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☆ EU to signal Britain needs to move on Northern Ireland dispute
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

BRUSSELS, Nov 17 (Reuters) - The European Union is expected on Friday to signal to new British Prime Minister Rishi Sunak that his government must resolve the long-running dispute over Northern Ireland, EU diplomats said. The row revolves around the Northern Ireland Protocol, part of the Brexit divorce deal, that keeps the British province largely in the EU single market. It is meant to prevent the return of a hard border between Northern Ireland and EU member Ireland to preserve a 1998 peace deal ending sectarian violence, but has placed another boundary in the Irish Sea, angering pro-British unionists. "There is a willingness from both sides... to engage positively," an EU diplomat said, but added that the dispute over the Northern Ireland Protocol remained. Britain's decision to delay Northern Ireland assembly elections until at least March has provided a window of opportunity for EU-UK talks.

☆ British government to usher in new era of austerity in effort to restore market confidence
▼ + stars: | 2022-11-15 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

We're going to see spending cuts," Hunt told the BBC on Sunday, while also promising the government would deliver a new and more focused plan to help with household energy bills beyond April. First, an increase in council tax with local authorities allowed to raise the level of council tax above 3% without a referendum," Raja said. "And second, an increase in both the duration and scale of the windfall tax on oil and gas 'excess profits'." Spending cuts, again executed via "stealth," could take the form of "nominal cash freezes to departmental budgets," Raja said, with spending budgets topped up minimally going forward. "If he wants to reassure the markets, he will have to announce early action in the form of a big fiscal tightening.

☆ Britain, France sign deal to boost cooperation on illegal migration
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

[1/3] French Interior Minister Gerald Darmanin greets Britain's Home Secretary Suella Braverman as she arrives for a meeting and joint declaration signature at the Hotel Beauvau Interior Ministry in Paris, France November 14, 2022. So far this year more than 40,000 people have crossed the Channel in small boats, up from 28,526 last year, putting pressure on new British Prime Minister Rishi Sunak and interior minister Suella Braverman to do more to stem the flow. "It is in the interests of both the UK and French governments to work together to solve this complex problem," Braverman said in a statement, after meeting with French interior minister Gerald Darmanin in Paris on Monday morning. The British government said the multi-year deal would see a 40% increase in the number of UK-funded officers patrolling French beaches in the coming months. ($1 = 0.9693 euros)Reporting by Paris Newsroom, Kylie MacLellan and Muvija M in London; Editing by Susan Fenton and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ UK and France to strike migrants deal as soon as Monday, reports say
▼ + stars: | 2022-11-12 | by ( ) www.reuters.com time to read: +1 min

LONDON, Nov 12 (Reuters) - Britain and France are set to agree a deal possibly as soon as Monday to ramp up their joint efforts to stop illegal migrants from making perilous crossings of the English Channel, a British newspaper reported on Saturday. France will agree to a joint control centre where British immigration officials will be stationed, it said. British officials have said a deal is close. British and French government officials declined to comment on the reports on Saturday. Reporting by William Schomberg in London, additional reporting by John Irish in Paris, Editing by Ros RussellOur Standards: The Thomson Reuters Trust Principles.

☆ UK PM Sunak could freeze foreign aid for two more years -Telegraph
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

Oct 28 (Reuters) - New British Prime Minister Rishi Sunak is considering freezing the country's foreign aid budget for an additional two years, the Telegraph reportedon Friday, citing sources. Britain's spending on foreign aid is set at 0.5% of national income. The government had cut its foreign aid spending two years ago as the country faced a huge hit to public finances due to the coronavirus pandemic. Sunak, who was finance minister at the time, had said last year that foreign spending should return to 0.7% of economic output by 2024-2025. read moreHowever, according to the Telegraph report, officials are considering extending the foreign aid spending cut by another two years to 2026-2027. The report added there was scope for deeper cuts alongwith an option to peg foreign aid spending to inflation for three years in the future.

☆ Euro slips below parity, yen steady ahead of BOJ
▼ + stars: | 2022-10-28 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

[1/2] U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. "The ECB policy decisions were less hawkish than most had expected. The yen last bought 146.41 per dollar, and was on track for a nearly 1% weekly gain, its largest since August. The fragile currency has received support from suspected intervention by Japanese authorities to prop up the yen last Friday and on Monday. "At the moment, I don't really see any case for a shift in the Bank of Japan's monetary policy," said CBA's Kong.

