Truss budget fiasco shows power of the markets
British Prime Minister Liz Truss's humiliating budget U-turn shows how markets can wield influence over government fiscal policy.
UK PM Truss tries to reassert authority as rebellion grows
British Prime Minister Liz Truss sought to reassert authority over her fraught party on Wednesday with Conservative enforcers telling lawmakers they had to support her fracking policy as a vote treated as a test of confidence in the government.
UK crisis forces 'off kilter' businesses to halt investment
British company owners are pulling investments as a crisis triggered in Westminster pushes up borrowing costs and hits confidence in an economy once seen by businesses as a haven of stability.
Liz Truss says sorry, faces deep spending cuts to balance books
Prime Minister Liz Truss apologised for threatening Britain's economic stability after she was forced to scrap her vast tax-cutting plans and embark on a programme of "eye-watering" public spending cuts instead.
Analysis-Despite tax U-turn, UK's Hunt still faces tough budget choices
The screeching about-turn on tax cuts by finance minister Jeremy Hunt on Monday will not spare Britain from painful spending cuts and new tax hikes to fix the country's public finances.
Pound rallies as UK set to unveil spending plans
Sterling rallied 1.1 percent to $1.1293 ahead of Jeremy Hunt's fiscal announcement due 1000 GMT.
'How's Brexit going?' British politics mocked at home and abroad
Britain's political and economic turmoil has been greeted with thinly veiled satisfaction among pro-European and leftist politicians abroad, with some commentators drawing parallels to chaotic Italy.
As Truss fights for job, new finance minister says she made mistakes
Britain's new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, saying Prime Minister Liz Truss had made mistakes as she battles to keep her job just over a month into her term.
Biden knocks Truss economic plan, says not concerned about dollar strength
U.S. President Joe Biden on Saturday criticized British Prime Minister Liz Truss's original economic plan as a mistake and said he was not concerned about the strength of the soaring U.S.
UK finance minister Hunt vows to win back financial market trust
New finance minister Jeremy Hunt promised to win back Britain's economic credibility by fully accounting for the government's tax and spending plans, while insisting his boss Liz Truss remained in charge of the country.
New UK finance minister faces market verdict after gutting Truss's plans
Britain's new finance minister Jeremy Hunt faces an early test of his attempt to stem the crisis of confidence in Prime Minister Liz Truss on Monday when the bond market delivers its verdict on his weekend overhaul of her economic programme.
UK's Kwarteng rushes to London for crunch talks on tax U-turn
British finance minister Kwasi Kwarteng cut short a trip to Washington to rush back early on Friday to London where pressure is mounting for the new government to scrap much of an economic programme that unleashed turmoil on financial markets.
UK finance chief rushes home to face budget storm
UK finance minister Kwasi Kwarteng dashed home Friday from Washington for crisis talks with Prime Minister Liz Truss.
IMF chief to UK officials: Keep calm and get coherent
International Monetary Fund Managing Director Kristalina Georgieva on Thursday rebuked the British government over its planned tax cuts, telling its finance minister and central bank chief that their policies should not be contradictory.
UK's Kwarteng refuses to rule out tax U-turn as pressure grows on Truss
British finance minister Kwasi Kwarteng refused to say on Thursday if he would stick with his plan not to raise business taxes as media reported Prime Minister Liz Truss was rethinking an economic programme that plunged markets into turmoil.
UK economy on brink of recession as it shrinks in August
Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth.
UK's Truss vows no spending cuts to pay for tax-slashing plans
Britain's beleaguered Prime Minister Liz Truss vowed Wednesday not to cut public spending.
Kwarteng tries to calm investors but UK bonds sell off again
British finance minister Kwasi Kwarteng, who last month sparked a bond market rout with unfunded tax cuts, sought to reassure investors on Monday by bringing forward a budget announcement and naming a Treasury insider to run the department.
UK needs 62 billion pounds of cuts or tax rises to tame debt -IFS
British finance minister Kwasi Kwarteng needs to make 62 billion pounds ($69 billion) of spending cuts or tax rises to stop public debt growing ever-larger as a share of the economy, the Institute for Fiscal Studies (IFS) said in a report on Tuesday.
EU leaders struggle for common response to energy crisis
EU leaders meeting in Prague on Friday looked to bridge divisions on how to tackle soaring energy prices as they grapple with the fallout from Russia's war on Ukraine.
UK businesses most downbeat about profits since Q4 2020 - BCC
British companies are the most downbeat about the outlook for their profits since the depths of the COVID-19 pandemic in late 2020 despite widespread plans to raise prices, a major survey showed on Thursday, adding to signs of gloom about the economy.
Liz Truss: a brief guide to her economic ideas and what the evidence says about them
Her proposal (before it was dramatically ditched) to cut taxes for top income earners, stems from a belief that such moves will encourage innovation and investment.
Tesco lowers profit sights as British shoppers face winter crunch
Tesco, Britain's biggest retailer, forecast full-year profit at the lower end of its previous guidance, blaming uncertainty over how consumer spending will evolve amid a worsening cost-of-living squeeze.
Truss cut the most popular taxes -- this wasn't an accident, but it may be a mistake
Truss cut the most popular taxes -- this wasn't an accident, but it may be a mistake
Weakened Truss doubles down on 'different' message to spur UK growth
Prime Minister Liz Truss will on Wednesday press her message that Britain needs "to do things differently" to kickstart stagnant growth, using her first speech to the party faithful as Conservative leader to try to restore her dwindling authority.
UK COVID inquiry begins, vowing to expose any culpable conduct
A public inquiry into Britain's response to and handling of the COVID-19 pandemic got underway on Tuesday, with a promise it would get to the truth, and expose any wrongdoing or culpable conduct.
Nestle Revamps Coffee Sustainability Plan As Climate Challenges Mount
Food giant Nestle pledged on Tuesday to spend over 1 billion Swiss francs ($1.01 billion) by 2030 on efforts to source coffee sustainably, more than double its previous pledge, as challenges linked to climate change pose particular risks for the bean.
UK's Truss refuses to rule out welfare cuts to fund economic plan
British Prime Minister Liz Truss has refused to rule out cutting benefit payments by less than soaring inflation to help fund her tax-cutting growth plan in what is likely to spark the next political rebellion over her economic plans.
Mini-budget: lessons from the UK's long history of economic crises
From 1925, the Bank of England had kept interest rates high to keep the pound at a fixed parity to gold
UK's Truss Makes U-turn On Tax After Week Of Market Turmoil
British Prime Minister Liz Truss was forced on Monday into a humiliating U-turn after less than a month in power, reversing a cut to the highest rate of income tax that helped spark turmoil in financial markets and a rebellion in her party.