to really get out there emphatically and nail it. And I think he has to start in the next 48 hours," he added. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Milliken; editing by Sarah YoungOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister Kwarteng confirms he has been sacked
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Chancellor of the Exchequer Kwasi Kwarteng exits a car on Downing Street in London, Britain, October 14, 2022. REUTERS/Henry NichollsLONDON, Oct 14 (Reuters) - British finance minister Kwasi Kwarteng confirmed on Friday he had been sacked by Prime Minister Liz Truss, becoming the third chancellor to leave the government this year. I have accepted," Kwarteng said in a letter to Truss, which he published on Twitter. read more"It is important now as we move forward to emphasise your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches," Kwarteng said.

☆ UK Finance Minister Kwasi Kwarteng fired after market chaos and tax-cutting plans
▼ + stars: | 2022-10-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Kwasi Kwarteng, UK chancellor of the exchequer, speaks at a fringe event during the Conservative Party's annual autumn conference in Birmingham, UK, on Tuesday, Oct. 4, 2022. LONDON — British Finance Minister Kwasi Kwarteng was fired on Friday after less than six weeks in the role, amid mounting political pressure and market chaos. "The economic environment has changed rapidly since we set out the Growth Plan on 23 September. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches." Jeremy Hunt — a former Health Secretary and Foreign Secretary — was announced as Kwarteng's successor.

☆ European markets rise on UK fiscal U-turn hopes; Stoxx 600 up 1%
▼ + stars: | 2022-10-14 | by ( ) www.cnbc.com time to read: +1 min

British Finance Minister Kwasi Kwarteng (left) on Monday morning confirmed that the government would be scrapping its plans to cut tax for the country's highest earners. European markets are set to jump on Friday as speculation abounds that the U.K. government could be about to U-turn on its controversial fiscal policies. Finance Minister Kwasi Kwarteng flew home early from the International Monetary Fund in Washington on Thursday night as ministers convened to address the nation's economic chaos. Markets in Asia-Pacific then rallied overnight as investors seemingly shook off the inflation report and instead focused on hopes for a U.K. fiscal U-turn and further stimulus from the Chinese government. U.S. stock futures were higher in early premarket trade on Friday as investors await a slew of corporate earnings from the country's biggest banks.

☆ UK's Kwarteng, asked about new U-turn, says no change in his position
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

"My total focus... is on delivering on the mini-budget and making sure that we get growth back into our economy." Sky News and other media said earlier on Thursday that Prime Minister Liz Truss was considering a possible U-turn on the plan not to raise corporation tax. Truss's office said there was no change in the plan. The BBC asked Kwarteng if he would be finance minister and Truss would still be prime minister this time next month. Register now for FREE unlimited access to Reuters.com RegisterWriting by William Schomberg Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Governor of the Bank of England, Andrew Bailey, speaks during the Bank of England's financial stability report news conference, at the Bank of England, London August 4, 2022. And what they can't allow is for the bond market to be overly volatile," said Iain Stealey, CIO of fixed income at JPMorgan Asset Management. U.S. and German 30-year borrowing costs are up just 16 and 33 bps respectively , this month and the contrast highlights the scale of selling gripping Britain's bond market. The unprecedented bond market moves triggered hefty collateral calls on hedging strategies that many funds are still struggling to meet. Bond market volatility has also raised doubts about whether the BoE can press ahead with its plan to sell some of its bond holdings, a process known as quantitative tightening (QT).

☆ Sterling falls for a fifth day; turmoil dogs the bond market
▼ + stars: | 2022-10-11 | by ( Amanda Cooper | ) www.reuters.com time to read: +4 min

LONDON, Oct 11 (Reuters) - The pound fell for a fifth day on Tuesday as the turmoil engulfing UK government bond markets forced the Bank of England to step in yet again to attempt to stem a damaging sell-off in the country's debt. Sterling fell 0.3% to $1.1036, and was also down 0.3% versus the euro at 88.00 pence. If you have a look at the population of holders of long-dated UK assets - anything that is 15-20 years - it's mostly domestic funds," ADM Investor Services Chief Economist Marc Ostwald said. The pound promptly nosedived and the gilts market went into a tailspin, putting pension funds at risk of insolvency. But sterling's problems extend beyond the liquidity crunch in the gilts market.

