The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. The move will pile pain on people with mortgages and put more downward pressure on house prices. The decision…
British inflation falls to lowest level in over a year
British inflation has eased back to its lowest level since March 2022, but remained higher than expected as food prices continued to rise at a near record pace. The Office for National Statistics (ONS) said that Consumer Prices Index (CPI)…
UK expected to be only major economy to shrink in 2023 – IMF
The UK economy will shrink and perform worse than other advanced economies, including Russia, as the cost of living continues to hit households, the International Monetary Fund has said. The IMF said the economy will contract by 0.6% in 2023,…
Bank of England expects UK to fall into longest ever recession
The Bank of England has warned the UK is facing its longest recession since records began, as it raised interest rates by the most in 33 years. In its outlook for the UK economy, it said the country would face…
Hunt scales back energy price cap duration as he acts to stabilise markets
New UK Chancellor Jeremy Hunt has dramatically scaled back support for household energy bills and ditched tax cuts promised by his predecessor Kwasi Kwarteng as he seeks to restore stability following weeks of turmoil on the financial markets. In an…
Pressure mounts on Liz Truss ahead of Jeremy Hunt statement
Pressure is mounting on the prime minister ahead of an emergency statement by her new chancellor Jeremy Hunt to reassure financial markets over the government’s economic plans. Mr Hunt is expected to U-turn on more of the government’s tax-cutting plans.…
UK: Jeremy Hunt replaces Kwasi Kwarteng as finance minister
British Prime Minister Liz Truss on Friday dismissed Finance Minister Kwasi Kwarteng. She named former Foreign Minister Jeremy Hunt as his replacement. The prime minister replied: “I deeply respect the decision you have taken today. You have put the national…
British student charged with spying in UAE (BBC)
A British student has been charged with spying in the United Arab Emirates, officials have said. The UAE government said on Monday that Matthew Hedges was accused of “spying for and on behalf of a foreign state”. Mr Hedges, a…
UK blames Russian military for ‘reckless’ cyber attacks (CNN)
Britain, Australia and New Zealand have accused Russian military intelligence of carrying out a worldwide campaign of “malicious” cyber attacks, including the hacking of the US Democratic National Committee in 2016. British Foreign Secretary Jeremy Hunt said in a statement…
