Britain's economy shrank in the third quarter as inflation soars, official data showed Friday, likely confirming it is already in a recession, dealing a fresh blow to new Prime Minister Rishi Sunak.

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.

The UK central bank said it would "not hesitate to change interest rates by as much as needed" to curb high inflation -- hinting at further pain for British households and companies.

The pound plunged to a record low against the dollar early on Monday and British bond prices collapsed as fears mounted over the new government's fiscal plan, unleashing calls for an emergency Bank of England rate hike to restore confidence.

Britain's Labour Party will unveil on Monday its plans to set up a national wealth fund to invest in green projects which will benefit the public, part of the opposition party's answer to the Conservative government's tax-cutting approach.

Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, with sterling and British government bonds in freefall.

Britain on Friday axed a cap on bankers' bonuses aimed at boosting London's finance sector after Brexit, raising anger amid a cost-of-living crisis.

British foreign minister Liz Truss, the front-runner to replace Boris Johnson as prime minister, was forced to backtrack on one of her most striking pledges a day after announcing it following a backlash from fellow Conservatives and opposition parties.

Britain's new finance minister Nadhim Zahawi pledged on Wednesday to rebuild and grow the struggling economy and said he would look at all policy options, including possible tax cuts.

If the current UK government is to abide by international commitments as an ILO member and party to the European Convention on Human Rights, agency workers can only replace strikers in essential services.

The country is currently in a standstill transition period until the end of the year as it tries to negotiate a new trade deal with Brussels.

There are 800,000 Whirlpool dryers which could cause fires in UK homes. The manufacturer uses an NDA to gag reports of dryer fires.

MPs blame financial immolation of construction giant on greedy, reckless bosses.

MPs say it is 'vital' to examine potential poor employment practices after it emerged cabin crew had to work for free.

Business committee chairwoman Rachel Reeves MP probes Uber as part of investigation into gig economy.

Labour MP Rachel Reeves warns households are ovestretching and urges regulator to remain vigilant.

The Business department admits a letter had been sent to the Japanese carmarker before it made a £240m investment, but will not disclose its details.

Royal was without wife Camilla, Duchess of Cornwall for the day.

Here is how MPs in the House of Commons voted on measure for 'meaningful' vote on Brexit deal.

MPs have overturned the upper house amendment on EU nationals' rights. Here is how your MP voted.

The European Union (Notification of Withdrawal) Bill passed by a majority of 494 to 122.

The vote saw 47 Labour MPs and one Conservative break away from party lines.

Kim Leadbeater revealed how her and Cox suffered from loneliness during their university years.

Theresa May's plans to split from the EU have been turned upside down after a High Court ruling.

If Labour wants a new angle, the emphasis must be on sharing the proceeds of globalisation and immigration.

Carney says Brexit will not restrict lending but risk-taking and credit demand may be hit.

Jeremy Corbyn and David Cameron led tributes to the murdered MP in the House of Commons.

Number 10 has previously said TTIP will not threaten the NHS but a Labour-led amendment want it in law.

The Girl With The Dragon Tattoo director Niels Arden Oplev has signed up to take the helm.

MPs have voted 397 to 223 to approve the motion to attack Islamic State in Syria.