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LONDON (AP) — Voters in two districts in England delivered new blows to beleaguered Prime Minister Rishi Sunak, electing opposition-party lawmakers in seats that Sunak’s Conservatives had held for years. Labour Party candidate Damien Egan won the House of Commons seats of Kingswood in southwest England, and Labour's Gen Kitchen took Wellingborough in the country’s center, results announced Friday showed. The Conservatives won both by large margins at the last national election in 2019 but saw support collapse in Thursday's special elections. The hard-right Reform party — formerly known as the Brexit Party — came third, putting more pressure on the Conservatives. The Conservatives pointed to the low turnout — less than 40% of eligible voters cast ballots — as a sign British electors are not enthusiastic about Labour.
Persons: Rishi Sunak, Damien Egan, Kitchen, , Brexit Party —, Keir Starmer, Chris Skidmore, Peter Bone, Sunak, Liz Truss, Brexit, Boris Johnson, John Curtice, ” “, Organizations: , Labour Party, Wellingborough, Conservatives, Brexit Party, Labour, Conservative, European Union, University of Strathclyde, BBC Locations: England, Kingswood, Wellingborough
Winning candidate Gen Kitchen said the result was a "stunning victory for the Labour Party and must send a message from Northamptonshire to Downing Street." LONDON — U.K. Prime Minister Rishi Sunak's ruling Conservative Party suffered another double by-election defeat on Thursday, as the opposition Labour Party's momentum shows no sign of slowing. The double defeat of Thursday was the latest in a string of unfavorable by-election results for the ruling party in what were previously considered safe seats. "I was very pleased last night to see that we were clearly getting Tory switchers, in other words people who hadn't voted for the Labour Party before, coming out last night and voting for the Labour Party in a by-election." The Labour Party maintains a lead of more than 20 points over the Conservatives in all national polling, with a general election due no later than January 2025.
Persons: Kitchen, Peter Bone, , Rishi Sunak's, Helen Harrison, Gen Kitchen, Chris Skidmore, Damien Egan, Keir Starmer, Tory switchers, hadn't, Boris Johnson, Robert Ford Organizations: Labour, Labour Party, Downing, Conservative, Conservatives, LONDON, Conservative Party, Kettering Leisure Village, Tamworth, Liberal Democrats, BBC, University of Manchester, CNBC Locations: Northamptonshire, Wellingborough , Northamptonshire, KETTERING, England, Wellingborough, Kettering, Kettering , England, Kingswood , South Gloucestershire, North, Kingswood, Mid Bedfordshire, West Midlands, Selby, Ainsty, Somerton, Frome
London CNN —British Prime Minister Rishi Sunak is facing difficult questions after his governing Conservative Party lost two seats in parliament on Thursday. The Conservative Party traditionally beats Labour on issues like economics and immigration. Of particular concern to Conservatives is the rise of Reform UK, the new party of Nigel Farage. As leader of both the UK Independence Party and the Brexit Party, he forced the Conservatives into increasingly right-wing positions. He is honorary president of Reform UK but still has a habit of forcing issues onto the news agenda.
Persons: Rishi Sunak, Sunak, , Nigel Farage, Farage, David Cameron, Liz Truss, Boris Johnson, isn’t Organizations: London CNN, British, Conservative Party, Labour, Reform UK, Conservatives, UK Independence Party, Brexit Party, UKIP, EU, Conservative, Reform, Sunak Locations: England, France, Israel
Two of the world's biggest economies are officially in recession, per new figures published Thursday. Meanwhile, UK growth shrank for the second straight quarter — just months ahead of a key election. Japan and the UK are both officially in recession, according to figures published Thursday, after Gross Domestic Product (GDP) fell for two consecutive quarters to close out 2023. UK: Cost-of-living crisis, weak spendingBritain also got some bad economic news Thursday, as official data showed its economy shrank by 0.3% between October and December — its second straight quarterly contraction. That officially put the UK into recession.
