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But what is the debt brake and why is it so contentious? Germany's debt brake, or 'Schuldenbremse,' is a fiscal rule that forms part of the German constitution. In some exceptional circumstances, the debt brake can be suspended — this happened for example during the Covid-19 pandemic. watch nowWhen the debt brake was first implemented, its advocates argued that it would ensure a sustainable, responsible approach to public finances and spending. Critics meanwhile, say the debt brake is too restrictive, and that it has hampered investment which is necessary for a successful future.
Persons: Olaf Scholz, John Macdougall, Christian Lindner, Scholz, Lindner, Philippa Sigl, CNBC's Annette Weisbach, Holger Schmieding, Carsten Brzeski Organizations: Bundestag, Afp, Getty, Former, Green, European Commission, CNBC, ING Locations: Germany, Russia, Ukraine
They say the EU will need to employ some retaliatory measures but has to be careful not to escalate. AdvertisementEconomists and analysts said that in order to avoid a trade war, policymakers in Europe need to employ a specific playbook to mitigate the economic drag while keeping trade tensions in check. Kenningham says the EU will likely hit the US with targeted tariffs on certain industries, rather than an across-the-board action. Related storiesTrade deals to avoid tariffsKenningham said EU policymakers could also negotiate a deal to avoid US tariffs. Advertisement"There is a possibility that if the strategy toward Europe is very aggressive, Europeans may change attitudes toward the Transatlantic Alliance.
Persons: Goldman Sachs, Donald Trump, Trump, Joachim Nagel, Emmanuel Macron, Mario Draghi, Andrew Kenningham, Kenningham, Harley, Carlo Bastasin, Bastasin Organizations: Biden, Italian, Capital Economics, European Union, EU, Trade, European, Brookings, Trump, Transatlantic Alliance Locations: Europe, China, European, EU, Trump's, Ukraine, Germany
CNN —From the moment the US election results rolled in, climate leaders knew Donald Trump would be a blow to the COP29 talks in Baku. Amid the chaos, prominent global climate leaders on Friday issued an open letter calling for a “fundamental overhaul” of the entire UN climate process. COP29 marks the third year in a row that the climate talks have been held in either a petrostate, or economy that relies heavily on oil and gas. World leaders and delegates pose for a "family photo" on day two of the COP29 talks. Sean Gallup/Getty ImagesThe geopolitical chaos comes as global climate leaders scramble to find ways to Trump-proof progress so far, as the president-elect has vowed to again pull the US out of the Paris Agreement.
Persons: Donald Trump, Ilham Aliyev, Sandrine Dixson, , , Alex Scott, they’re, ” Aliyev, Aliyev, Agnès, Joseph Borrell, Azerbaijan’s COP29, Joe Biden, Emmanuel Macron, Ursula von der Leyen didn't, Sean Gallup, Trump, Gerardo Werthein, , Javier Milei’s Organizations: CNN, The, of Rome, United Arab, Getty, New York Times Locations: Baku, United Arab Emirates, Egypt, Italy, Paris, France, Netherlands, New Caledonia, Azerbaijan, Armenia
On Thursday, the European Commission fined Meta almost 798 million euros (about $840 million). AdvertisementMeta was fined almost 798 million euros (about $840 million) for breaching European rules by linking Facebook Marketplace to its social network Facebook and imposing unfair trading conditions on other classified platforms. The European Commission said Thursday that all Facebook users are "regularly exposed to Facebook Marketplace whether they want it or not." AdvertisementVestager said Meta's "conduct benefited Facebook Marketplace and gave it "advantages that other online classified ads service providers could not match." Advertisement"The reality is that people use Facebook Marketplace because they want to, not because they have to."
Persons: Meta, , Margrethe Vestager, Vestager Organizations: European, Meta, Service, Facebook, European Commission
The European Union has fined Meta Platforms €798 million ($840 million) over what it called abusive practices benefiting Facebook Marketplace. “The European Commission has fined Meta … for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers,” the EU’s executive arm said in a statement. Meta (META) said it will appeal the decision, but in the meantime, it will comply and will work quickly and constructively to launch a solution that addresses the points raised. The move by the European Commission comes two years after it accused the US tech giant of giving its classified ads service Facebook Marketplace an unfair advantage by bundling the two services together. The EU decision argues that Meta imposes Facebook Marketplace on people who use Facebook in an illegal “tie” but Meta said that argument ignores the fact that Facebook users can choose whether to engage with Marketplace, and many do not.
