Reuters UK Domestic

LONDON (Reuters) -Britain faces a “significant risk” of gas shortages this winter and a possible emergency due to the conflict in Ukraine and limited supplies in Europe, the energy regulator has said. Although Russia only meets about 4% of Britain’s gas needs, a disruption in supply to Europe has contributed to driving up British prices …

Britain at ‘significant risk’ of gas shortages this winter, says regulator Read More »

LONDON (Reuters) – British finance minister Kwasi Kwarteng denied ever “rubbishing” the Bank of England after he scrapped his plan to abolish the top rate of income tax, a measure in his “mini-budget” that triggered the bank to intervene to steady the gilt market. “I’ve never rubbished the Bank of England, I’ve never ever rubbished …

I’ve never ‘rubbished’ the Bank of England, says UK’s Kwarteng Read More »

DUBLIN (Reuters) – A Northern Ireland minister known for his strident support of Brexit on Monday said problems with the Northern Ireland protocol can be resolved by negotiation. “I’m very convinced that if we get into a negotiation, without preconditions and sit down together in a spirit of goodwill, we can deescalate this problem and …

UK minister says problems with Northern Ireland protocol can be resolved by negotiation Read More »

LONDON (Reuters) – Britain’s pound rallied although UK stocks opened weak on Monday, after the government said it was making an about-turn on a controversial tax cut plan in its mini-budget. Finance Minister Kwasi Kwarteng said the government would not scrap the country’s top rate of income tax, as outlined a week ago. That proposal …

Instant View: British pound up as govt makes U-turn on tax cut plan Read More »

LONDON (Reuters) – Britain’s finance minister Kwasi Kwarteng on Monday downplayed the prospect of new austerity measures to cut public spending, after reversing his plan to abolish the top rate of income tax. Asked about possibility of further austerity measures, Kwarteng said: “I don’t think so at all.” “I think what we’re trying to focus …

UK’s Kwarteng: not focussed on new austerity measures Read More »

LONDON (Reuters) – Britain’s opposition Labour Party said on Monday the government had destroyed its economic credibility and damaged trust in the British economy, after a U-turn on plans to abolish the highest rate of income tax. “This is not over – it’s not just some distraction,” Labour’s finance spokesperson Rachel Reeves said in a …

UK’s opposition Labour: government has destroyed its economic credibility Read More »

LONDON (Reuters) – British Prime Minister Liz Truss said on Monday that the government’s focus was on “building a high growth economy”, after her finance minister reversed plans to cut the highest rate of income tax. “We get it and we have listened,” Truss said on Twitter, retweeting finance minister Kwasi Kwarteng’s statement on the …

UK’s Truss: ‘We get it and we have listened’ after policy U-turn Read More »

LONDON (Reuters) – Britain’s finance minister Kwasi Kwarteng said he would not resign after making a humiliating U-turn on cutting the 45% top rate of income tax on Monday, saying the plan had become a “massive distraction”. Asked if he has considered resigning, Kwarteng told the BBC: “Not at all.” He declined to admit it …

UK’s Kwarteng says will not resign after tax cut U-turn Read More »

LONDON (Reuters) – New British finance minister Kwasi Kwarteng plans to name a civil servant who is a Treasury outsider to run the finance ministry, underscoring how he and Prime Minister Liz Truss want to forge a new policy direction, media reports said. Kwarteng fired the previous occupant of the job, Tom Scholar, in one …

UK’s Kwarteng favours outsider to run finance ministry, newspapers say Read More »

BIRMINGHAM, England (Reuters) – Britain will acquire two specialist ships to protect underwater infrastructure such as cables and pipelines, defence minister Ben Wallace said on Sunday, following leaks in the Nord Stream gas pipelines from Russia to Europe. European countries say the Nord Stream pipelines were damaged by “sabotage” but have stopped short of blaming …

Britain to acquire two specialist ships to protect underwater infrastructure Read More »