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☆ Doubts mount over Britain’s ambitious growth plans — with warnings of further tax rises possible
▼ + stars: | 2024-11-19 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

A higher economic growth rate could theoretically boost the government's tax take without the need to raise taxes further, because overall revenues would be higher. The OBR now expects U.K. real GDP growth of 1.1% in 2024, followed by expansion of 2% in 2025, before falling to 1.5%. The Labour government did not immediately respond to CNBC's request for comment on further possible tax changes. 'Desperate' growth ratesThe U.K. economy barely grew in the third quarter, eking out a less-than-expected 0.1% expansion, data from the Office for National Statistics showed Friday. We've had 1% growth, or around 1% growth now since the Financial Crisis.

Persons: Rachel Reeves, James Smith, CNBC's, John Grieve, Reeves, Gieve, —, Labour's, ING's Smith, We've Organizations: Treasury, Getty, Labour, Finance, ING, of, CNBC, National Insurance, Office, National Statistics, Gross Locations: London, England

☆ U.S. allies, haunted by past Trump insults, race to delete posts and praise election victor
▼ + stars: | 2024-11-07 | by ( Hannah Peart | Hannah Peart Is An Intern In The Nbc News London Bureau. | ) www.nbcnews.com time to read: +3 min

“A political pyromaniac who must be put before a criminal court,” Jean Asselborn, then-foreign minister for Luxembourg, said of Trump after the Jan. 6, 2021, Capitol riot. "Trump has ruined it all," Croatian President Zoran Milanović said, also in 2021. Following Trump’s election victory, at least two of these U.S. allies, the U.K. and Australia, have had to dial back some of their previous attacks. U.K. Foreign Secretary David Lammy in September. Charles Parton, who served as a British diplomat for almost four decades, said that “the Labour Party has got some grounds to make up” after a perception that Starmer's party had favored the Democrats.

Persons: Donald Trump's, Kevin Rudd, Trump, “, ” David Lammy, ” Jean Asselborn, Zoran Milanović, Rudd, ”, won’t, David Lammy, Neil Hall, government’s, Trump’s, Harris, Keir Starmer, Charles Parton, Parton, Nigel Farage Organizations: Capitol, Australian Government, Foreign, Bloomberg, Getty, ”, U.S, Relations, Labour Party, Trump, Federal, Commission, Labour, Democrats Locations: U.S, Luxembourg, Australia, United States, British

☆ Bank of England set for second cut after Labour reveals tax-hiking budget
▼ + stars: | 2024-11-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

A pedestrian crosses the streets in front of The Bank of England illuminated by a ray of sunlight, in central London, on February 12, 2024. LONDON — The Bank of England is widely expected to cut interest rates Thursday, when policymakers deliver their first monetary policy decision following Labour's bumper budget announcement last week. The BOE is forecast to lower rates by 25 basis points for the second time this year, bringing its key rate to 4.75%. Policymakers had signaled a "gradual approach" to cuts after holding rates steady at their September meeting. The Federal Reserve on Thursday will also deliver its latest interest rate decision following the conclusion of the U.S. presidential election, having previously cut by 50 basis points in September.

Persons: BOE, Goldman Sachs, Rachel Reeves Organizations: The Bank of England, LONDON, Bank of England, Finance, Federal Reserve, U.S Locations: London

☆ UK's ultra-rich feel the pinch from Labour's tax-raising budget
▼ + stars: | 2024-11-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

New arrivals to the U.K. will receive 100% U.K. tax relief for their first four years, so long as they have been non-resident for the last 10 years. That's in addition to the £21.1 billion the independent Office for Budget Responsibility (OBR) forecast to be raised by earlier changes to the non-dom regime announced by the Conservatives in March. "Although the draft legislation has now been released, the Government still has time to create a new non-dom system that works for internationally-mobile individuals," Porter said in a statement. If they'd gone for the tiered (system), there would have been howls that you've given into the fat cats. "If they'd gone for the tiered (system), there would have been howls that you've given into the fat cats," he said.

