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☆ How far does Gulf money go? An Abu Dhabi-backed newspaper buyout attempt is sparking panic in London
▼ + stars: | 2024-03-14 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Copies of The Daily Telegraph newspaper on a newsstand in a shop in London, UK, on March 12, 2024 (L), and UAE Vice President Sheikh Mansour bin Zayed al-Nahyan speaking at COP28 on Dec. 1, 2023. More than 100 members of Parliament have signed a letter opposing the buyout of major British newspaper the Telegraph and news magazine, The Spectator, by UAE government-backed investment fund RedBird IMI. Long a favorite of Britain's Conservative Party, ownership of the 168-year old daily is not just about profit, but about power. The deal would ultimately see the Telegraph, which is valued at a reported £600 million, come under full Emirati ownership. Lawmakers have been scrambling to introduce a new law that would enable Parliament to veto buyouts of news outlets by foreign governments.

Persons: Sheikh Mansour bin Zayed, Nahyan, Britain's, Long, Sheikh Mansour bin Zayed Al Nahyan, Barclay, Lucy Frazer Organizations: Daily Telegraph, UAE, COP28, United Arab Emirates, United Emirates, British, Telegraph, The, IMI, Britain's Conservative Party, Lloyds Bank, State for Culture, Media, Sport Locations: London, DUBAI, United Arab, Qatar, Saudi Arabia, UAE

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

☆ Labour leader Starmer praises Thatcher in bid to woo UK Conservative voters
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

Keir Starmer, leader of Britain's Labour Party, speaks during the Prime Minister's Questions, at the House of Commons in London, Britain November 29, 2023. UK Parliament/Jessica Taylor/Handout via REUTERS/File Photo Acquire Licensing RightsLONDON, Dec 3 (Reuters) - Keir Starmer, leader of Britain's main opposition Labour Party, has praised former Prime Minister Margaret Thatcher, a deeply unpopular figure among many Labour supporters, as he seeks to woo Conservative voters before an election expected next year. Thatcher, dubbed the "Iron Lady" by the UK press at the time, was Britain's Conservative leader from 1979 to 1990. "Every moment of meaningful change in modern British politics begins with the realisation that politics must act in service of the British people, rather than dictating to them," Starmer wrote in an article for the Sunday Telegraph newspaper. After hailing Thatcher, Starmer wrote that Labour had "changed dramatically in the last three years".

Persons: Keir Starmer, Jessica Taylor, Handout, Britain's, Margaret Thatcher, Starmer, Rishi Sunak's, Thatcher, Tony Blair, Clement Attlee, Jeremy Corbyn, Victoria Atkins, Margaret Thatcher's, Michael Holden, Bernadette Baum Organizations: Britain's Labour Party, REUTERS, Labour Party, Labour, Conservative, Sunday Telegraph, Sky News, Thomson Locations: London, Britain

LONDON (AP) — Britain's Conservative government will try to win favor with voters by cutting taxes but avoiding worsening inflation in a budget statement Wednesday, coming ahead of a likely national election next year that opinion polls suggest it will lose. Sunak said Monday that his government would “cut tax and reward hard work” but would “avoid doing anything that puts at risk our progress in controlling inflation." Political Cartoons View All 1262 Images“Now that inflation is halved and our growth is stronger — meaning revenues are higher — we can begin the next phase and turn our attention to cutting tax,” he said. The election must be held by January 2025, with speculation focusing on May or sometime next fall. Arguably, cutting personal taxes will make that “journey” more difficult because it would likely raise consumer spending, thereby ratcheting up price pressures.

Persons: —, Rishi Sunak, Sunak, Jeremy Hunt's, ”, “, ” Sunak, Liz Truss, Hunt, There's, hasn't, “ Hunt, Kallum Pickering, Andrew Bailey Organizations: Conservative, Conservative Party, Labour Party, Bank of, Bank of England Locations: Ukraine, Berenberg

☆ UK's Hunt offers incentives, penalties to get more people into work
▼ + stars: | 2023-11-16 | by ( Andy Bruce | ) www.reuters.com time to read: +3 min

British Chancellor of the Exchequer Jeremy Hunt during Britain's Conservative Party's annual conference in Manchester, Britain, October 2, 2023. The "Back to Work" plan, billed as a way to help people "stay healthy, get off benefits and move into work", will form part of the Autumn Statement that Hunt will present next Wednesday. Anyone choosing to coast on the hard work of taxpayers will lose their benefits," Hunt said of the "Back to Work" plan. "This sort of language just pushes people away – alienating those who could benefit from support, alienating employers and alienating partners like GPs and voluntary services," Wilson said. Labour said Hunt's plan was "more of the same".