Persons: , Dow Jones, It's, juicier, Goldman Sachs, Rishi Sunak Organizations: Service, Gross, Dow, Bank of, Britain, Bank of England’s, European Union, Conservatives, Labour Party, Politico Locations: Japan, Germany, China, European
The quarterly decline followed a 0.1% fall in the previous three-month period and highlights how the economy has been hobbled by high interest rates that have been raised to reduce inflation. A recession is officially defined as two straight quarters of economic decline. Being in recession is hardly the ideal backdrop for Prime Minister Rishi Sunak as he mulls when to call the election. Higher interest rates help cool the economy by making it more expensive to borrow, thereby bearing down on spending. Though interest rates appear to have peaked, the central bank has expressed caution about cutting interest rates too soon as lower borrowing rates may bolster spending and put renewed upward pressure on prices.
Persons: Rishi Sunak, Jeremy Hunt, , Hunt, Rachel Reeves, James Smith Organizations: Conservative Party, National Statistics, Labour Party . Treasury, Treasury, Labour, Conservatives, Bank of England Locations: Britain
Britain’s governing Conservative Party has lost the first of two parliamentary elections in a new blow to its embattled leader, Prime Minister Rishi Sunak, whose future has been questioned by critics within his fractious political party. The Conservatives were defeated in Kingswood, near Bristol, by 8,675 to 11,176 votes, losing a seat that the party had previously held. Votes were cast Thursday to replace two Conservative lawmakers who had quit Parliament, with the first set of results announced early Friday morning. With a general election expected later this year, the result is likely to compound Mr. Sunak’s difficulties at a time when the British economy is shrinking, interest rates are high, and Britain’s health service seems to be in a state of almost permanent crisis. Opinion polls show his party trailing the opposition Labour Party by double-digit margins.
Persons: Rishi Sunak Organizations: Conservative Party, Conservatives, Labour Party Locations: Kingswood, Bristol, British
Why It Matters: Little or no economic growth. Other Economic Data: Inflation stuck at 4 percent in January. report was the last in a trio of key economic data about the British economy published this week. On Tuesday, the nation’s statistics office reintroduced official estimates for unemployment and other labor market measures after a four-month hiatus because of difficulties collecting data. It showed that the labor market was tighter than previously thought, with the unemployment rate at 3.8 percent at the end of last year.
Persons: Rishi Sunak, Thursday’s G.D.P Locations: Britain, United States
SEOUL, South Korea (AP) — South Korean President Yoon Suk Yeol’s office said Wednesday that presumed North Korean hackers breached the personal emails of one of his staff members ahead of Yoon's trip to Europe in November. Yoon’s office said the cyberattack only affected the personal account of the unidentified employee, who violated security protocols by partially using commercial email services to handle official duties. “We detected the case in advance of (Yoon’s) visit and took necessary measures,” Yoon’s office said in a statement to reporters. North Korea-backed hackers have also been accused of stealing information from outside governments, businesses and think tanks. While the country has denied involvement, North Korea has been linked to major cyberattacks in past years, including a 2013 campaign that paralyzed the servers of South Korean financial institutions, the 2014 hacking of Sony Pictures, and the WannaCry malware attack of 2017.
Persons: Yoon Suk, Yoon’s, , ” Yoon, King Charles III, Rishi Sunak Organizations: The Associated Press, Sony Pictures Locations: SEOUL, South Korea, Europe, North Korea, Britain, France, U.S, Korean
The offices of London Stock Exchange Group Plc, right, in Paternoster Square in the City of London, UK. Bloomberg | Bloomberg | Getty ImagesLONDON — TUI became the latest company to ditch its share listing in London, as shareholders voted overwhelmingly for the German travel giant to list solely in Frankfurt. Around 77% of transactions in TUI shares are currently settled via Germany, with the U.K. now accounting for less than a quarter. U.K. stocks are trading at a considerable discount to the rest of Europe, having suffered an investor flight in recent years. London still a contender London has also suffered a number of de-listings and high-profile IPO snubs over the past year.
