LONDON (Reuters) – British business minister Jacob Rees-Mogg on Wednesday said the government had not shelved plans to deregulate parts of the economy, after a report that disagreements at the top of government had delayed its programme. British Prime Minister Liz Truss has vowed to reignite economic growth by reforming planning rules, workers’ rights and …
UK business minister Rees-Mogg says deregulation plans on track Read More »
LONDON (Reuters) – Britain’s business minister Jacob Rees-Mogg questioned the track record of the Office for Budget Responsibility in forecasting on Wednesday and said the finance minister should not rely on it when formulating policy. “Well, let’s see what the Office for Budget Responsibility (OBR) has to say rather than guessing what it may say,” …
UK’s Rees-Mogg: OBR’s track record not ‘enormously good’, other forecasts available Read More »
By Alistair Smout, Andrew MacAskill and Elizabeth Piper LONDON (Reuters) -Britain’s new government said on Wednesday it would not reverse its vast tax cuts or reduce public spending as it sought to stand firm in the face of yet more turmoil in financial markets and concerns over its change in economic policy. British financial markets …
UK government: no spending cuts, no reverse on tax cuts Read More »
LONDON (Reuters) – Bank of England policymaker Catherine Mann said on Wednesday there was a strong case to front-load interest rate increases, especially at times of rising inflation expectations. Mann, speaking at an event hosted by the Canadian Association for Business Economics (CABE), was asked whether current financial market turmoil lessened the appeal of the …
BoE’s Mann highlights case for front-loading rate rises Read More »
By Sruthi Shankar (Reuters) – Financial stocks led Britain’s blue-chip index lower on Wednesday as gilts continued their selloff, while Barratt Developments’ disappointing results deepened worries for the battered housing sector. The FTSE 100 fell 0.9% extending losses for a sixth straight session, while the midcap FTSE 250 index dropped 1.7%. The pound rose 1.1% …
London’s FTSE 100 falls for sixth day as financials extend losses Read More »
By Dhara Ranasinghe and Harry Robertson LONDON (Reuters) – Bank of England Governor Andrew Bailey has been unequivocal: the central bank will end emergency support for bonds on Friday. Yet with markets showing few signs of stabilising, the BoE may have little choice but to come back with more. Britain’s government borrowing costs jumped again …
Analysis – Turbulent UK bond market may force BoE’s hand again Read More »
LONDON (Reuters) – The world’s most important certifier of gold refineries said on Wednesday it wants to recognise firms that gather and refine gold dug up by small-scale miners in developing countries. The move by the London Bullion Market Association (LBMA) aims to bring more gold into mainstream trade to try to improve conditions for …
London gold body plans expansion to bring in more artisanal metal Read More »
By Andy Bruce LONDON (Reuters) -Long-dated British government bonds sold off heavily on Wednesday to reach their lowest ebb in 20 years, after Bank of England Governor Andrew Bailey told pension funds they had just three days to fix liquidity problems. Twenty- and 30-year gilt yields spiked to their highest level since 2002, both exceeding …
Long-dated UK bond prices slide to new 20-year low Read More »
By William Schomberg and Andy Bruce LONDON (Reuters) – 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. Weakness in manufacturing and maintenance work in North Sea oil and gas …
UK economy on brink of recession as it shrinks in August Read More »
By Huw Jones LONDON (Reuters) – A new UK financial services law should not hamper the Financial Conduct Authority’s ability to act quickly or undermine its independence, the watchdog’s interim chair said on Wednesday. Financial services minister Andrew Griffith said on Tuesday that he would not interfere in the operational independence of the FCA and …
‘Don’t slow us down’, UK financial watchdog tells government Read More »
