LONDON (Reuters) -Britain’s opposition Labour party has surged to a 33-point lead over the ruling Conservatives, according to a YouGov poll on Thursday, after days of chaos in financial markets triggered by the government’s planned tax cuts. The lead was a record high share for Labour in any YouGov poll as well as the highest …
UK’s Labour has 33-pt lead over ruling Conservatives -YouGov poll Read More »
By David Milliken LONDON (Reuters) -The Bank of England’s new programme of bond purchases aims to cure market dysfunction, not cap yields or offer cheaper credit to the government or financial institutions, BoE chief economist Huw Pill said. British government bond prices slumped by their most in decades following finance minister Kwasi Kwarteng’s first fiscal …
BoE’s Pill: bond purchases won’t cap long-term rates Read More »
LONDON (Reuters) -British clothing retailer Next cut its profit and sales forecasts on Thursday, saying August trading was below expectations and cost of living pressures were set to rise in the coming months. Next, which trades from about 500 stores and online, said it now expected full price sales in its second half of its …
UK’s Next cuts profit forecast as shoppers feel the squeeze Read More »
By Johann M Cherian (Reuters) – London stocks tumbled on Thursday, led by losses in Next shares after the clothing retailer cut outlook citing a worsening cost-of-living crisis, while investors also digested the UK prime minister’s views on the government’s fiscal policy. The blue-chip FTSE 100 was down 1.8%, while the more domestically-oriented FTSE 250 …
London stocks slide as fiscal policy concerns weigh; Next drops Read More »
LONDON (Reuters) – Britain’s insurers should help customers finding it difficult during the cost of living crisis to pay premiums on policies to avoid leaving them unprotected, the Financial Conduct Authority said on Thursday. “The FCA is taking action to support households, by writing to insurance industry CEOs to make sure their customers are protected …
UK watchdog tells insurers to help customers in cost of living crisis Read More »
LONDON (Reuters) – Sterling fell as much as 1% on Thursday after British Prime Minister Liz Truss defended economic plans that have triggered chaos in the country’s markets. Truss said big tax cuts were the right path for Britain and refused to consider reversing the so-called “mini budget” laid out last week. The pound was …
Sterling drops 1% as PM Truss defends economic plans Read More »
(Reuters) – Mitchells & Butlers warned of tighter margins in its new financial year as costs rise, driving shares in the British pub operator to two-year lows. Energy and utility costs have risen to roughly 150 million pounds ($161.6 million) in the year ending September 2022, from 80 million pounds in the 2019 period, and …
British pub group Mitchells & Butlers warns on costs, shares drop Read More »
LONDON (Reuters) – The boss of British clothing retailer Next said on Thursday the government was “making all the right noises” about supply side reform but the “the jury’s out” on whether its new economic strategy would succeed. On Friday, finance minister Kwasi Kwarteng outlined plans for deep tax cuts and deregulation to snap the …
UK government ‘making right noises’ about supply side reform, says Next boss Read More »
LONDON (Reuters) -British Prime Minister Liz Truss defended her economic plan that has roiled financial markets, saying on Thursday she was willing to take “controversial” steps to reignite growth and would not reverse course despite the turmoil. “This is the right plan that we’ve set out,” she said in a series of interviews with local …
UK’s Truss presses on with ‘controversial’ economic plan, says it’s the right course Read More »
LONDON (Reuters) -Former Bank of England governor Mark Carney criticized the new British government’s plan to cut taxes for undercutting efforts by the central bank to curb inflation and for sowing chaos in financial markets. “Unfortunately having a partial budget, in these circumstances – tough global economy, tough financial market position, working at cross-purposes with …
Ex-BoE boss Carney says UK tax cuts complicate BoE inflation fight Read More »
