UK faces record hit to living standards as tax hikes loom

Britain facing record living standards hit UK economy in recession, set to shrink in 2024 Almost half of 55 billion-pound belt-tightening from tax rises Budget watchdog sees 7% hit to living standards IFS think-tank says bulk of the hit to come after 2024 LONDON, Nov 17 (Reuters) – Britain faces a record hit to living … Read more

Lula’s honeymoon with Brazil markets ends amid spending plan fears

BRASILIA, Nov 10 (Reuters) – Brazilian President-elect Luiz Inacio Lula da Silva’s brief honeymoon with financial markets looked finished on Thursday, as he pushed for more room to grow social spending without setting long-term fiscal rules or naming his top economic policymakers . Brazil’s currency and benchmark Bovespa stock index (.BVSP), which rose last week … Read more

COP27: Polluters must pay for climate change, poor nations tell rich

Island nations call for global carbon tax ‘While they are profiting, the planet is burning’ Fears grow for jailed hunger strikers in Egypt SHARM EL-SHEIKH, Egypt, Nov 8 (Reuters) – Leaders from poor countries criticized wealthy governments and oil companies for driving global warming, using their speeches on Tuesday at the COP27 climate summit in … Read more

Lula narrowly defeats Bolsonaro to win Brazil presidency again

SAO PAULO, Oct 30 (Reuters) – Luiz Inacio Lula da Silva narrowly defeated President Jair Bolsonaro in a runoff election on Sunday that marked a stunning comeback for the leftist former president and the end of Brazil’s most right-wing government in decades. Brazil’s Supreme Electoral Court declared Lula the next president, with 50.9% of votes … Read more

UK’s Rishi Sunak delays plan to plug Britain’s budget black hole

PM and finance minister Hunt take ‘prudent’ decision Sunak tells cabinet: “Important to reach right decisions” Markets react, but scale of moves muted compared to September LONDON, Oct 26 (Reuters) – Britain’s new Prime Minister Rishi Sunak on Wednesday delayed the announcement of a keenly awaited plan for repairing the country’s public finances until Nov. … Read more

New PM Rishi Sunak pledges to lead Britain out of economic crisis

Sunak meets King Charles on Tuesday morning Vows to rebuild trust in the country Expected to start forming a cabinet Sunak faces a huge challenge to rebuild stability LONDON, Oct 25 (Reuters) – Rishi Sunak became Britain’s third prime minister in two months on Tuesday and pledged to lead the country out of a profound … Read more

Liz Truss says sorry, makes deep spending cuts to balance books

Truss says she’s sorry for mistakes Says she is ‘sticking around’ Economic agenda that caused market rout scrapped Some Conservative MPs are calling on her to quit LONDON, Oct 18 (Reuters) – Prime Minister Liz Truss apologized for threatening Britain’s economic stability after she was forced to scrap her vast tax-cutting plans and embark on … Read more

UK finance minister Hunt vows to win back financial market trust

PM Truss remains under intense political pressure Government must account for every penny, says new finmin Promises to make “difficult decisions” on spending, tax LONDON, Oct 16 (Reuters) – 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 … Read more

As UK’s Truss fights for her job, new finance minister warns of tough decisions

PM Truss sacked finance minister on Friday New chancellor Hunt warns of tough decisions Ruling Conservatives have slumped in polls Some Conservative lawmakers say Truss will be ousted LONDON, Oct 15 (Reuters) – Britain’s new finance minister Jeremy Hunt said on Saturday some taxes would go up and tough spending decisions were needed, signaling further … Read more

Fighting for survival as UK PM, a chastened Truss changes course again

Lawmakers force PM’s hand U-turn, sacking are latest roll of the dice Some have yet to be convinced LONDON, Oct 14 (Reuters) – It was a bruising meeting with her Conservative lawmakers this week that finally shook British Prime Minister Liz Truss’s earlier unwavering faith that she could weather the market fallout from her radical … Read more