Persons: Jeremy Hunt, Toby Melville, Hunt, Tony Wilson, Wilson, Hunt's, Liz Kendall, Andy Bruce, Susan Fenton Organizations: Britain's Conservative, REUTERS, Institute for Employment Studies, Labour Party, Conservative, IES, Labour, Tories, Confederation, Thomson Locations: Manchester, Britain, British

☆ British fiscal headroom an 'illusion' that will not leave room for tax cuts, report says
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Hannah McKay/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Extra fiscal headroom as a result of higher inflation is illusory and will not give any space for tax cuts when British Finance Minister Jeremy Hunt gives a fiscal update later this month, a think tank report said on Monday. The Resolution Foundation's analysis said that higher tax receipts and lower borrowing - both a result of sticky inflation - would increase Britain's fiscal headroom by 13 billion pounds ($16.09 billion), but added this was based on "implausible" public spending plans. That higher inflation is affecting public spending. Public spending will also have to increase more than is currently forecast to protect the budgets of some ministries in real terms in the coming years, the think-tank said. "It's increasingly clear that spending plans pencilled in for after the next election cannot be delivered," Smith said.

Persons: Jeremy Hunt, James, Suella Braverman, Hannah McKay, Hunt, James Smith, Smith, Alistair Smout, Sharon Singleton Organizations: Conservative, REUTERS, British, The Bank of England, Foundation, Thomson Locations: Manchester, Britain

☆ UK Conservative lawmaker Bone faces suspension for misconduct
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +2 min

Member of the Parliament Peter Bone arrives at a private reception attended by Boris Johnson, leader of the Britain's Conservative Party, in central London, Britain July 23, 2019. The Independent Expert Panel found that Bone committed "many varied acts" of bullying and one act of sexual misconduct against a staff member in 2012 and 2013. The suspension, if backed by parliament, triggers a recall petition in Bone's constituency of Wellingborough in central England. "As I have maintained throughout the proceedings, none of the misconduct allegations against me ever took place," he said in a statement posted on X, formerly Twitter. The recommendation for Bone's suspension comes after he appealed a previous decision by the Parliamentary Commissioner for Standards that upheld allegations of bullying and sexual misconduct.

Persons: Peter Bone, Boris Johnson, Henry Nicholls, Rishi Sunak's, Bone, Sunak, Farouq Suleiman, Sachin Ravikumar Organizations: Britain's Conservative Party, REUTERS, Sunak's Conservatives, Labour Party, Conservatives, Labour, Thomson Locations: London, Britain, Bone's, Wellingborough, England, Scotland

LONDON (AP) — Prime Minister Rishi Sunak is preparing to water down some of Britain's environmental commitments on Wednesday, saying the country must fight climate change without penalizing workers and consumers. “For too many years, politicians in governments of all stripes have not been honest about costs and trade-offs," Sunak said. U.K. greenhouse gas emissions have fallen by 46% from 1990 levels, mainly because of the almost complete removal of coal from electricity generation. The government had pledged to reduce emissions by 68% of 1990 levels by 2030 and to reach net zero greenhouse gas emissions by 2050. Automakers, who have invested heavily in the switch to electric vehicles, expressed frustration at the government's apparent change of plan.

Persons: Rishi Sunak, Sunak, backtrack, Prince William —, Doug Parr, ”, Parr, Mike Hawes, Lisa Brankin, Tara, Hargreaves Lansdown, ” Copp, Sadiq Khan, “ We’re, Suella Braverman, Alok Sharma Organizations: —, Conservative Party, United Nations General Assembly, Greenpeace, Society of Motor Manufacturers, Traders, Ford, ” Britain's, Labour, London’s Labour, BBC Locations: Britain, New York, London Uxbridge, Glasgow

☆ Glenda Jackson, British actor turned politician, dies aged 87
▼ + stars: | 2023-06-15 | by ( Elizabeth Piper | ) www.reuters.com time to read: +5 min

Raw-boned, pallid and angular, with striking, sharp eyes, she had starred on stage, television and film before quitting to take up politics, declaring: "An actor's life is not interesting". Jackson also won two Emmy awards for her portrayal of England's Queen Elizabeth I in the BBC's 1971 television series "Elizabeth R". After more than three decades on stage and film, Jackson quit acting and took her no-nonsense, straight-talking style into politics. In 1992, at the age of 55, Jackson won a seat in parliament representing the left-of-centre Labour Party in a constituency in north London. In parliament, Jackson was vociferous in her condemnation of the Conservative Party which she accused of instilling a "dreadful, dreadful moral malaise" in Britain.