☆ Euro slips below parity, yen steady ahead of Bank of Japan
▼ + stars: | 2022-10-28 | by ( ) www.cnbc.com time to read: +3 min

The euro held below parity on Friday as investors eyed a potential slowdown in future rate hikes by the European Central Bank, while the yen was on track for its best week in over two months ahead of a key central bank policy decision. "The ECB policy decisions were less hawkish than most had expected. The yen last bought 146.41 per dollar, and was on track for a nearly 1% weekly gain, its largest since August. The fragile currency has received support from suspected intervention by Japanese authorities to prop up the yen last Friday and on Monday. "At the moment, I don't really see any case for a shift in the Bank of Japan's monetary policy," said CBA's Kong.

Sunak became prime minister on Monday, and has delayed an autumn fiscal statement to Nov. 17 as he looks to tackle a cost-of-living crisis and restore international economic credibility damaged in the short tenure of his predecessor Liz Truss. Truss had been expected to attend, but on Thursday Sunak's Downing Street office said the new prime minister was not planning to go to the summit. "The Prime Minister is not expected to attend the summit in Egypt due to other pressing domestic commitments, including preparations for the autumn statement," a Downing Street spokesperson said. The spokesperson said that Britain remained "absolutely committed to supporting COP27 and leading international action to tackle climate change and protect nature," having hosted the COP26 summit in Glasgow last year. The opposition Labour Party criticised Sunak's decision to skip the summit, with its climate change policy spokesperson calling it a "big mistake."

☆ Asian shares rise on hopes of rate hike slowdown
▼ + stars: | 2022-10-26 | by ( Ankur Banerjee | Deena Beasley | ) www.reuters.com time to read: +4 min

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 1%, led by a bounce in Hong Kong, while Japan's Nikkei (.N225) rose 1.1% by mid-morning. Three-year Australian government bond futures were knocked from peaks but managed to hold steady for the day at 96.400. Japanese government bonds rallied sharply after the Bank of Japan again said it would increase bond buying operations. Brent crude futures for December dropped $1.17, or 1.3%, to $92.35 a barrel at 0111 GMT, after climbing 26 cents in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December delivery were down 88 cents, or 1%, to $84.44 a barrel.

☆ New UK PM Sunak commits to fracking ban - spokesman
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

During her short term as prime minister, Truss had lifted a moratorium on fracking, arguing last month that strengthening the country's energy supply was a priority. In parliament, Sunak was asked about fracking, and said he stood by a 2019 manifesto commitment on the issue. The Conservatives' 2019 policy prospectus said they would "not support fracking unless the science shows categorically that it can be done safely." Asked by a reporter if Sunak's comment meant that fracking was "back in the bin", Sunak's spokesman said "That's correct." "You've got the position set out in the manifesto, which the prime minister pointed to," the spokesman told reporters.

☆ Dollar sags as bets build for less hawkish Fed
▼ + stars: | 2022-10-26 | by ( ) www.cnbc.com time to read: +4 min

The dollar wallowed near a three-week low versus major peers on Wednesday as more signs of economic weakness in the United States fanned speculation about a less hawkish Federal Reserve. The euro also remained near a six-week high, trading less than half a cent from parity with the greenback. The European Central Bank decided policy on Thursday and is widely expected to raise rates by 75 basis points. The dollar reached a 32-year top at 151.94 yen on Friday, but was then beaten back as far as 144.55 amid two bouts of suspected Bank of Japan intervention either side of the weekend. "A further pullback in the U.S. dollar seems to be the Aussie's best chance of sustaining pushes above $0.64.