Persons: TUI, Frankfurt's, Mathias Kiep, London, SoftBank, Rishi Sunak's Organizations: London Stock Exchange Group, City of, Bloomberg, Getty, London Stock Exchange, CNBC, Nasdaq Locations: Paternoster, City, City of London, London, Frankfurt, Hannover, Germany, TUI, Europe
These days, the only thing that can stop the Labour Party, it seems, is the Labour Party. For more than a year, the leader of Britain’s main opposition party, Keir Starmer, has sat on a double-digit lead in the polls over the Conservative Party. “The question is, can he come back next week fighting?”Labour still holds a double-digit lead over the Conservatives in polls. It could swiftly regain its stride with victories in two parliamentary by-elections on Thursday, both of which it is expected to win. But Labour’s setbacks are a reminder that with a general election still at least a few months away, Mr. Starmer cannot take anything for granted.
Persons: Britain’s, Keir Starmer, Starmer, “ Keir, , John McTernan, Rishi Sunak Organizations: Labour Party, Conservative Party, Manchester soccer, Britain’s Premier League, Labour, Conservative Locations: Israel, Man
UK PM Sunak Paid More Than 500,000 Pounds in Tax Last Year
  + stars: | 2024-02-09 | by ( Feb. | At P.M. | ) www.usnews.com   time to read: +2 min
By Andrew MacAskill and Sachin RavikumarLONDON (Reuters) - British Prime Minister Rishi Sunak paid 508,000 pounds ($641,000) in tax in the last financial year after income from his investments dwarfed his official salary, a report by his accountants showed on Friday. The three-page published summary is the second time that Sunak has published details of his tax affairs since he became prime minister in 2022. The figures show that Sunak made 139,000 pounds from his salary as a member of parliament, finance minister and prime minister between April 2022 and March 2023, and 2.1 million pounds from investments. Of his income from investments, 1.8 million pounds came from capital gains, up from 1.6 million pounds a year earlier. About 70% of the total tax paid by Sunak was due to capital gains tax on the profit made from sales of investments such as stocks.
Persons: Andrew MacAskill, Sachin Ravikumar, Rishi Sunak, Sunak, Evelyn, Piers Morgan, David Milliken Organizations: Sachin Ravikumar LONDON, British, Indian IT, Infosys, Evelyn Partners Locations: Indian, Rwanda
Photos You Should See View All 21 ImagesThe Conservative government has said it won't negotiate unless the union calls off the strike. “I ask the junior doctors’ committee to cancel their action and come back to the table to find a way forward for patients and our NHS." Britain has endured a year of rolling strikes across the health sector as staff sought pay rises to offset the soaring cost of living. If it goes ahead, the strike would be the junior doctors' last on the current mandate, which expires at the end of the month. “He bears responsibility for the canceled operations and appointments desperate patients will face once again,” said Wes Streeting, Labour's health spokesman.
Persons: Robert Laurenson, Vivek Trivedi, , Victoria Atkins, Rishi Sunak, , Wes Streeting Organizations: British Medical Association, Health Service, BMA, Conservative, NHS, Labour Party Locations: England, Britain
London Police Say Chemical Attacker Presumed Dead
  + stars: | 2024-02-09 | by ( Feb. | At P.M. | ) www.usnews.com   time to read: +1 min
LONDON (Reuters) - London police said on Friday that a man suspected of injuring several people last week by throwing a corrosive chemical on them is now presumed to have drowned in the River Thames. The case has drawn political attention in Britain because Ezedi had been granted asylum after a sexual assault conviction. Metropolitan Police Commander Jon Savell told reporters authorities now presume, based on CCTV footage, that Ezedi went into the River Thames from a bridge in west London. "It is now our main working theory that Ezedi has actually gone into the Thames from Chelsea Bridge. All of our work thus far has not seen him come off the bridge," Savell said.