☆ MLS awards expansion team to San Diego
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

May 18 (Reuters) - Major League Soccer (MLS) awarded its 30th team to San Diego on Thursday, with the club set to make their debut in 2025 under the ownership of entrepreneur and investor Mohamed Mansour. The team will share the new, 35,000-seat Snapdragon Stadium with an existing women's team, San Diego Wave of the National Women's Soccer League. "Sycuan has deep roots to the San Diego community," said Sycuan Tribal Chairman Cody Martinez. "Our MLS team will provide us with a great opportunity to bring together many different segments of the community." Adding some star power to the ownership ranks is the San Diego Padres six-time All-Star Manny Machado.

☆ Nick Clegg led Meta's decision to reinstate Trump to Facebook and Instagram. Here's how the former UK deputy prime minister charmed his way into Mark Zuckerberg's inner circle.
▼ + stars: | 2023-01-26 | by ( Philip Webster | ) www.businessinsider.com time to read: +18 min

Nick Clegg has risen quickly to become one of Mark Zuckerberg's closest confidants at Meta. Clegg, a former UK deputy prime minister, led the decision to reinstate Donald Trump to Facebook. It was updated on February 16, 2022 following the news that Nick Clegg had been promoted to the role of President for Global Affairs. In a challenging economic climate, the Lib Dems and their Conservative coalition partners voted to raise tuition fees. Nick Clegg (left) and Chris Huhne appearing on the BBC's "The Andrew Marr Show" in October 2007.

[1/2] People walk along the South Bank with the Houses of Parliament in the distance, in London, Britain, January 17, 2023. Some hires need vetting by the Financial Conduct Authority (FCA) and the Bank of England (BoE). Britain introduced the accountability rules in 2016 in response to public anger that so few individuals were punished over taxpayers having to bail out banks in the 2007-2008 financial crisis. Regulators sought to reassure that the rules would not be used to put "heads on sticks" and discourage people from taking on senior roles. Reporting by Iain Withers and Huw Jones, editing by Sinead Cruise and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ What do Indians think about Rishi Sunak’s rise? Like UK-India relations, it’s complicated
▼ + stars: | 2022-10-26 | by ( Rhea Mogul | ) edition.cnn.com time to read: +13 min

Now, an Indian-origin man has become the Prime Minister of England,” a Zee News anchor said. Leon Neal/Getty Images Sunak and Boris Johnson watch as a sheep is sheared during a visit to a farm in North Yorkshire, England, in July 2019. Danny Lawson/PA Images/Getty Images Sunak speaks during a general election debate in Cardiff, Wales, in November 2019. Hollie Adams/Bloomberg/Getty Images Sunak and Murty are seen with their daughters, Krishna and Anoushka, while campaigning in Grantham, England, in July 2022. Indian Prime Minister Narendra Modi suggested as much in a tweet welcoming Sunak’s appointment.

New leader of the Britain's Conservative Party Rishi Sunak walks outside the Conservative Campaign Headquarters, in London, Britain October 24, 2022. The 42-year-old former finance minister becomes Britain's third prime minister in less than two months, after infighting and feuding at Westminster that has horrified investors and alarmed international allies. Sunak, Britain's youngest prime minister for more than 200 years and its first leader of colour, will replace Liz Truss who resigned after 44 days following a "mini budget" that sparked turmoil in financial markets. Sunak was blamed by many in the party when he quit as finance minister in the summer, triggering a wider rebellion that brought down the-then leader Boris Johnson. His appointment also marks a first in Britain as Sunak, a Hindu, becomes its first prime minister of Indian origin.

☆ Dollar rises amid suspected BOJ intervention; pound choppy as Sunak gets top job
▼ + stars: | 2022-10-24 | by ( John Mccrank | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. Yen overnight volatility surged to its highest since Sept. 21, the day before the BOJ stepped in to prop up the currency for the first time since 1998. At 3:30 p.m. EDT (1930 GMT), the dollar was up 0.089% at 111.93 against a basket of six peer currencies. Sterling was last down 0.16% at $1.12915, off an overnight high above $1.14. The euro was last up 0.18% at $0.98805, while China's offshore yuan plummeted to a new record low against the dollar of 7.3322.

Out on Southall High Street, pensioner Asma Choudry said she had been living in Britain for 42 years. YOUTH, WEALTH AND RACE1/2 New leader of Britain's Conservative Party Rishi Sunak walks outside the party's headquarters in London, Britain, October 24, 2022. Whatever the driving forces, Sunak will climb even further on Tuesday to take the top job in the land. Rishi Trivedi, 50, a chartered accountant and Conservative Party member from West Drayton in west London, said he was "happy beyond belief", though worried that wealthy Sunak might lack the common touch. Jignesh Patel, a 49-year-old mural painter and another Conservative Party member from nearby Hounslow, just saw "a proud moment" and a potential turning point.

