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☆ British pound slides on political uncertainty, reversing Liz Truss resignation bounce
▼ + stars: | 2022-10-21 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

British Prime Minister Liz Truss announces her resignation, outside Number 10 Downing Street, London, Britain October 20, 2022. Henry Nicholls | ReutersLONDON — The British pound fell 1.4% against the dollar Friday, more than wiping out the moderate gains it made following the resignation of Prime Minister Liz Truss. Truss announced she would be stepping down Thursday, saying she could not deliver the mandate on which she was elected just 44 days prior. The pound was rocky through the day, but ended it slightly higher than the previous session. Sunak, who was finance minister under former Prime Minister Boris Johnson and ran head-to-head against Truss for the leadership over the summer, is considered a favorite to replace her.

A Reuters tally of Conservative lawmakers who have made public declarations of support put Sunak on 70 backers, Johnson on 37 and Mordaunt on 20. 1/6 British Prime Minister Boris Johnson makes a statement at Downing Street in London, Britain, July 7, 2022. Luxembourg's Prime Minister Xavier Bettel said leaving the European Union had brought instability to Britain. Opposition parties, some newspapers and even a few Conservative lawmakers have called for a general election to be held. Some Conservative lawmakers have urged colleagues to coalesce around one candidate to avoid a bruising battle.

☆ On the Scene: London Reacts to Truss News
▼ + stars: | 2022-10-20 | by ( Isabella Kwai | ) www.nytimes.com time to read: 1 min

On the Scene: London Reacts to Truss NewsHenry Nicholls/ReutersThe announcement from Prime Minister Liz Truss of Britain that she would resign is the latest episode of political instability in the U.K. I combed the rainy streets in London to gauge people’s reactions. Here’s what I saw →

☆ How Liz Truss’ term as British prime minister went from bad to worse
▼ + stars: | 2022-10-20 | by ( Sana Noor Haq | ) edition.cnn.com time to read: +7 min

Here are the lowlights – and lowerlights – of Truss’ term as Britain’s shortest-serving prime minister. Jessica Taylor/UK Parliament/ReutersThe prime minister later defends her government’s controversial tax cuts in an exclusive interview with CNN’s Jake Tapper. October 20: Truss quitsAfter a chaotic six-week spell in Downing Street, Truss announces her resignation. She will remain UK prime minister until her successor is chosen. Her swift exit as prime minister prompts calls for an early general election in Britain.

British Prime Minister Liz Truss announces her resignation, as her husband Hugh O'Leary stands nearby, outside Number 10 Downing Street, London, Britain October 20, 2022. REUTERS/Henry NichollsOct 21 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeeverFarewell risk-on rally, we barely knew you. But it couldn't defy gravity - or more specifically, soaring U.S. bond yields and rate expectations - for long. If Japanese inflation figures on Friday come in hotter than expected, it will only intensify. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

People exit Bank underground station in the City of London financial district during rush hour in London, Britain, October 3, 2022. Investors on Tuesday were pricing in a 66% chance the BoE will raise its benchmark Bank Rate by a full percentage point on Nov. 3, its next scheduled monetary policy announcement, down from a near-certainty before the sweeping fiscal U-turns. Register now for FREE unlimited access to Reuters.com RegisterInvestors have also pared back their bets on the peak for Bank Rate which they now see at 5.25%, up from a current 2.25% but down from almost 6% predicted earlier this month. But the outlook for the British economy has changed so markedly that the picture looks different for the BoE. "I expect the Bank of England will be responding only to the inflation picture," Punhani said.

The former foreign and health minister was appointed on Friday after Truss sacked Kwasi Kwarteng, her close ally. Under the new policy, most of Truss's 45 billion pounds of unfunded tax cuts will go and a two-year energy support scheme for households and businesses - expected to cost well over 100 billion pounds - will now be curtailed in April. Hunt said halting the planned tax cuts would raise 32 billion pounds ($36 billion) every year. REUTERS/Henry Nicholls/File PhotoBut the response from bond investors who would fund the tax cuts was violently negative and borrowing costs surged. After scrapping one of the tax cuts, Truss fired Kwarteng on Friday, saying she accepted her plans had gone "further and faster" than investors were expecting.