☆ New British PM delivers first speech: My predecessor 'was not wrong'
▼ + stars: | 2022-10-25 | by ( ) edition.cnn.com time to read: 1 min

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☆ UK PM Rishi Sunak may delay fiscal statement - The Times
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - New British Prime Minister Rishi Sunak is considering delaying next week's planned fiscal statement in order to fill a hole of 40 billion pounds ($46 billion) in the UK's finances, The Times reported. Sunak is expected to meet finance minister Jeremy Hunt on Wednesday to discuss his proposals to increase taxes and squeeze public spending, the report said. This comes after former PM Liz Truss's spokeswoman said last week that her successor would decide whether to proceed with a fiscal plan scheduled for Oct. 31. Hunt reversed Truss's economic growth plan on Oct. 17 after several weeks of turmoil in UK politics and markets and Truss resigned a few days later. Sunak, who became Britain's third prime minister in two months, quickly re-appointed Hunt as his finance minister in a move designed to calm markets.

☆ Political chaos tips British firms into deeper slide - PMIs
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +3 min

LONDON, Oct 24 (Reuters) - British businesses are suffering their worst month since January 2021, when they were under a COVID-19 lockdown, as the country's political upheavals compound concerns about inflation and rising interest rates, a survey showed on Monday. German business activity declined at a faster rate than in Britain, although France fared better than both. "More evidence of economic weakness, combined with signs of less heated inflationary pressures, should, all else equal, tone down the (BoE's) appetite to raise interest rates substantially in its November meeting," Beck said. Truss has said she will resign once her successor is chosen at the end of this week. "As night follows day, investment and employment will suffer in the months ahead as companies adjust to the increasingly challenging environment," Williamson said.

☆ Rishi Sunak to be next British Prime Minister
▼ + stars: | 2022-10-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRishi Sunak to be next British Prime MinisterSky News anchor Wilfred Frost joins Shep Smith to report on new British Prime Minister Rishi Sunak and the challenges he faces as he takes over the government.

☆ 'Political fix' needed for Wikileaks' Assange - lawyer
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +3 min

SYDNEY, Oct 21 (Reuters) - A lawyer for WikiLeaks founder Julian Assange said an "urgent political fix" is needed in his case because legal appeals against his extradition to the United States could continue for another decade and his health is declining. In June, Britain's Home Secretary approved Assange's extradition to the United States. "This case is political and needs an urgent political fix," she added. The saga began at the end of 2010 when Sweden sought Assange's extradition from Britain over allegations of sex crimes. Britain's Home Affairs office has said the courts had concluded Assange's extradition would not be incompatible with his human rights, and that he would be treated appropriately.

☆ UK inflation moves back up to 40-year high as Brits battle cost-of-living crisis
▼ + stars: | 2022-10-19 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

The Office for National Statistics announced inflation figures Wednesday as the U.K. undergoes a historic cost-of-living crisis and political turmoil. The figure for September matches the 40-year high British inflation reached in July. The rate rose in the year to September 2022 as the country's cost-of-living crisis continues to hammer households and businesses ahead of a tough winter. Inflation unexpectedly dipped to 9.9% in August, down from 10.1% in July, on the back of a fuel price decline. September's inflation rate highlights the severity of the U.K.'s inflation crisis, and comes as the country weathers a period of economic volatility.

☆ U.S. stocks extend rally, Treasury yields dip on solid earnings, economic data
▼ + stars: | 2022-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

REUTERS/Brendan McDermidNEW YORK, Oct 18 (Reuters) - U.S. stocks surged and Treasury yields eased as earnings surprised to the upside and robust factory data fueled investors' risk appetite. The pan-European STOXX 600 index (.STOXX) rose 0.67% and MSCI's gauge of stocks across the globe (.MIWD00000PUS) gained 1.23%. Emerging market stocks rose 1.40%. Treasury yields slid, echoing moves in UK and European bonds, as moves by the British government to stabilize its bond market have helped calm anxieties. read moreThe dollar index rose 0.22%, with the euro down 0.08% to $0.983.

☆ Sterling dips as market trims BoE rate hike bets, yen scrabbles off 32-yr low
▼ + stars: | 2022-10-18 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The battered Japanese yen traded near a 32-year trough to the dollar at 149 yen, putting the major psychological barrier of 150 in focus. ING expects now a 75 basis-point rate hike in November rather a full-point move expected before the fiscal policy U-turn, Smith added. The euro was volatile weakened against the dollar following German investor sentiment data, which albeit less pessimistic than expected, still painted a bleak picture of Europe's biggest economy. The dollar index which measures its performance against six major currencies, including sterling, the euro and the yen - was last down 0.1% at 112.00. Britain's policy U-turn saw the risk-sensitive New Zealand dollar surge more than 1%, already lifted by hotter-than-expected consumer inflation data, boosting bets for further rate hikes.