Persons: Meta …, Meta Organizations: European Union, Facebook, European Commission
Meta, the parent company of social networking site Facebook, has faced calls to do more about financial scams on its platforms. The European Commission on Thursday fined Meta Platforms €797.72 million ($840.24 million) over abusive practices benefiting Facebook Marketplace, it said in a statement, confirming an earlier report by Reuters. "The European Commission has fined Meta ... for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers," the European Commission said. The move by the European Commission comes two years after it accused the U.S. tech giant of giving its classified ads service Facebook Marketplace an unfair advantage by bundling the two services together. The EU decision argues that Meta imposes Facebook Marketplace on people who use Facebook in an illegal "tie" but Meta said that argument ignores the fact that Facebook users can choose whether to engage with Marketplace, and many do not.
Persons: Meta Organizations: Facebook, European, Reuters, European Commission, Meta, European Union Locations: U.S
UK's Starmer sets out new 2035 climate goal
  + stars: | 2024-11-12 | by ( ) www.cnbc.com   time to read: +1 min
Britain's Prime Minister Keir Starmer speaks at a press conference, during his visit to the European Commission headquarters on October 2, 2024 in Brussels, Belgium. Prime Minister Keir Starmer said Britain would cut greenhouse gas emissions by 81% by 2035 as he committed the country to a more ambitious climate goal at the United Nations COP29 climate summit. The new goal is in line with a recommendation from a committee of climate advisers who said last month the target should exceed the current 78% cut to emissions, measured against 1990 levels. Starmer said the British public would not be burdened because of the new target, which excludes international aviation and shipping emissions. We're not going to start dictating to people what they do," he said.
Persons: Keir Starmer, Starmer, We're Organizations: Britain's, European Commission, United Locations: Brussels, Belgium, Britain, United Nations, Baku, Azerbaijan, British
Critics of the proposed tariffs say the policy could lead to higher prices for U.S. consumers. That leaves Asia and Europe having to quickly consider ways to mitigate the future impact of export tariffs, and whether to retaliate or to try to negotiate a get-out deal. But economists also say that the EU could try to use the carrot instead of the stick with the U.S., suggesting there are three other ways Europe might try to stop, limit or avoid Trump's likely tariff policy altogether. German Chancellor Angela Merkel deliberates with U.S. President Donald Trump during the G-7 summit in Canada on June 9, 2018. Jesco Denzel | Bundesregierung | Getty ImagesWhether there Europe can reach consensus on how or whether to do a deal with Trump is debateable, however.
Persons: Caitlin Ochs, Reuters Donald Trump's, Europe scrabbling, Trump, Flach, Donald Trump, Jean, Claude Juncker, Andrew Kenningham, Didier Lebrun, Photonews, Mujtaba Rahman, Ursula von der, Von der, Joe Biden, Kenningham, Angela Merkel deliberates, Denzel, Carsten Brzeski, Emmanuel Macron, Angela Merkel, There's Organizations: Reuters, Trump, ING, Germany's, International Economics, Germany, U.S, EU, Capital Economics, European Union, Getty, Eurasia Group, Sustainable Steel, US Trade, Technology Council, Bundesregierung Locations: Upper Bay, New York, U.S, Europe, EU, China, Asia, Germany, Ukraine, Canada, France
During his first term, Trump imposed tariffs on key industries in both Europe and China. AdvertisementThis time around, analysts told BI that Trump's policies could have a particular impact on Europe. Related storiesEurope is particularly vulnerable to Trump's aggressive trade policies for two main reasons, said Nigel Green, CEO of financial advisory firm deVere Group. AdvertisementDonald Trump met European Commission President Ursula von der Leyen at the World Economic Forum in Davos in 2020. Steven Kennedy, the most senior civil servant in Australia's Treasury department, said Wednesday he expected Trump's tariffs to impact the country's economy.