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Asia's main markets had struggled overnight but Europe's STOXX 600 (.STOXX) made a 0.5% early gain as both the pound and UK government bonds rallied in London. Invesco's director of macro research Ben Jones said the UK's volatility would remain a key focus for global markets. In currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%. The rise of the dollar and global bond yields have been a drag for gold, which was stuck at $1,648 an ounce .

☆ 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.

☆ UK's Hunt says he will raise 32 bln pounds more in tax, limit power subsidies
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

British Chancellor of the Exchequer Jeremy Hunt walks outside Downing Street in London, Britain October 17, 2022. REUTERS/Henry NichollsLONDON, Oct 17 (Reuters) - British finance minister Jeremy Hunt, seeking to quell a bond market rout, listed on Monday tax changes that he said would raise an extra 32 billion pounds ($36.16 billion) a year and scaled back the government's energy price cap scheme. "Taken together with the decision not to cut corporation tax and restoring the top rate of income tax the measures I've announced today will raise every year around 32 billion pounds," Hunt said. A cut to the rate of National Insurance and a cut to the stamp duty tax on property purchases will go ahead as planned, Hunt said. ($1 = 0.8849 poundsRegister now for FREE unlimited access to Reuters.com RegisterReporting by William James Writing by William SchombergOur Standards: The Thomson Reuters Trust Principles.

☆ 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 finance minister Hunt to set out govt's fiscal plan on Oct. 31
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

New Chancellor of the Exchequer Jeremy Hunt leaves 10 Downing Street in London, Britain, October 14, 2022. REUTERS/Henry NichollsLONDON, Oct 14 (Reuters) - New British finance minister Jeremy Hunt will set out the government's medium-term fiscal plan on Oct. 31, the Treasury said in a statement on Friday, sticking to the date his predecessor had announced. The Treasury said Hunt, who was appointed on Friday after his predecessor Kwasi Kwarteng was fired by Prime Minister Liz Truss, would set out how the government would get debt falling as a percentage of GDP over the medium term. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kylie MacLellan; Editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

☆ UK finance minister Kwarteng confirms he has been sacked
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +1 min

Chancellor of the Exchequer Kwasi Kwarteng exits a car on Downing Street in London, Britain, October 14, 2022. REUTERS/Henry NichollsLONDON, Oct 14 (Reuters) - British finance minister Kwasi Kwarteng confirmed on Friday he had been sacked by Prime Minister Liz Truss, becoming the third chancellor to leave the government this year. I have accepted," Kwarteng said in a letter to Truss, which he published on Twitter. read more"It is important now as we move forward to emphasise your government's commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches," Kwarteng said.

☆ Morning Bid: Mini budget, major turmoil
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsA look at the day ahead in European and global markets from Anshuman DagaWhat was meant to be a mini-budget is still thundering across financial markets. read moreAsian stocks markets and currencies extended their downward journey, burdened by the gloomy growth outlook, while dollar bulls pushed the currency to yet another two-decade high. "Indeed a recession in Europe in particular is already well anticipated, with 92% of our European Fund Manager survey respondents expecting one in the coming 12 months," BofA said. Elsewhere, the energy crisis in Europe intensified as European authorities investigated what Germany, Denmark and Sweden said were attacks which had caused major leaks into the Baltic Sea from two Russian gas pipelines. The energy crisis between Europe and Moscow has already battered major Western economies, sent gas prices surging and sparked a hunt for alternative supplies.