☆ UK's Kwarteng, seeking to calm markets, brings forward budget date
▼ + stars: | 2022-10-10 | by ( Andy Bruce | ) www.reuters.com time to read: +4 min

Kwarteng said the new date for his medium-term fiscal statement would allow the independent Office For Budget Responsibility (OBR) enough time to assess updates to official data and for a full forecast process to take place. British Chancellor of the Exchequer Kwasi Kwarteng speaks during Britain's Conservative Party's annual conference in Birmingham, Britain, October 3, 2022. Junior Treasury minister Andrew Griffith said market practitioners he had spoken to received news of the new date for the fiscal statement warmly. HALLOWEENThe 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. Truss was no longer expected to appoint Antonia Romeo to run the Treasury, the FT said, citing senior government figures.

☆ UK's Kwarteng heads for Washington under pressure from IMF
▼ + stars: | 2022-10-10 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

On Sept. 23, Kwarteng made his first fiscal announcement including a controversial plan to scrap Britain's top income tax rate for the highest earners, part of a package of measures he said would speed up sluggish economic growth. Last week, a rebellion within the ruling Conservative Party forced Kwarteng and Truss to drop the idea of scrapping the 45% top rate of tax. "If Kwarteng decides to lecture back, let alone publicly dissent from the G7 consensus, then things will go very badly for him," Posen, a former BoE rate-setter, said. The BoE said on Monday it was taking further steps to ensure the emergency bond-buying scheme concludes smoothly on Friday. Register now for FREE unlimited access to Reuters.com RegisterAdditional reporting by Howard Schneider in Washington Writing by William Schomberg Editing by Catherine EvansOur Standards: The Thomson Reuters Trust Principles.

☆ UK needs 62 billion pounds of cuts or tax rises to tame debt - IFS
▼ + stars: | 2022-10-10 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Interest rates for new long-term government borrowing leapt to a 20-year high last month, after Kwarteng announced 45 billion pounds of unfunded tax cuts, on top of even greater short-term support for households' and businesses' energy bills. "The Chancellor should not rely on over-optimistic growth forecasts or promises of unspecified spending cuts. British government borrowing looks on course to hit 194 billion pounds this financial year and to still be 103 billion pounds in 2026/27 - 71 billion more than government forecasters predicted in March, the IFS said. COSTLY DEBTDebt interest would cost 106 billion pounds this year and 103 billion pounds in 2023/24, the IFS predicted, due to the large amount of finance raised in years gone by through issuing bonds that pay interest that rises as inflation goes up. "Such spending cuts could be done, but would be far from easy," the IFS said.

☆ UK needs 62 billion pounds of cuts or tax rises to tame debt -IFS
▼ + stars: | 2022-10-10 | by ( David Milliken | ) www.reuters.com time to read: +4 min

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.

A source at the Treasury said Kwarteng had no plans to resign or reverse any policies. DO THINGS DIFFERENTLYBritain's first Black Chancellor, Kwarteng is the son of Ghanaian immigrants. In Kwarteng, Truss picked a key ideological ally with whom she co-wrote a book that spells out a low tax, small state, deregulated vision of Britain. One other aspect that raised investor ire was Kwarteng's decision to release a fiscal plan without the accompanying scrutiny of the independent Office for Budget Responsibility. Kwarteng will set out a medium term fiscal plan alongside OBR forecasts on the scale of government borrowing on Nov. 23.

☆ Morning Bid: Mini budget, major turmoil
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsA look at the day ahead in European and global markets from Anshuman DagaWhat was meant to be a mini-budget is still thundering across financial markets. read moreAsian stocks markets and currencies extended their downward journey, burdened by the gloomy growth outlook, while dollar bulls pushed the currency to yet another two-decade high. "Indeed a recession in Europe in particular is already well anticipated, with 92% of our European Fund Manager survey respondents expecting one in the coming 12 months," BofA said. Elsewhere, the energy crisis in Europe intensified as European authorities investigated what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines. The energy crisis between Europe and Moscow has already battered major Western economies, sent gas prices surging and sparked a hunt for alternative supplies.

☆ UK finance minister Kwarteng not resigning, no reversal in policy -Treasury source
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 28 (Reuters) - British finance minister Kwasi Kwarteng is not resigning and there will be no reversal of policy, a Treasury source said on Wednesday, confirming an earlier report by Sky News political editor Beth Rigby. Kwarteng's tax cut plans, on top of an energy bill bailout, all funded by a huge increase in government borrowing, have triggered financial market chaos. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Liz Piper, Writing by Kylie MacLellan, editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Kwarteng tells bankers: we are committed to fiscal discipline
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

LONDON, Sept 28 (Reuters) - British finance minister Kwasi Kwarteng told investment bank executives on Wednesday that the government was committed to fiscal discipline and that he was working closely with the Bank of England and budget forecasters. The statement made no reference to market turmoil or the Bank of England's surprise intervention in bond markets earlier on Wednesday. The Treasury said the meeting was part of a series of roundtables ahead of a planned financial services deregulatory package next month. "Ahead of the upcoming Big Bang 2.0 deregulatory moment for financial services, the Chancellor discussed potential sectoral reforms that are targeted at boosting growth, generating investment, and delivering higher wages across the UK. "The Chancellor reiterated his view that 'a strong UK economy has always depended on a strong financial services sector.'"