Persons: Mike Kemp, Rachel Reeves, Reeves, Times Rich, David Lesperance, Lesperance, Steven Porter, Porter, they'd, Leslie Macleod Miller Organizations: Ford, Labour, Finance, —, Times, Associates, CNBC, Conservatives, Treasury, Government, Foreign Investors, Britain, Lesperance Locations: Kuwait, Burlington, Bond, London, United Kingdom, City, That's, Italy, Switzerland, Dubai

☆ Why ‘sin taxes’ could play a significant role in Britain’s high-stakes budget
▼ + stars: | 2024-10-29 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Hollie Adams | Afp | Getty ImagesBritain's Labour government appears poised to raise "sin taxes" in its highly anticipated October budget as it seeks to cash-in on lucrative industries to bolster Treasury revenues. Among a litany of measures, including a major change to the government's fiscal rules, Reeves is reported to be considering a sin tax raid. "Sin stocks are a good place to start. Shares of London-listed gambling stocks fell sharply on the news. A Treasury spokesperson was not immediately available to comment when contacted by CNBC about the prospect of sin taxes in the budget.

Persons: Keir Starmer, Rachel Reeves, Hollie Adams, Reeves, Michael, Britain's, William Hill, Paddy Power, Chris J, Ratcliffe, Bruce Morley, Morley, Morningstar's, Field, Alishia Abodunde Organizations: Britain's, Labour, Afp, Getty, Finance, Michael Field, Morningstar Analysts, Morningstar, CNBC, Guardian, London, Entain Plc, Bloomberg, Department, Environment, Food, Rural Affairs, Treasury, University of Bath, Imperial Brands, American Tobacco, Government Locations: London, Michael Field Europe, Europe, crosshairs, U.S, England, vapes

☆ Britain's Labour government to deliver debut Budget this week, settling weeks of uncertainty
▼ + stars: | 2024-10-28 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

UK Finance Minister Rachel Reeves makes a speech during the Labour Party Conference that is held at the ACC Liverpool Convention Center in Liverpool, UK on September 23, 2024. LONDON — U.K. Finance Minister Rachel Reeves will deliver the government's hotly awaited debut budget on Wednesday, putting to bed weeks of uncertainty over potential tax hikes and spending cuts. Reports suggest that the Treasury could target public sector net financial liabilities (PSNFL) in the U.K.'s measure of debt, rather than public sector net debt. The PSNFL measure takes in a wider account of the government's balance sheet, including financial assets and liabilities, than public sector net debt. In a note Friday, Goldman Sachs estimated that the changes could increase the government's fiscal headroom by around £50 billion ($65 billion).

Persons: Rachel Reeves, — Labour's, —, Keir Starmer, Reeves, Goldman Sachs, Goldman sachs Organizations: Labour Party Conference, ACC Liverpool Convention Center, LONDON, Finance, Sky News, Financial Times, Treasury Locations: Liverpool

☆ Economists see UK cutting interest rates more substantially as inflation pressures ease
▼ + stars: | 2024-10-22 | by ( Jenni Reid | ) www.cnbc.com time to read: +5 min

Mike Kemp | In Pictures | Getty ImagesLONDON — The U.K. is likely to see interest rates drop at a faster pace than previously expected, according to economists who flagged key data releases that indicated inflationary pressures are finally easing. However, economists at Goldman Sachs in a Monday note forecast rate cuts "notably below market pricing." As a result, they see consecutive 25 basis point cuts taking the Bank Rate to 3% as early as September 2025, and to 2.75% in November next year. "Recent data have cemented expectations of another cut in interest rates in November. "That said, uncertainty around the economic outlook is high, and interest rate expectations will be sensitive to what the government announces in the Budget," Muir added.

Persons: Mike Kemp, Goldman Sachs, BOE, Price, —, James Smith, Smith, David Muir, Muir, Keir Starmer, Rachel Reeves Organizations: of England, Labour, Bank of England's, BOE policymakers, Bank of England, ING . Services, Reuters, International Energy Agency, U.S . Federal Reserve, European Central Bank, Moody's, Finance Locations: City of London, London, United Kingdom

☆ UK's ultra-rich non-doms urge Italian-style tax regime to prevent wealth exodus
▼ + stars: | 2024-10-16 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

Mike Kemp | In Pictures | Getty ImagesLONDON — Britain's ultra-rich non-doms are urging the government to introduce an Italian-style flat-tax regime to prevent a wealth exodus, as their preferential status comes under threat in the upcoming budget. That differs from Italy's regime, which charges a recently doubled rate of 200,000 euros per year regardless of wealth bracket. Non-doms move their moneyReeves had previously said that scrapping the program could generate £2.6 billion ($3.38 billion) for the Treasury over the course of the next government. We need to understand that we need people to be investing here, to create the jobs, wealth, prosperity that we want. Labour courts wealth creatorsThe Labour government has said it is determined to address unfairness in the tax system, pledging in its election manifesto to close non-dom tax loopholes.