☆ IMF says Britain's U-turn on economic plan signals fiscal discipline
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 18 (Reuters) - The International Monetary Fund on Tuesday applauded the new British finance minister's decision to scrap most of a proposed debt-financed fiscal package, saying this signaled a commitment to fiscal discipline. "The UK authorities’ recent policy announcements signal commitment to fiscal discipline and help better align fiscal and monetary policy in the fight against inflation. We look forward to the Medium-Term Fiscal Plan," an IMF spokesperson said in a emailed statement to Reuters. Register now for FREE unlimited access to Reuters.com RegisterReporting by Andrea Shalal and David LawderOur Standards: The Thomson Reuters Trust Principles.

Hunt, appointed on Friday to fix the public finances after Truss's economic plan hammered the value of British assets, said the country needed to generate confidence and stability before it could seek to grow the economy. He said changes to planned tax cuts would raise 32 billion pounds ($36 billion) every year. While he had been expected to reverse some of the tax cuts, the change to the energy support scheme had been unexpected. Truss had announced a two-year subsidy scheme to support households and businesses through the period of surging energy prices, costing 60 billion pounds in six months. Hunt would still deliver a fuller medium-term fiscal plan as scheduled on Oct. 31, alongside forecasts from the independent Office for Budget Responsibility, the Treasury said.

☆ UK finance minister seeks to stem bond rout by rushing forward tax plan
▼ + stars: | 2022-10-17 | by ( William Schomberg | ) www.reuters.com time to read: +4 min

"The chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the finance ministry said. Register now for FREE unlimited access to Reuters.com RegisterSterling was up about 1% against the dollar in trading in Asia. Hunt met Truss over the weekend to overhaul her original economic proposals. No chancellor should seek to do that," the former foreign and health minister told BBC television in an interview broadcast on Sunday. Goldman Sachs said on Sunday it expected Britain's economy to shrink by 1.0% in 2023, a more severe contraction than its previous forecast of a 0.4% shrinkage, as Truss's tax cuts were reversed.

☆ 'How's Brexit going?' British politics mocked at home and abroad
▼ + stars: | 2022-10-17 | by ( Gavin Jones | ) www.reuters.com time to read: +4 min

New British finance minister Jeremy Hunt will set out tax and spending measures on Monday, two weeks earlier than scheduled, as he races to stem a dramatic loss of investor confidence in Prime Minister Liz Truss's government. read more"How's Brexit going?" read moreEven Britain's staunchly conservative newspaper the Telegraph, which backed the Brexit referendum, acknowledged in a column on Sunday that its economic goals had failed. "The UK example of how quickly and aggressively markets can turn on you, is likely to keep Italian policy cautious. I am sure Rome is watching carefully what is happening in the UK," one senior euro zone official said.

☆ Britain's political and market turmoil
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Following is a snapshot of related events, comments and explanations:Register now for FREE unlimited access to Reuters.com RegisterWHAT'S BEHIND THE CRISIS? * The Bank of England was forced into emergency bond-buying to stem a sharp sell-off in Britain's 2.1 trillion pound ($2.3 trillion) government bond market that threatened to wreak havoc in the pension industry and increase recession risks. * The BoE interventions have highlighted a growing segment of Britain's pensions sector - liability-driven investment. MARKET REACTION* Long-dated British government bonds rallied on Monday.

☆ UK's Hunt brings forward fiscal announcement to Monday
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

British Chancellor of the Exchequer Jeremy Hunt arrives at the BBC, in London, Britain, October 15, 2022. REUTERS/Henry Nicholls/File PhotoLONDON, Oct 17 (Reuters) - New British finance minister Jeremy Hunt will announce tax and spending measures on Monday, two weeks earlier than previously scheduled, the finance ministry said as Hunt tries to turn around a loss of confidence in the government's fiscal plans. "The Chancellor will make a statement later today, bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability," the Treasury said. "He will also make a statement in the House of Commons this afternoon." Register now for FREE unlimited access to Reuters.com RegisterReporting by Bengaluru newsroom Writing by William Schomberg; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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