Persons: Donald Trump's, Trump, , Donald Trump, Bilal Hafeez, Nigel Green, Green, Morningstar, Trump's, Michael Brown, Ursula von der Leyen, JIM WATSON, Steven Kennedy, Kennedy, Fitch, Latinvex Organizations: Service, European Union, Macro, Economic, of Chicago, Street Journal, deVere, Pharmaceuticals, Morningstar DBRS, Trump, stoke, European, Getty, European Commission, Treasury, News.com.au Locations: Europe, China, Ukraine, Davos, Australasia, Latin America, America, Mexico
Some European officials woke up to election results on Wednesday "not wanting to believe" them, several sources told CNBC. Many European leaders did not enjoy Trump's style of confrontational leadership during his first presidency, and there were several moments of tension with the former White House leader. As a result, many in Brussels celebrated the victory of Joe Biden in 2020, hoping for a better engagement. watch nowA second EU source, who also did not want to be named because of the sensitivity of the relationship, said: "It is not great, again." Any additional tariffs could further pressure the already moribund economic growth levels across the EU.
Persons: Donald Trump, Emmanuel Macron, Kamala Harris, Joe Biden, Ursula von der Leyen, Pedro Sanchez, Giorgia Meloni, Viktor Orban, Trump Organizations: USA, NurPhoto, Getty, Democratic, White, Trump, CNBC, EU, Thursday, Spanish, Hungary's, European Union, U.S, European Commission, Political Locations: France, Biarritz, Brussels, EU, Italian, Hungarian, Budapest, United States, Ukraine
European leaders have struggled to formulate a unified Sino-European strategy, with some states echoing U.S. calls for a complete disassociation — or decoupling — while others have preferred a softer, derisking approach. China has urged France to take on "an active role" to push the European Commission towards a solution acceptable to both the European and Chinese electric vehicle industries, Beijing's commerce ministry said on Monday, citing its minister. Wang Wentao, in a meeting with French junior trade minister Sophie Primas in Shanghai on Sunday, reiterated the European Union's investigation into China's EVs is a major concern and has "seriously hindered" China-EU auto industry cooperation. The EU launched an anti-subsidy investigation into imports of Chinese-made battery EVs last year and in October voted for tariffs on those vehicles. China in the past year has launched its own investigations into European pork and dairy, and imposed temporary anti-dumping measures on imports of brandy from the EU early this month.
Persons: Wang Wentao, Sophie Primas Organizations: European Commission, French, Sunday, EU Locations: China, France, Shanghai, EU
The second round of voting pitted incumbent Maia Sandu against her Russia-backed Party of Socialists opponent Alexandr Stoianoglo, after neither candidate won a majority in the first round last month. With 99.9% of the responses at the poll counted on Monday morning, Sandu won 55.4% of the vote, compared to the 44.6% of Stoianoglo, according to Moldova's Central Electoral Commission. France will continue to stand beside Moldova on its European path," according to a CNBC translation. Ursula von der Leyen, president of the European Commission, likewise praised Maia Sandu, stating on X that "it takes a rare kind of strength to overcome the challenges you've faced in this election. I'm glad to continue working with you towards a European future for Moldova and its people."
Persons: Maia Sandu, Alexandr Stoianoglo, Sandu, we've, Olaf Scholz, Emmanuel Macron, Sandu's, Ursula von der Leyen, you've, I'm Organizations: Electoral Commission, Moscow, CNBC, European Commission Locations: Soviet, Russia, Moldova, Ukraine, Romania, Europe, Georgia, Russian, Republic of Moldova, France
Chinese online retailer Temu will be investigated on whether it may have breached EU tech rules against the sale of illegal products, EU tech regulators said on Thursday, in a move which could lead to hefty fines for the company. Temu, which has 92 million users in the 27-country European Union, is a unit of Chinese ecommerce giant PDD Holdings . The EU tech enforcer will also investigate whether Temu is complying with the DSA obligation to provide researchers access to its publicly accessible data. Particularly in ensuring that products sold on their platform meet EU standards and do not harm consumers," EU antitrust and tech chief Margrethe Vestager said in a statement. Temu could face a fine of as much as 6% of its global turnover if found guilty of breaching the DSA.
Persons: Margrethe Vestager Organizations: EU, European Commission, Digital Services, Union, PDD Holdings, DSA Locations: EU
Former President Donald Trump and Vice President Kamala Harris are shown on screen during a debate watch party at the Cameo Art House Theatre in Fayetteville, North Carolina, on Sept. 10, 2024. European politicians and policymakers are busy preparing for more American protectionism regardless of who emerges as the next leader of the White House after elections next week. The presidential race has remained a dead heat going into its final few days, with polling consistently rating the candidates, Vice President Kamala Harris and former President Donald Trump, as being tied within key battleground states and across the country. "Whoever wins will be 'America first'," a senior European diplomat, who did not want to be named due to the sensitive nature of the transatlantic relationship, told CNBC last week. The comments come after a warning from German Finance Minister Christian Lindner, who on Friday told CNBC there could be retaliation if the U.S. kicked off a trade war with the European Union.