Persons: Mike Kemp, Leslie MacLeod Miller, Rachel Reeves, Reeves, Alex Stewart, doms, Sadiq Khan, MacLeod Miller, Dominic Lawrance, Charles Russell Speechlys, Keir Starmer Organizations: Porsche, GTS, Chanel, Bond, Investors, Britain, Oxford Economics, Foreign Investors, CNBC, Labour Party, Treasury, FIFB, Oxford, Labour, Labour's, Investment Locations: London, United Kingdom, IHT, Italy, Switzerland, Dubai, Westbourne, Bayswater, Royal Oak

☆ International investors descend on London as Labour tries to woo new business to Britain
▼ + stars: | 2024-10-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

LONDON — The U.K. Labour government is hoping to woo foreign capital to the country on Monday, as it hosts its inaugural International Investment Summit in London. Prime Minister Keir Starmer, Finance Minister Rachel Reeves and Business Minister Jonathan Reynolds will lead the one-day event at London's Guildhall, which is expected to be attended by around 200 executives from the U.K. and overseas. Former Google chair Eric Schmidt, Goldman Sachs CEO David Solomon and GSK CEO Emma Walmsley are among the named guests. Newly appointed Investment Minister Poppy Gustafsson, co-founder of British cybersecurity firm Darktrace, will also be on hand to promote the U.K. as a place to do business. The date was determined by Labour's pre-election pledge to hold a business summit within its first 100 days in office.

Persons: Keir Starmer, Rachel Reeves, Jonathan Reynolds, Eric Schmidt, Goldman Sachs, David Solomon, Emma Walmsley, Poppy Gustafsson, Dr, Bruce Morley, Labour's, Reeves Organizations: Labour, International Investment Summit, Business, London's Guildhall, British, CNBC, University of Bath, National Insurance, Capital, Guardian, Treasury Locations: London

☆ Voting in the UK and French elections taught me a concerning lesson that Americans should heed when heading to the polls
▼ + stars: | 2024-10-10 | by ( Benjamin Chadwick | ) www.businessinsider.com time to read: +10 min

Benjamin Chadwick — a dual citizen of France and the UK — voted in two national elections this year. Emmanuel Macron ran with a centrist campaign, while Marine Le Pen, leader of the National Rally, campaigned on anti-immigration and nationalist ideals. Related storiesLe Pen became leader of France's right-wing populist "National Front" party in 2011 and renamed it "National Rally" in 2018. AdvertisementIn the lead-up to the UK election on July 4, opinion polls predicted a huge majority for the center-left Labour Party. In France, I feared the National Rally would capitalize on their European victory and take control of the Assembly.

Persons: Benjamin Chadwick —, there's, —, Emmanuel Macron, Pen, Macron, Le, I've, France's, Boris Johnson, Donald Trump, Trump, Liz Truss, Sunak, Rishi Sunak's, he's, Le Pen's, Nigel Farage, I'm, Kamala Harris Organizations: Service, European Union, National, Conservatives, Labour Party, National Rally, EU, Conservative, Britons, Labour, Reform, Populist, Trump Locations: France, England, Paris, Trump, Brexit, Europe, Britain, Johnson's, stoke

☆ UK finance chiefs are banging the drum for one major reform to boost economic growth
▼ + stars: | 2024-09-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +3 min

Ian Forsyth | Getty Images News | Getty ImagesLiverpool, ENGLAND — U.K. finance chiefs are banging the drum for pension reforms to boost anaemic investment and growth in the country. William Vereker, chairman of Santander U.K., cited pension reform as one of three paths to economic growth, alongside skills and education, and regulation. "If we do not have domestic capital investing in domestic businesses, we will not see the growth that this government is so rightly focused on," he added. "For me, pension reform is the way to unlock growth in the U.K.," Lee told "Squawk Box Europe." UK pensions reviewU.K. Finance Minister Rachel Reeves in July announced a landmark pensions review as part of a "big bang" of reforms to unlock growth.