☆ Factbox: Companies cut jobs, freeze hiring to prepare for economic slowdown
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

A person walks through the financial district during rainy weather in London, Britain, September 23, 2018. Picture taken September 23, 2018. REUTERS/Henry NichollsSept 27 (Reuters) - Technology companies, crypto exchanges and financial firms are cutting jobs and slowing hiring as global economic growth slows due to higher interest rates, red-hot inflation and an energy crisis in Europe. In a sign of a tough second half of the year, growth in the world's largest economy, the United States, shrank for the second straight quarter, while in the euro zone business growth slowed sharply in June due to rising cost of living. LAYOFFS:HIRING FREEZES:Source: Company filings, media reportsRegister now for FREE unlimited access to Reuters.com RegisterCompiled by Chavi Mehta, Tiyashi Datta, Aditya Soni, Yuvraj Malik and Praveen Paramasivam in Bengaluru; Editing by Arun Koyyur, Uttaresh.V, Anil D'Silva and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ UK housing index at 11-year low on rate-hike fears
▼ + stars: | 2022-09-26 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterEstate agent signs are seen outside a residential housing in south London, Britain, August 6, 2021. Register now for FREE unlimited access to Reuters.com RegisterThe housebuilders index fell 6% to hit its lowest level since March 2013. "The weak pound is driving expectations for further rate increases, which means lower house prices," Peel Hunt analyst Sam Cullen said. Shares of Taylor Wimpey hit their lowest since 2014, Persimmon since 2016, and Barratt and Berkeley stocks since March 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Britain's Labour Party leader Keir Starmer speaks during the tribute to Britain's Queen Elizabeth at Britain's Labour Party's annual conference in Liverpool, Britain, September 25, 2022. Starmer, who has led Britain's main opposition party for the past two years, said he would reintroduce the top rate of income tax to 45% after the government abolished the rate in a mini-budget. "I would reverse the decision they made," Labour leader Starmer said. However, Starmer said a Labour government would not reverse the government's decision to cut the basic rate of income tax to 19% from 20%, saying that tax cut would benefit working people. Andy Burnham, the mayor of Greater Manchester, earlier said Labour should oppose all the tax moves outlined by the new government.

People relax in the sun of the bank the River Thames, with the The City of London financial district in the distance, in London, Britain, June 16, 2022. The CityUK, which promotes UK financial services abroad, said Britain must make a competitive and compelling offer to lift growth, but there is no magic bullet. DEREGULATION PUSHThe City is largely locked out of the EU since Brexit and financial services were excluded from the UK's trade deal with the bloc. Kwarteng said the financial services sector will be at the heart of the government's programme to drive growth in the economy. "To reaffirm the UK's status as the world's financial services centre, I will set out an ambitious package of regulatory reforms later in the autumn," Kwarteng said.

☆ UK downturn deepens, raising recession risk -flash PMI
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +3 min

Released just as finance minister Kwasi Kwarteng was due to flesh out the economic agenda of new Prime Minister Liz Truss, the S&P Global/CIPS flash Composite Purchasing Managers' Index (PMI) fell to 48.4 from 49.6 in August. It marked the lowest reading since the COVID-19 lockdown of January last year. The PMI for the services sector fell to 49.2 in September from 50.9 in August, the weakest reading since January 2021. While the manufacturing PMI rose to 48.5 from 47.3, much of the improvement reflected a worsening supply chain performance, which in normal times reflects shortages due to strong demand but not this time. Despite the pound falling to 37-year lows against the dollar, export orders contracted in both the manufacturing and service sectors, S&P Global said.

☆ Odey's hedge fund soars 145% on bets against UK bonds - sources
▼ + stars: | 2022-09-22 | by ( Nell Mackenzie | ) www.reuters.com time to read: +2 min

REUTERS/Henry NichollsLONDON, Sept 22 (Reuters) - Crispin Odey, one of Britain's best-known hedge fund managers, has made a killing this year by wagering against British government bonds, with his firm's main fund up 145% in 2022 after shorting long-dated UK debt, sources said on Thursday. The UK 10-year gilt yield hit 3.392% on Thursday, its highest since July 2011, after the Bank of England lifted rates and said it would soon start selling government bonds. His fund's largest notional exposure is betting against very long dated bonds, some as far out as 2071, the source said. He is known for a volatile performance, with his fund regularly posting double-digit annual gains or losses. His flagship fund experienced its worst-ever losses of almost 50 percent in 2016, a year that Odey has since described as awful.