Persons: Abdul Shokoor Ezedi, Ezedi, Jon Savell, Savell, Rishi Sunak, Sachin Ravikumar, Mark Potter Organizations: London, Police, Metropolitan Police, Chelsea Bridge, BBC Locations: London, Britain, Chelsea, Afghanistan
King Charles and Queen Camilla are seen leaving Clarence House in London on February 6, the day after it was announced King Charles had been diagnosed with cancer. But Queen Elizabeth and King Charles, they do not want to become the story, they still want to serve their public. In the fullness of time, I would like to think King Charles will talk about his treatment.”Britain's King Charles III poses for a portrait in Buckingham Palace's Throne Room after his official coronation in May 2023. From left are Camilla, Duchess of Cornwall; Prince Charles; Queen Elizabeth II; Prince Philip; Prince William; and Catherine, Duchess of Cambridge. From left are Prince Charles; the Queen; Prince Louis; Catherine, the Duchess of Cambridge; and Princess Charlotte.
Persons: London CNN — Britain’s King Charles III, Buckingham, Charles, King Charles, Queen Camilla, Clarence, Toby Melville, King, Rishi Sunak, Sunak, , Sunak’s, Charles ’, Chris Jackson, , Kate Williams, Joe Biden, Matthew Chattle, survivorship, “ Jill, “ You’re, Anil Rustgi, Herbert, ” Rustgi, Sally Bedell Smith, George VI, ” King George VI, Prince Charles, Prince Harry, Emily Nash, It’s, Princes William, Harry, Andrew, Edward, Anne, Beatrice, Nash, Princess, Wales, She’s, hasn’t, Catherine, ” Williams, Kristina Kyriacou, ITV’s, They’ve, Kyriacou, she’d, Queen Elizabeth, ” Britain's King Charles III, Hugo Burnand, Princess Elizabeth, Elizabeth, Prince Philip, Prince Charles and Princess Anne, Eddie Worth, Margaret, Hulton, Sir Gerald Creasy, Paul Popper, Princess Margaret, Queen Elizabeth II, Prince, Popperfoto, Prince Edward, Princess Anne, Richard Nixon, William Lovelace, Serge Lemoine, David McFall, Anwar Hussein, Tim Graham, Camilla Parker Bowles, Lady Diana Spencer, Princess Diana, William, Diana, David Levenson, Johnny Eggitt, Nelson Mandela, David Thomson, Princess Diana's, Jayne Fincher, Thomas Coex, Adrian Dennis, Chris Ison, Prince of, Camilla, Matt Dunham, Prince William, Kate Middleton, James Devaney, FilmMagic, Andrew Milligan, Barack Obama, Chris Radburn, Duchess of Cornwall, Catherine , Duchess of Cambridge, Dominic Lipinski, Alessandro Bianchi, Mohd Rasfana, Andrew Parsons, Prince Charles , Prince Andrew, Duchess Camilla, Meghan Markle, Jonathan Brady, Max Mumby, He's, Prince George, Princess Charlotte, Prince Louis, Meghan, PoolAP Charles, Tim P, Paul Chiasson, Ben Stansall, Duchess, Cambridge, Hannah McKay, Reuters Charles, Liz Truss, Yui Mok, Queen Consort, Victoria Jones, Volodymyr Zelensky, Zelensky, Aaron Chown, Handout, Dan Kitwood, Andrew Matthews, Sarah Tilotta, Toby Hancock, CNN Charles, Giles, Jane Barlow, Emmanuel Macron, Benoit Tessier, Peter Nicholls, Britain's King Charles III, Estelle Paranque Organizations: London CNN, Clarence House, Reuters, CNN, BBC, British, Getty, Royal, Publishing, Macmillan Cancer, Cancer Research, Herbert Irving Comprehensive Cancer, Presbyterian, Columbia University Irving Medical Center, Topical Press Agency, Royals, CNN’s Royal, Buckingham Palace, Central Press, Hulton, Hulton Deutsch, Westminster Abbey, Keystone, Royal Navy, Queen, Trinity College , Cambridge, Bettmann, Hulton Royals, Cheshire Regiment, Spice, Westminster Hall, Royal Horticultural Society's, Chelsea, London Palladium, BBC Scotland's, Office, Zephyr, Army Air Corps, Sandringham, Royal Air Force, Whitby, Imperial