Persons: Ian Forsyth, —, William Vereker, Vereker, Muirinn O'Neill, we're, Tiina Lee, Lee, it's, Rachel Reeves, Tulip Siddiq Organizations: Labour Party Conference, ACC Liverpool, Getty, Labour, Santander U.K, Citi U.K, CNBC, Finance, Treasury Locations: Liverpool, England, ENGLAND, City, London

☆ UK Prime Minister Keir Starmer says tough times are needed to spark national renewal
▼ + stars: | 2024-09-24 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +5 min

Prime Minister Sir Keir Starmer during an 'In Conversation' event with Debbie Weinstein, managing Director Goole UK&I during the Labour Party Conference at the ACC Liverpool. Liverpool, ENGLAND — U.K. Prime Minister Keir Starmer insisted on Tuesday that tough decisions taken now will spark a new era for Britain, as he sought to shake a fog of pessimism that has clouded his new premiership. "Change must mean nothing less than national renewal," he told a crowd of Labour Party delegates Tuesday. Wes Streeting, minister for health and social care, said that promised improvements to the U.K.'s National Health Service (NHS) would take time to implement. We need to rebuild the economy, rebuild public services and rebuild trust in politics," he said at the conference Monday.

Persons: Sir Keir Starmer, Debbie Weinstein, Keir Starmer, Starmer, Jeremy Corbyn, Rachel Reeves, Reeves, Wes Streeting, Tulip Siddiq Organizations: Goole, Labour Party Conference, ACC Liverpool, Labour Party, Conservative, Wealth Fund, Finance, National Health Service, Treasury, Labour, CNBC, Conservative Party Locations: Liverpool, ENGLAND, Britain, England

☆ A stunning sterling rally is about to collide with Britain's political realities
▼ + stars: | 2024-09-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

Sterling breached $1.33 against the greenback for the first time since March 2022 on Thursday, and was trading at $1.3315 early London time Monday. The pound's rally was tied to the BOE communication and "looks fully justified," Chris Turner, global head of markets at ING, said in a Friday note. Higher rates are traditionally a positive for a domestic currency as the higher yield can attract more foreign capital. watch nowGabriella Dickens, G7 economist at AXA Investment Managers, also cautioned on the pound's outlook in a note Thursday. If the government is more stringent on fiscal policy, we think the Bank will be forced to increase the pace of the cutting cycle to offset the hit on both households' and businesses' finances."

Persons: Keir Starmer, BOE, Chris Turner, Turner, Jane Foley, Gabriella Dickens, Dickens Organizations: Bank of England, Labour, Sterling, greenback, London, ING, Fed, U.K, European Union, Rabobank London, CNBC, AXA Investment, Bank, quicken Locations: Britain, –

☆ UK Finance Minister Reeves vows no austerity despite tough budget
▼ + stars: | 2024-09-23 | by ( ) www.cnbc.com time to read: +1 min

Britain's Finance Minister Rachel Reeves has pledged to make the "necessary", "urgent" and "incredibly tough" choices to restore the country's economic stability. Finance minister Rachel Reeves will promise Britain on Monday there will be no return to "austerity" or widespread spending cuts despite previous warnings of a tough budget aimed at fixing the foundations of the economy. "There will be no return to austerity. Conservative austerity was a destructive choice for our public services - and for investment and growth too," Reeves will say, according to extracts from her speech. "We must deal with the Tory (Conservative) legacy and that means tough decisions.

Persons: Rachel Reeves, Reeves Organizations: Britain's, Labour, Labour Party, Tory Locations: English, Liverpool

☆ Britain's ultra-wealthy are threatening to exit en masse ahead of proposed tax changes
▼ + stars: | 2024-09-20 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +9 min

They're just a few of the destinations trying to lure away the U.K.'s uber wealthy ahead of proposed changes to the country's divisive non-dom tax regime. They will also be prevented from avoiding inheritance tax on assets held in trust. The majority (83%) cited inheritance tax on their worldwide assets as their key motivator for leaving, while 65% also referenced changes to income and capital gains tax. Where the wealthy are movingIt comes as other countries are shaking up their tax regimes to incentivize wealthy investors. Ultra-wealthy U.K. citizens, who are typically highly active in the super-prime market, are also in "wait and see" mode ahead of possible changes to capital gains and inheritance tax.