Like Truss, Sunak promised a tough approach to illegal immigration and vowed to expand the government’s controversial Rwanda immigration policy. At the time Johnson was running to lead Britain's Conservative Party and Sunak was a member of Parliament. Danny Lawson/PA Images/Getty Images Sunak speaks during a general election debate in Cardiff, Wales, in November 2019. Danny Lawson/PA/Getty Images Sunak delivers a speech during the annual Conservative Party Conference in Manchester in October 2021. Hollie Adams/Bloomberg/Getty Images Sunak and Murty are seen with their daughters, Krishna and Anoushka, while campaigning in Grantham, England, in July 2022.

☆ Boris Johnson may eye an unlikely comeback after Liz Truss resignation
▼ + stars: | 2022-10-20 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +3 min

Boris Johnson may run to lead Britain's Conservative Party, sources told multiple news outlets. The former prime minister resigned as leader over the summer and was replaced by Liz Truss. Truss's own resignation this week after just a few weeks in office has him eyeing a comeback, per reports. On Thursday, hours after Truss resigned, The Times of London reported that Johnson "is expected to stand" in the next Tory leadership contest, citing unnamed sources. Truss was chosen as the Tory leader after the question was put to Conservative Party activists.

☆ Anthony Scaramucci congratulates Liz Truss for lasting '4.1 Scaramuccis' and outlasting milk following the British PM's abrupt resignation
▼ + stars: | 2022-10-20 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +2 min

Anthony Scaramucci poked fun at British Prime Minister Liz Truss' abrupt resignation. Scaramucci congratulated Truss for lasting longer than he did in the White House. Truss did not outlast a head of lettuce which a British tabloid had pitted against her. "1 Scaramucci = carton of milk 1 Truss = head of lettuce," Scaramucci wrote on Twitter. That means Truss lasted "4.1 Scaramuccis," rounding up, of course.

☆ Morning Bid: Truss drama deepens
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Anshuman DagaBritain's political drama keeps getting more and more interesting. The abrupt resignation of Britain's interior minister Suella Braverman, who criticised Liz Truss, reflects the continued erosion of the prime minister's authority after just weeks in the job. And as markets watch the political chaos, there seems to be no respite for the beleaguered pound. The yen has depreciated by about 23% so far this year, making it the weakest major currency in Asia. Asian stocks headed down on Thursday, taking a cue from rising yields and cutting short a brief rally that was triggered by strong earnings reports by U.S. and European companies.

☆ Row over Mussolini photo as Italy's Meloni readies for power
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +3 min

Leader of Brothers of Italy party Giorgia Meloni attends the fourth voting session to elect the new speaker, at the lower house of parliament, in Rome, Italy, October 14, 2022. The Mussolini portrait will be taken down "to avoid polemics and manipulations," the industry ministry said in a statement. The statement noted that another picture of Mussolini hangs in Palazzo Chigi, the prime minister's office, along with portraits of other Italian heads of government. Earlier, former centre-left leader and industry minister Pier Luigi Bersani chafed at being hung alongside Italy's late dictator. The public sector chapter of the CGIL, Italy's largest trade union, was also outraged, condemning the "deplorable" display and calling for its immediate removal.

☆ 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.

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.

Leader of Brothers of Italy Giorgia Meloni speaks at the party's election night headquarters, in Rome, Italy September 26, 2022. It is from tomorrow that we must prove our worth," the 45-year-old Meloni told cheering supporters of her nationalist Brothers of Italy party early Monday morning. The other major conservative party, Silvio Berlusconi's Forza Italia party, also scored around 8%, leaving Brothers of Italy the dominant partner. Despite its clearcut victory, the vote was not a ringing endorsement for the conservative alliance. The right took full advantage of Italy's electoral law, which benefits parties that forge pre-ballot pacts.

☆ A look at Giorgia Meloni's ascent to power as a far-right leader set to become Italy's next prime minister
▼ + stars: | 2022-09-26 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

Far-right politician Giorgia Meloni is poised to become Italy's first woman prime minister. The 45-year-old ascended to power after she joined the Italian Social Movement as a youth activist in her teenage years. Sign up for our newsletter to receive our top stories based on your reading preferences — delivered daily to your inbox. "It's a victory I want to dedicate to everyone who is no longer with us and wanted this night," Meloni said to a crowd of supporters, according to the news outlet. One decade later, Meloni became Italy's youngest minister when she was appointed to the youth portfolio in 2008 during the reign of former Italian prime minister Silvio Berlusconi.

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