☆ UK finance minister to meet Wall Street bankers - Bloomberg
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: 1 min

LONDON, Sept 27 (Reuters) - British finance minister Kwasi Kwarteng is set to meet Wall Street bankers on Wednesday, Bloomberg reported, a day after he met asset management firms and insurance groups from the City of London following market turmoil over his fiscal plans. U.S. bank JPMorgan (JPM.N) were amongst firms that were invited for the meeting, the Bloomberg report said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Muvija MOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Pounded
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. On Friday, gilts suffered their heaviest selling in decades, and before that, the yen and U.S. interest rate futures have been roiled. Global tension is also mounting over the war in Ukraine, as Russia holds widely-criticised votes aimed at annexing territory it has taken by force. Besides sterling, Asian stock markets fell on Monday. European futures fell 0.3% and S&P 500 futures fell 0.6%.

☆ UK housing index at 11-year low on rate-hike fears
▼ + stars: | 2022-09-26 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterEstate agent signs are seen outside a residential housing in south London, Britain, August 6, 2021. Register now for FREE unlimited access to Reuters.com RegisterThe housebuilders index fell 6% to hit its lowest level since March 2013. "The weak pound is driving expectations for further rate increases, which means lower house prices," Peel Hunt analyst Sam Cullen said. Shares of Taylor Wimpey hit their lowest since 2014, Persimmon since 2016, and Barratt and Berkeley stocks since March 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Kwarteng says he is focused on growth, not market
▼ + stars: | 2022-09-25 | by ( ) www.reuters.com time to read: +1 min

New British Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street, in London, Britain September 6, 2022. REUTERS/Toby MelvilleLONDON, Sept 25 (Reuters) - British finance minister Kwasi Kwarteng said on Sunday that he was focused on boosting longer-term growth, not on short-term market moves, when challenged over the sharp fall in sterling and bond prices following his first fiscal statement. "As chancellor of the exchequer, I don't comment on market movements. What I am focused on is growing the economy and making sure that Britain is an attractive place to invest," he told the BBC. Register now for FREE unlimited access to Reuters.com RegisterReporting by Alistair Smout, writing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister Kwarteng's radical tax-cutting statement
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

They will have heard reports that their already-expensive energy bills could reach as high as 6,500 pounds ($7,253) next year. The prime minister has acted with great speed to announce one of the most significant interventions the British state has ever made." BANKS SHOULD PAY TAXES IN LONDON, NOT PARIS OR NEW YORK"We need global banks to create jobs here, invest here and pay taxes here in London, not Paris, not Frankfurt, not New York. TAX CENTRAL TO SOLVING GROWTH RIDDLE"We come to tax -- central to solving the riddle of growth. And the higher the tax, the more ways people seek to avoid them, or work elsewhere or simply work less ... rather than putting their time and money to more creative and productive ends."

☆ Reactions: Britain's finance minister unveils "mini budget"
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +5 min

Britain's blue-chip stocks (.FTSE)remained mired in the red, in line with a broader equity-market decline. FOREX: Sterling extended losses, falling 1.9% on the day to around $1.1047, having hit a new 37-year low earlier on. British homebuilders and household goods makers hit session highs, buoyed by the prospect of consumers getting tax breaks. The tax-cutting budget and ‘go for broke’ growth aims are unlikely to change the longer-term bearish GBP trend." If you get more fiscal stimulus and less monetary stimulus, that’s something that’s buoyant for the currency.

☆ UK targeting medium term growth of 2.5% - finance minister
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterFILE PHOTO: Workers pass by a sales person as they walk towards the City of London financial district, during the morning rush hour in London, Britain, September 8, 2021. REUTERS/Toby Melville/File Photo/File PhotoLONDON, Sept 23 (Reuters) - British finance minister Kwasi Kwarteng said on Friday he was targeting economic growth of 2.5% over the medium term. Our aim over the medium term is to reach a trend rate of growth of 2.5%," he said during a fiscal statement to parliament. The fiscal statement was not accompanied by independent growth forecasts. Register now for FREE unlimited access to Reuters.com RegisterReporting by David Milliken and William James, editing by Elizabeth PiperOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "British Finance"

25 mentions found