Persons: Keir Starmer, Rachel Reeves, Macleod, Miller, they'll, Leslie Macleod, Helena Moyas de Forton, Moyas de Forton, Labour's, Alexander Spatari, I'm, Marcus Meijer, Mark, CNBC's, it's, James Myers, Oliver James, Myers, Knight Frank, Stuart Bailey, Knight Frank's, they're, Bailey Organizations: Old Bond, Pawel, Bank, Getty, Labour, Oxford Economics, Conservative, Investors, Britain, CNBC, Treasury, EMEA, Christie's, Estate, Henley & Partners, Monaco, London, Istock Locations: Old, Mayfair, London, United Kingdom, Monaco, Italy, Switzerland, Dubai, They're, Britain, Greece, Malta, Caribbean, Bahamas, Monte Carlo, Gibraltar, South Kensington, England

☆ British government had 'constructive' talks with Musk's X over disinformation, minister says
▼ + stars: | 2024-09-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Musk is the owner of X, the social media platform formerly known as X. Aytug Can Sencar | Anadolu | Getty ImagesLONDON — The U.K. government has had "constructive" talks with Elon Musk's social media site X over the spread of misinformation and other harmful content, technology minister Peter Kyle told CNBC Friday. Multiple social media users at the time spread false information about the alleged perpetrator, who has since been charged with murder and attempted murder, claiming he was an asylum seeker. The minister also told CNBC he is assessing whether he needs additional powers to regulate social media companies over the dissemination of harmful content online. A government spokesperson told CNBC earlier this year that its "immediate focus is getting the Online Safety Act implemented quickly and effectively." However, this spokesperson added, "our message to social media companies remains clear: There is no need to wait — you can and should take immediate action to protect your users."

Persons: Elon Musk, Peter Kyle, Kyle, CNBC's, hasn't, Musk, Taylor Swift, Keir Starmer, Keir, Dawn Butler, Chi Onwurah, Labour's Kyle Organizations: Anadolu, Getty, Elon, CNBC, Citizens, Financial Times, Labour, SpaceX, Ofcom, OSA Locations: United Kingdom, England

☆ Dubai set to welcome even more millionaires as wealthy individuals abandon the UK
▼ + stars: | 2024-07-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report. "There are push and pull factors for this trend of millionaires opting to relocate to Dubai," Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC. "Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration." The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.

Persons: –, Karim Jetha, Henley, That's Organizations: United, Henley, Wealth, UBS, Labour Party, CNBC, Labour Locations: United Arab Emirates, Swiss, Dubai, sandier, UAE, U.S

☆ UK Finance Minister Rachel Reeves pledges most 'pro-growth, pro-business' government the country has seen
▼ + stars: | 2024-07-26 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

"I will work with business to make sure we're doing all we can to bring wealth creation, to bring business investment to the U.K. economy," she added. "This is going to be the most pro-growth, pro-business Treasury that this country has ever seen," Reeves told CNBC's Steve Sedgwick via remote interview. LONDON — U.K. Finance Minister Rachel Reeves said Friday that the new Labour government would be the most pro-growth and pro-business the country has seen. We need to attract business investment to be able to do that." However, the chancellor has a fine balance to tread given pledges from her party to also boost national investment and public sector pay.

Persons: Reeves, CNBC's Steve Sedgwick, Rachel Reeves, I'm, Keir Starmer, Starmer Organizations: Treasury, CNBC, LONDON, Finance, Labour, Conservative Locations: Rio de Janeiro, Brazil, Britain

☆ Britain's Labour faces an uphill battle as it looks to rein in AI's key players
▼ + stars: | 2024-07-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

By taking aim at the most powerful AI models, Labour would impose tighter restrictions on companies such as OpenAI, Microsoft , Google , Amazon , and AI startups including Anthropic, Cohere and Mistral. Matthew Houlihan, senior director of government affairs at Cisco, said any AI rules would need to be "centered on a thoughtful, risk-based approach." Even so, a U.K. AI law would be a step above the U.S., which currently doesn't have federal AI legislation of any kind. Sirion's Liu said one thing he's hoping the government doesn't do, is restrict open-source AI models. Herman Narula, CEO of metaverse venture builder Improbable, agreed that restricting open-source AI innovation would be a bad idea.