State Crown, Royal Military Academy Sandhurst, Cathedral, Scotland, King, London Clinic, Northeastern University London Locations: London, British, Dubai, United Arab Emirates, Buckingham Palace, United Kingdom, NewYork, Queen, Windsor, Wales, Buckingham, Malta, Westminster, France, Washington, Kenya, West Berlin, Canada, Cirencester, England, Canterbury, India, Manchester, Papua New Guinea, Toronto, AFP, Balmoral, Balmoral , Scotland, Paris, Ashbourne, Ranville, Prince of Wales, Amatrice, Borneo, St, John's, Newfoundland, Labrador, Nyamata, Rwanda, St James's, Hamburg, Germany, Edward's, Edinburgh, Scotland, of Versailles, Versailles
OpenAI says it's adding new digital watermarks to DALL-E 3 images. AdvertisementOpenAI says it's adding new digital watermarks to DALL-E 3 images. In a blog post published Tuesday, the company said watermarks from the Coalition for Content Provenance and Authenticity, or C2PA, would be added to AI-generated images. Fellow tech company Meta has also signaled its preparing to crack down on the spread of AI-generated content. The company said on Tuesday it planned to attach labels to AI-generated images on Facebook, Instagram, and Threads.
Persons: OpenAI, , Joe Biden, Rishi Sunak, Taylor Swift, C2PA Organizations: Service, Coalition, Meta, Facebook, Business
On Monday night, Buckingham Palace made a sudden announcement that King Charles III had been diagnosed with cancer, less than 18 months after beginning his reign. What do we know about the king’s diagnosis? Buckingham Palace said on Monday night that “a form of cancer” had been diagnosed, but did not state what kind, and asked that reporters not try to contact those involved in Charles’s care. The palace said that doctors had identified “an issue of concern” while treating Charles, 75, last month for an enlarged prostate. They confirmed cancer — though not prostate cancer — with subsequent tests.
Persons: Buckingham, King Charles III, Biden, Rishi Sunak, , ” Mr, Sunak, , Charles Organizations: BBC Locations: London, British, Buckingham
London CNN —King Charles III’s shocking cancer diagnosis was “caught early,” British Prime Minister Rishi Sunak said Tuesday. Buckingham Palace announced Monday that Charles, 75, had been diagnosed with an undisclosed form of cancer after being admitted London hospital for a corrective procedure for an enlarged prostate last month. A royal source told CNN that the form of cancer detected was not prostate cancer, but did not specify further. Sunak said he is still in regular contact with the king and will continue to communicate with him as normal. Sunak declined to say whether their face-to-face meetings would continue but hinted that the diagnosis would not affect how the country is run.
Persons: London CNN — King Charles III’s, , Rishi Sunak, ” Sunak, Sunak, Buckingham, Charles, Queen Elizabeth II, he’ll Organizations: London CNN, BBC, CNN Locations: British, London
LONDON (AP) — British Prime Minister Rishi Sunak said Tuesday that he was “shocked and sad” to learn that King Charles III has cancer, but is relieved that the illness was caught early. Buckingham Palace announced Monday evening that the king has begun outpatient treatment for an undisclosed form of cancer. Kate is still taking a break from royal duties as she recovers. Charles took the throne intending to preside over a slimmer monarchy with fewer senior royals carrying out ceremonial public duties. William and Charles' wife Queen Camilla are both expected to take on extra public engagements during the king's treatment.