Persons: Donald Trump, Kamala Harris, Christian Lindner, it's Organizations: Art House Theatre, White, CNBC, German Finance, Friday, European Union, European, EU, U.S, European Commission Locations: Fayetteville , North Carolina, European, U.S, Washington ,, United States
Microsoft leads Google in cloud market share, while Amazon Web Services is at the top. AdvertisementMicrosoft publicly accused Google of running "shadow campaigns" to undermine its business and influence cloud regulation in Europe, in an escalation of the tech giants' rivalry. A Google spokesperson told Business Insider the company had been "very public" about concerns with Microsoft's cloud licensing. In the second quarter, Google Cloud generated $10.35 billion in revenue, while Microsoft's Azure, included as part of the company's Intelligent Cloud group, reported $28.5 billion in revenue. AdvertisementIn 2023, Google Cloud generated $33.7 billion in sales, while Microsoft's Intelligent Cloud group reported $96.8 billion in sales.
Persons: , Rima Alaily, Alaily, Nicky Stewart, Stewart Organizations: Microsoft, Google, Amazon, Service, Cloud Coalition, Open Cloud Coalition, European Commission, Big Tech, Amazon Web Services, Department of Justice, Games Locations: Europe
However, on "Mad Money" following the release, Jim said Alphabet delivered an "unambiguously great quarter." Alphabet Why we own it : Alphabet's Google Search is an invaluable tool for advertisers. Revenue for the Google Search, YouTube ads, and Google Network line items totaled $65.85 billion. That was up more than 10% from the year-ago quarter, though it was a slower growth rate than in the second quarter. The company exited the quarter with $93.23 billion in cash, cash equivalents, and marketable securities on its balance sheet.
Persons: It's, Jim Cramer, Jim, it's, Sundar Pichai, We're, Waymo, Anat Ashkenazi, Pichai, Jim Cramer's, Justin Sullivan Organizations: Google, U.S, European, Justice Department, Big Tech, Nvidia, YouTube, Microsoft, Revenue, Google Services, Walmart, Dallas Fort, CNBC Locations: U.S, Dallas, Dallas Fort Worth, Mountain View , California
Major equipment suppliers in Europe say that U.S. chip designers are calling on them to lower their water temperatures to accommodate the hotter AI chips, according to Herbert Radlinger, managing director at NDC-GARBE. Energy efficiency is high on the European Commission's agenda, as it seeks to reach its goal of reducing energy consumption by 11.7% by 2030. The EU predicted in 2018 that energy consumption of data centers could rise 28% by 2030, but the advent of AI is expected to boost that number two or threefold in some countries. Many of the recent discussions have focused on different ways to source "prime power" for AI data centers and for the potential for more collaboration with utilities, said Steven Carlini, chief advocate of AI and data centers and vice president at Schneider Electric. Liquid cooling will require a "reconfiguration," Gunen explained, adding that new data centers are already coming ready with this technology.
Persons: Goldman Sachs, Andrey Korolenko, Nvidia's Blackwell, we've, Winterson, CNBC Michael Winterson, Michael Winterson, Herbert Radlinger, Steven Carlini, Carlini, Schneider, Meta, Gunen, Equinix Organizations: Luza, CNBC, European Data Center Association, NDC, EU, Energy, Directive, Schneider, Schneider Electric, European, Nvidia, Blackwell Locations: Europe, Brussels, Equinix
EU slaps tariffs on Chinese EVs, risking Beijing payback
  + stars: | 2024-10-29 | by ( ) www.cnbc.com   time to read: +4 min
A senior EU official said the extra tariffs had been formally approved on Tuesday. It says China's spare production capacity of three million EVs per year is twice the size of the EU market. Beijing has called the EU tariffs protectionist and damaging to EU-China relations and automotive supply chains, and has launched its own probes this year into imports of EU brandy, dairy and pork products in apparent retaliation. The Commission estimates Chinese brands' share of the EU market has risen to 8% from below 1% in 2019 and could reach 15% in 2025. German carmakers have heavily criticized the EU measures, aware that possible higher Chinese import duties on large-engine gasoline vehicles would hit them hardest.