Persons: Keir Starmer's, King Charles III, doesn't, Starmer's, Matt Calkins, Appian, Lewis Liu, Liu, Rishi Sunak, Peter Kyle, Kyle, Zahra Bahrololoumi, Matthew Houlihan, Bill, Chris Holmes, Holmes, Matthew Holman, Cripps, Holman, Sirion's Liu, Herman Narula, Narula Organizations: Future Publishing, Labour, European Union, Microsoft, Google, CNBC, Conservative, BBC, AI Safety Institute, Cisco, Authority, EU, AI Safety, Tech, London Tech Week Locations: Jiangsu province, China, Ireland, Salesforce, U.S

☆ Labour's gains in London have private equity looking to exit — the country
▼ + stars: | 2024-07-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

Some of the proposals squarely take aim at the country's private equity sector, which, despite Britain's exit from the European Union, has maintained its stature as the regional hub for deal-making. "Private equity is the only industry where performance-related pay is treated as capital gains," the manifesto says. In practice, that would mean taxing carried interest, or the profits paid to private equity and hedge fund managers, as income. Labour's ascent comes at a precarious time for the private equity sector more broadly. "London has been the pulpit for financial services, private equity and investors in Europe for a long time," said Mark Veldon, a private equity partner at financial advisory and global consulting firm AlixPartners.

Persons: Big Ben, Keir Starmer, Lars Faeste, Faeste, Starmer, Marco Cerrato, he's, Giorgia Meloni, Cerrato, Steve Cohen's, Milan, Mark Veldon Organizations: Westminster, Nurphoto, Getty, Labour Party, Labour, Channel, European Union, Consulting's EMEA, CNBC, Capstone Investment, Management, Eisler, London, Labour Government Locations: London, Europe, Spain, Italy, Milan

☆ IMF upgrades UK growth forecast in another boost to new Labour government
▼ + stars: | 2024-07-16 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

LONDON — The International Monetary Fund on Tuesday lifted its 2024 growth outlook for the U.K. to 0.7% from 0.5%, providing a further boost to the country's new government. Looking ahead, the Washington, D.C.-based IMF reiterated its forecast for 1.5% U.K. growth in 2025 in the July update of its World Economic Outlook. Investment bank Goldman Sachs earlier this month nudged its 2025 forecast for the U.K. economy 0.1 percentage point higher, to 1.6%. Other economies given a 2024 growth upgrade by the IMF on Tuesday included the euro zone, which it lifted by 0.1 percentage point to 0.9%, Spain, up 0.5 percentage point to 2.4%, and China, up 0.4 percentage point to 5%. It lowered its forecast for the U.S. economy by 0.1 percentage point to 2.6%.

Persons: Taylor, Goldman Sachs, Keir Starmer, Goldman, — CNBC's Sophie Kiderlin, Vicky McKeever Organizations: Nine, Monetary Fund, D.C, Investment, Labour, European Union . Deutsche Bank, Friday, Deutsche Bank, Jefferies, Bank of England, Reuters, IMF Locations: Ruskin Park, London, England, Washington, brightening, Spain, China, U.S, Asia

☆ UK economy returns to growth in May, beating expectations as British pound hits four-month high
▼ + stars: | 2024-07-11 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. LONDON — The U.K. economy grew by 0.4% in May, flash figures published by the Office for National Statistics showed on Thursday, with the British pound jumping to a four-month high against the U.S. dollar after the announcement. The British economy exited a shallow recession in the first quarter of the year, then flatlined in April. Goldman Sachs last week upgraded its growth forecast for the U.K. following left-of-center Labour's thumping victory in the country's general election.

Persons: Sterling, Keir Starmer, Goldman Sachs, Ashley Webb, Price, BOE Organizations: Office, National Statistics, U.S, Gross, Labour Party, Capital, Bank of England's, Bank of England, European Central Bank Locations: London, United Kingdom, The City, British, U.K

☆ Anatomy of a Landslide
▼ + stars: | 2024-07-05 | by ( Josh Holder | Lauren Leatherby | ) www.nytimes.com time to read: +9 min