Persons: Rishi Sunak, King Charles III, Buckingham, ” Sunak, , , won’t, Charles, ” Charles, Queen Elizabeth II, Kate, Princess of Wales, Prince William, Prince Harry, , Harry, Meghan, Prince Andrew, Jeffrey Epstein, William, Queen Camilla, Joe Biden, “ Jill Organizations: British, BBC, Windsor Locations: California, Los Angeles, deputize, United Kingdom
However, a royal source said there were no plans for Harry to meet his brother Prince William while he’s in London. The Sussexes emigrated to the United States after stepping away from royal duties in 2020. While the royal family are an institution, they are also a family. Prince Harry last saw his father when he attended the coronation at Westminster Abbey last May. The cancer diagnosis only 17 months into Charles’ reign has also become a moment of unity for the royal family.
Persons: London CNN — Prince Harry, King Charles III, Harry, Meghan, Duchess of Sussex, Charles ’, Duke, Sussex, Clarence House, Harry’s, Prince William, Charles, William, Princess Anne, Princes Edward, Andrew –, — Prince Archie, Lilibet —, Rishi Sunak, , Oprah Winfrey, King Charles, Prince Harry, Prince Archie’s, Aaron Chown, Kate Williams, it’s, , Catherine, he’ll, Queen Camilla Organizations: London CNN, CNN, Invictus Games, BBC, Netflix, Westminster Abbey, Getty, CNN’s Royal Locations: United Kingdom, London, California, Los Angeles, he’s, British, United States, Germany, Dusseldorf, Britain, Windsor, Buckingham, AFP, Kensington
London CNN —Britain’s King Charles III has been diagnosed with cancer and will step back from public-facing duties while he undergoes treatment, Buckingham Palace announced Monday. The update came after Charles, 75, attended a London hospital for a corrective procedure for an enlarged prostate last month. Tests were carried out and revealed a “form of cancer,” the palace said in a statement on Monday. A royal source told CNN that the form of cancer detected was not prostate cancer, but did not specify further. Alberto Pezzali/APThe royal source added that the King returned from Sandringham on Monday morning to begin outpatient treatment in London.
Persons: London CNN — Britain’s King Charles III, Buckingham, Charles, Queen Camilla, Camilla, Alberto Pezzali, King, , ” Buckingham, , Queen Elizabeth II, Prince William, William, Prince of Wales, Prince Harry, Duke, Duchess of, Rishi Sunak, he’ll, ” Sunak Organizations: London CNN, CNN, London Clinic, Sandringham, CNN’s Royal Locations: London, Regent’s, Sandringham , Norfolk, Kensington, Duchess of Sussex
By Amanda FergusonBELFAST (Reuters) - Northern Ireland faces a "brighter future" with the restoration of devolved government after two years of deadlock, Britain's Prime Minister Rishi Sunak said on a visit to Belfast on Sunday. Sunak's government brokered a deal with the pro-British Democratic Unionist Party (DUP) to allow the return of power sharing by easing post-Brexit trade frictions. "In the last few days we've made significant progress towards a brighter future for people here," Sunak told broadcasters. O'Neill told Sky News on Sunday that it was a "decade of opportunity" for Northern Ireland. Under the power-sharing agreement, the post of deputy has equal power but less symbolic weight than the First Minister.
Persons: Amanda Ferguson BELFAST, Rishi Sunak, Sinn Fein's Michelle O'Neill, we've, Sunak, Sinn Fein, O'Neill, Emma Little, Paul Sandle, Sharon Singleton Organizations: Reuters, Britain's, Sunday, Irish, British Democratic Unionist Party, Irish Republican Army, IRA, Sky News, Belfast Good, First Locations: Northern Ireland, Belfast, British, Ireland
LONDON (Reuters) - British police have launched a manhunt for a suspect who injured several people by throwing a corrosive chemical on them, with political attention focusing on his status as someone who had been granted asylum after a conviction for sexual assault. Three other women and one man who came to their aid suffered minor burns injuries and five police officers who responded were also injured. "Wednesday's attack on a mother and her two children in Clapham was appalling," Britain's interior minister James Cleverly said in a statement on Friday. A source familiar with the case told Reuters that Ezedi had been granted asylum in Britain and had a previous conviction for sexual assault. Police said it was reported that Ezedi had thrown a child to the ground and that the chemical used in the attack was alkaline.