☆ UK's Sainsbury's in talks to sell stores worth 500 mln stg
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

Trolleys stacked together inside a Sainsbury’s supermarket in Richmond, west London, Britain, June 27, 2022. LXi REIT said it would seek to fund the deal through a mix of new equity and debt. If the LXi REIT transaction goes ahead, the cash from that would part-fund the Highbury and Dragon deal, Sainsbury's said. Shares in Sainsbury's were up 1.8% at 0922 GMT, while shares in LXi REIT were up 2.6%. ($1 = 0.8807 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by James Davey; editing by William James and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

☆ British railways face fresh disruption with Oct. 1 strike
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPeople look at departure information screens at Euston railway station, as railway workers strike over pay and terms, in London, Britain, August 20, 2022. REUTERS/Henry NichollsLONDON, Sept 20 (Reuters) - Britain's railway could come to an "effective standstill" on Oct. 1 with workers from Network Rail and 14 train operating companies planning strike action over pay, job security and working conditions, a union said on Tuesday. The RMT trade union said the 24-hour strike action comes after it received no further offers from the industry to arrive at a negotiated settlement. Workers across other industries including postal and bus workers are also planning strikes on Saturday, Oct. 1, to coincide with the annual conference of Britain's governing Conservative Party. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Sachin Ravikumar; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Disney removes Star Wars film 'Rogue Squadron' from schedule
▼ + stars: | 2022-09-16 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterPeople dressed as Storm Troopers attend the premiere of "Star Wars: The Rise of Skywalker" in London, Britain, December 18, 2019. REUTERS/Henry Nicholls/FilesSept 15 (Reuters) - Walt Disney Co (DIS.N) on Thursday pulled"Star Wars" movie "Rogue Squadron" from next year's film schedule and gave no indication on when the company would release a new movie in the blockbuster space franchise. The movie would have been the first "Star Wars" film to reach theaters since "The Rise of Skywalker" debuted in December 2019. The company did not immediately respond to a request for comment on why the Jenkins' film was pulled from its upcoming slate. Disney has released several "Star Wars" TV shows in the past few years on the Disney+ streaming service.

☆ London Fashion Week begins with tributes to Queen Elizabeth
▼ + stars: | 2022-09-16 | by ( Sarah Mills | ) www.reuters.com time to read: +3 min

Models prepare backstage ahead of the Bora Aksu catwalk show during London Fashion Week in London, Britain, September 16, 2022. REUTERS/Henry NichollsRegister now for FREE unlimited access to Reuters.com RegisterLONDON, Sept 16 (Reuters) - From an all-black opening look to models holding a picture of Queen Elizabeth, London Fashion Week began with tributes to the late monarch as fashionistas paid their respects during the period of national mourning. Organisers announced last week that London Fashion Week would go ahead as a "business-to-business event" while observing royal protocol and holding tributes for the 96-year-old queen who died on Sept. 8. "I thought as we are opening the event it was important to mark that moment," Fletcher told London newspaper the Evening Standard. Turkish designer Bora Aksu also held a minute's silence ahead of his show, where he presented his usual array of frilly feminine dresses, as well as military-style jackets and hats.

☆ Election-technology company Smartmatic files $2.7 billion lawsuit against Fox News over election conspiracy theories
▼ + stars: | 2021-02-04 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +6 min

Smartmatic filed a $2.7 billion lawsuit against Fox News over election conspiracy theories. The company accused Fox News of waging disinformation campaigns about its role in the 2020 election. "In November and December 2020, Fox News broadcast multiple reports stating and implying that Smartmatic had fixed and rigged the 2020 election," the company said in a press release. Joe Biden and Kamala Harris won the 2020 election for President and Vice President of the United States," the lawsuit began. In the lawsuit, Smartmatic said it had arrived at the $2.7 billion figure by adding economic damages to the company and punitive damages it was seeking.

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