Persons: Viktor Orban Organizations: European Union, European Commission, China's SAIC, EU, World Trade Organization, Volkswagen, France's PFA, China's, China Passenger Car Association Locations: Huaian, Jiangsu Province, China, Europe, Beijing, United States, Canada, EU, Germany, Hungarian
Microsoft took the unusual step on Monday of publicly criticizing longtime rival Google for running "shadow campaigns" in Europe designed to discredit the software giant with regulators. "This week an astroturf group organized by Google is launching," Microsoft lawyer Rima Alaily wrote. "We've been very public about our concerns with Microsoft's cloud licensing, a Google cloud spokesperson said in an email. Google funded the Coalition for Fair Software Licensing that last year asked the U.S. Federal Trade Commission to investigate Microsoft, Alaily wrote. WATCH: Google Cloud exec says Microsoft is in violation of EU antitrust laws
Persons: Rima Alaily, Alaily, Microsoft's, didn't Organizations: Microsoft, Google, Justice Department, Group, Open Cloud Coalition, DGA, European Commission, Amazon Web Services, Amazon, Coalition for, Software, U.S . Federal Trade Commission, Cloud Infrastructure Services Locations: Europe, U.S, Monday's
Citizens and Georgian Dream Party supporters, carrying flags of Georgia and the Georgian Dream Party, attend the Georgian Dream Party's election rally. Anadolu | Anadolu | Getty ImagesMass protests are expected in the Georgian capital of Tbilisi on Monday after the ruling, Russia-friendly party Georgian Dream claimed victory in a contentious parliamentary election this weekend. "We do not accept these stolen election results," stated Tina Bokuchava, the leader of Georgia's main opposition party, the United National Movement, at a press briefing late on Saturday. "It was a total fraud, a total taking away of your votes," Zourabichvili told reporters, flanked by Georgian opposition party leaders, in comments reported by Reuters. Supporters of the Georgian Dream party celebrate at the party's headquarters after the announcement of exit poll results in parliamentary elections, in Tbilisi, Georgia October 26, 2024.
Persons: that's, Salome Zurabishvili, Georgia's, Irakli Kobakhidze, Bidzina Ivanishvili, Tina Bokuchava, Vano Shlamov, Bokuchava, Bidzina, Zourabichvili, Timothy Ash, Ash, Ivanishvili, Dmitry Peskov, Peskov, Irakli Gedenidze, Antony Blinken, Blinken Organizations: Georgian Dream Party, Anadolu, Getty, Georgian, European Union, NATO, United National Movement, National Movement, Afp, Reuters, BlueBay Asset Management, Kremlin's, TASS, Google, OSCE Office, Democratic, Human, European Locations: Georgia, Georgian, Tbilisi, Russia, Soviet, Soviet Union, Russian, EU, Washington, Moscow, Europe, Tbilisi , Georgia, U.S
French media and ad groups are calling on Apple to suspend its new "Distraction Control" feature, Business Insider is exclusively reporting. AdvertisementA group of French trade associations representing around 800 companies in the advertising and media sectors has sent an open letter to Apple CEO Tim Cook, calling for the tech giant to suspend the rollout of the iPhone's new "Distraction Control" feature. Distraction Control, which became available with iOS 18 this fall, allows users of the iPhone's Safari browser to hide elements on webpages like images, pop-ups, or ads. The letter urges Apple to suspend the rollout of Distraction Control and to provide technical documentation about its functionalities and any planned updates. AdvertisementAppleInsider later reported Apple had changed the name of the feature from Web Eraser to Distraction Control and updated it to include a popup explaining that it would "not permanently remove ads."
Persons: , Tim Cook, It'll, Apple, doesn't, Pierre Devoize, Alliance Digitale, AppleInsider Organizations: Apple, Service, Business, Europe's, Data, Alliance, de, Presse, Union des Marques, European Commission . Publishers, Safari, News Media Association, Publishers
Increasingly, Europe’s centrist figureheads are dropping their once-high-minded rhetoric on irregular migration, reaching instead for positions that were previously the preserve of the continent’s populist rabble-rousers. In Poland, like in much of Europe, “voters across the board expect that border security and migration controls are the priority,” Kucharczyk said. But Thursday’s victory for Tusk in Brussels underscores a broader, rightward shift across Europe on the issue of irregular migration. “It’s an existential issue for this coalition, and they don’t want to take chances on issues like migration,” Kucharczyk said. The wider question is whether the longstanding principles of the border-free Schengen Area can survive an enduring era of rising migration and populist subversion.