Vote share for the Conservatives dropped all over the country SCOTLAND NORTHERN IRELAND ENGLAND WALESAnatomy of a Landslide Support for the Conservatives plummeted, propelling the Labour Party into power. ... they lost almost half to Labour ... 372 seats Labour 412 ... and 60 to the Liberal Democrats Labour 200 Reform 4 S.N.P. Labour won a landslide with just a third of the vote0 10% 20% 30% 40% 50% 60% 70% Vote share Seat share Labour won almost two-thirds of seats with just a third of votes. Seat Vote Green 0 20% 40% 60% Vote share Seat share Labour won almost two-thirds of seats with just a third of votes. 29.4 15.5% 2019 2024 Lib Dem 9.3 7.7% 2019 2024 Green 3.4 11.1% 2019 2024 Reform 2.8 11.3% 2019 2024 Next youngest constituencies 33.9 38.1% 2019 2024 45.3 24.0% 2019 2024 10.9 10.9% 2019 2024 2.3 6.1% 2019 2024 3.2 17.2% 2019 2024 Older constituencies 25.6 32.4% 2019 2024 49.2 26.4% 2019 2024 12.5 13.7% 2019 2024 2.5 5.4% 2019 2024 2.0 16.4% 2019 2024 Oldest constituencies 20.6 25.9% 2019 2024 55.1 30.3% 2019 2024 13.5 15.9% 2019 2024 2.9 5.7% 2019 2024 0.6 16.3% 2019 2024 Source: Age data from the Office for National Statistics and Scotland Census Note: Constituencies are bucketed by median age.

Persons: Nigel Farage, Farage’s, — Organizations: Conservatives, WALES, Labour Party, Scottish National Party, Labour, Liberal Democrats, Scottish, Liberal, Conservative Conservatives, Conservative, Liberal Democrats Labour, Liberal Democrats Lab, National Government, Conservative Party, Center, Conservative Labour, Left Green Labour, Green Party, Green, Office, National Statistics, Reform Locations: SCOTLAND, England, postindustrial, Midlands, North, United Kingdom, Britain’s Parliament, Scotland

☆ Wall Street banks name 10 UK stocks to benefit from Labour landslide win
▼ + stars: | 2024-07-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The U.K.'s center-left Labour Party has won a substantial parliamentary majority in the country's general election, unseating the incumbent Conservatives after 14 years. Manthey and her team picked the FTSE 250 index , which can be traded through exchange-traded funds such as iShares FTSE 250 UCITS ETF or Vanguard FTSE 250 UCITS , over the large-cap index FTSE 100 , as their "preferred post-election trade." The strategists, however, cautioned that historical data pointed toward lackluster returns immediately after the election results. More broadly, the investment bank's economist Anna Titareva said U.K. markets remain "heavily discounted" since after Brexit. After the election results were confirmed, they reiterated their stock preferences: Taylor Wimpey and Persimmon .

Persons: Beata Manthey, Manthey, Anna Titareva, Titareva, Anthony Codling, Taylor Wimpey, Gleeson, Bellway, Investec Organizations: Labour Party, Labour, Vanguard, UBS, Companies, FTSE, FTMC, RBC Capital Markets, Jefferies, Genuit Locations: Swiss

☆ Stocks, property, bonds, the pound: Here’s what a new Labour government means for investing in the UK
▼ + stars: | 2024-07-05 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +7 min

The Labour party's pledge, for example, to increase taxes on the compensation that private equity fund managers received raised a few eyebrows, and led to questions on what this could mean more broadly. In a note Friday, analysts at Jefferies said, despite concerns raised by a strong showing for the right-wing Reform UK Party, the Labour Party's U.K. election win would help make the U.K. appear "relatively stable." "A widely predicted Labour win in the UK could usher in an era of greater stability for the UK … which should help bolster investor sentiment towards the UK," she said. "U.K. bank stocks in the end are one of the biggest proxies for U.K. economic growth," he said. If results are as expected, attention will shift away from the U.K. election quickly, Shreyas Gopal, strategist, and Sanjay Raja, senior economist at Deutsche Bank, said in a note published Wednesday.

Persons: Vuk Valcic, hasn't, Jefferies, James McManus, Susannah Streeter, Hargreaves Lansdown, McManus, Liz Truss, Streeter, Richard Donnell, Nutmeg's McManus, CNBC's Silvia Amaro Friday, Mark Fielding, Fielding, Shreyas Gopal, Sanjay Raja, BoE, Francesco Pesole, Pesole Organizations: City of, Labour Party, Conservatives, U.S ., Labour, CNBC, Stock, Reform UK Party, Hargreaves, Deutsche Bank, ING, Bank of England, ECB Locations: Bishopsgate, City, City of London, London, France

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