Persons: Abdul Shokoor Ezedi, James, Ezedi, Rishi Sunak, David Johnston, Robert Jenrick, Sachin Ravikumar, Andrew MacAskill, Gareth Jones Organizations: British, London's Metropolitan Police, Reuters, Police, BBC, Sunak's Conservative Party Locations: Clapham, London, Britain, Afghanistan, Rwanda
Elon Musk, chief executive officer of Tesla Inc., during a fireside discussion on artificial intelligence risks with Rishi Sunak, UK prime minister, not pictured, in London, UK, on Thursday, Nov. 2, 2023. The bombshell, 200-page Delaware court ruling Tuesday ordering Tesla to undo its massive $56 billion compensation package for CEO Elon Musk features descriptions of a lawyer holding back tears, a reference to "Frankenstein" and a cringey self-driving car pun. And then there's a whole section about Mars — the planet — and Musk's belief that he has "a moral obligation" to use his incredible wealth to help colonize it to help "save humanity." That wealth is on track, barring a successful appeal, to be significantly reduced by a ruling issued by Chancery Court Chancellor Kathaleen McCormick. Musk wasn't happy about that Tuesday, tweeting, "Never incorporate your company in the state of Delaware."
Persons: Elon Musk, Rishi Sunak, Tesla, Elon, Chancellor Kathaleen McCormick, Musk, McCormick Organizations: Tesla Inc Locations: London, Delaware
LONDON (Reuters) - Britain's opposition Labour Party will pledge to fix Britain's stagnating productivity at a conference for businesses on Thursday, its latest charm offensive to companies and investors ahead of a national election expected this year. Keir Starmer, leader of the left-leaning party, will tell assembled executives that Labour will "get under the bonnet to fix an unprecedented stagnation in British productivity growth." "The depth of the changes we've made to transform the Labour Party's relationship with business is something I take immense pride in," he will say, according to extracts released by the party. Ahead of the conference, the party's finance policy chief Rachel Reeves said that Labour would champion Britain's financial sector and not bring in a new cap on bankers' bonuses. Labour also wants closer economic ties with the European Union, including deeper co-operation with the bloc on financial services.
Persons: Keir Starmer, Rishi Sunak's, Rachel Reeves, Alistair Smout Organizations: Labour Party, Labour, Economic, Conservative, Business, Growth, European Union Locations: Davos
LONDON (AP) — The International Monetary Fund’s chief economist has advised the U.K. government to avoid further tax cuts amid expectations Prime Minister Rishi Sunak’s battered administration will do just that to win over voters in an election year. “In that context, we would advise against further discretionary tax cuts as envisioned and discussed now,” Gourinchas said. Hunt is focusing on longer-term projections, noting that the IMF expects growth to strengthen over the next few years. “It is too early to know whether further reductions in tax will be affordable in the budget, but we continue to believe that smart tax reductions can make a big difference in boosting growth,” he said. Concerns about responsible fiscal policies are especially sensitive for Sunak and Hunt as they came to power after their predecessors were widely criticized for announcing millions of pounds in tax cuts without saying how they would be paid for.
Persons: Rishi Sunak’s, Pierre, Olivier Gourinchas, Jeremy Hunt, Jan, Gourinchas, , ” Gourinchas, Hunt, Organizations: Monetary Fund’s, National Health Service, IMF, Treasury, Conservative Party Locations: Britain
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