Persons: Donald Tusk, ” Tusk, Spain’s Pedro Sanchez –, Tusk, ” Jacek Kucharczyk, Emmanuel Macron, Germany’s, Olaf Scholz, ” Kucharczyk, , Adnan Beci, Ursula von der Leyen, Chancellor Scholz, Keir Starmer –, , Scholz, Thomas Niedermueller, Italy’s, Giorgia Meloni, , Marta Welander, PiS, Poland’s, Kucharczyk Organizations: CNN, European Union Council, of Public Affairs, Wednesday, Getty, European Commission, EU, Committee, Law and Justice, SPD, ISIS, Locations: Brussels, Poland, EU, Belarus, Europe, Russia, Albania, Warsaw, AFP, EU’s, France, Luxembourg, Netherlands, Belgium, Denmark, Finland, Solingen, Hungary, Slovakia
French Prime Minister Michel Barnier (C) ahead of his general policy statement to the French National Assembly in Paris on October 1, 2024. The budget is being widely previewed as an "austerity" budget that will see the government of new Prime Minister Michel Barnier present tax-hiking and cost-cutting measures that could rile opposition parties on both the left and right, and even the centrists that put him in power. In sum, Barnier's government is a fragile one and vulnerable to predatory challenges from the left and right of the political spectrum. But such a large dose of austerity may make even 1.1% growth difficult to achieve," he said in emailed analysis. "Finally, even if the budget is passed and does not dent economic growth too much, France's fiscal position would still be precarious.
Persons: Michel Barnier, Alain Jocard, Barnier, Antoine Armand, France's, , La France Insoumise, Remon Haazen, Emmanuel Macron, Macron, Andrew Kenningham, Kenningham, Marine Le Pen, Carsten Nickel, Nickel, Tom Weller, voigt, Benoit Tessier Organizations: French, French National Assembly, EU, Afp, Getty, National Assembly, Finance, European Commission, Republique, La, Populaire, Capital Economics, Republicans, Stade de France, Olympic Games Locations: Paris, France, La France, Europe, French
China penalizes European brandy in tit-for-tat response
  + stars: | 2024-10-08 | by ( ) edition.cnn.com   time to read: +3 min
An investigation has preliminarily determined that dumping of brandy from the EU is threatening China’s own brandy sector with “substantial damage,” the Chinese Commerce Ministry said. It also accounted for 99% of China’s brandy imports last year, with French brandy shipments reaching $1.7 billion. The Chinese commerce ministry gave no details. Ahead of the vote, in late August, China had suspended its planned anti-dumping measures on EU brandy, in an apparent goodwill gesture, despite determining that EU brandy had been sold in China at below-market prices. At the time, the Commerce Ministry said its probe would end before January 5, 2025, but that it could be extended.
Persons: Hennessy, Remy Martin, Pernod Ricard, Remy Cointreau, Martell Organizations: Paris Reuters, European Union, Chinese Commerce Ministry, EU, Commerce Ministry, China’s Commerce, distillers, SAIC, European Locations: Beijing, Paris, China, France
Britain's Prime Minister Keir Starmer speaks at a press conference, during his visit to the European Commission headquarters on October 2, 2024 in Brussels, Belgium. LONDON — British Prime Minister Keir Starmer is seeking to reset his government and recover from a shaky first 100 days in office beset by policy misfires, doom mongering and a "freebie" scandal. "A challenge for the prime minister lies in the fact No. Keir Starmer now needs to show he's got control," he added. Former Finance Minister Jeremy Hunt has denied the claims as "fictitious."
Persons: Keir Starmer, Starmer, Sue Gray, Gray, Morgan McSweeney, Downing, James Lyons, Phillip Blond, thinktank, Tony Travers, Travers, he's, Rachel Reeves, Reeves, Jeremy Hunt Organizations: Britain's, European Commission, LONDON, Labour, CNBC, London School of Economics, Labour Party, Conservative, Treasury, Conservative Party, Former, Citi, KPMG, Employment Locations: Brussels, Belgium, TikTok, Ukraine
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