Political News
UK car industry hits out at possible delay to petrol car ban
The UK motor industry has criticised plans by the government to potentially water down a number of core green policies.
Sunak waters down key green pledges ahead of election battle
UK Prime Minister Rishi Sunak on Wednesday delayed a ban on new petrol and diesel cars as part of a calculated move to water down plans to achieve net zero carbon emissions by 2050 and play wedge politics ahead of the next general election.
Tata secures £500m support for steelworks, large job losses feared
The UK government is to provide Tata Steel with up to £500m to redevelop the Port Talbot steelworks, after a long-anticipated deal was agreed on Friday.
European Commission cuts economic growth expectations
The European Commission unveiled its summer 2023 economic forecast on Monday, cutting its expectations for growth across the eurozone and the wider 27-member European Union.
NatWest confirms Haythornthwaite as its next chairman
NatWest Group confirmed that prominent business leader Rick Haythornthwaite would become its new chairman on Wednesday afternoon, following earlier media reports, amid ongoing controversies around the bank’s decision to close accounts of political figure Nigel Farage.
Grant Shapps new UK Defence Secretary in mini-reshuffle
UK Energy Secretary Grant Shapps has been appointed as the new Defence Secretary, after Ben Wallace’s resignation earlier on Thursday, Downing Street officials confirmed.
Public sector borrowing more than doubles in May
Public sector borrowing was sharply higher last month, official data showed on Wednesday, on the back of increased benefit payments and the energy support scheme.
Government to invest £1bn in UK chip sector
The government is to invest up to £1bn in British semiconductor firms over the next decade, it was announced on Friday, as it looks to strengthen the domestic industry.
UK govt finally publishes gambling review
The UK government’s long-awaited and much-delayed gambling review was finally published on Thursday as it sought to replace outdated legislation drawn up before the proliferation of betting apps on mobile phones.
Belligerent UK deputy PM Raab quits after bullying findings
UK deputy prime minister and Justice Secretary Dominic Raab has resigned after he was found to have bullied and harassed civil servants.
UK's parliament watchdog opens probe into Sunak
UK prime minister Rishi Sunak is being investigated by the parliamentary standards commissioner over a potential failure to declare a conflict of interest related to a childcare firm his wife is an investor in.
UK banks in good health despite turmoil - BoE governor
Bank of England governor Andrew Bailey has insisted that the UK banking sector remains in good health, despite being in a period of "heightened tension".
US Treasury not looking to expand deposit insurance programme, Yellen says
The head of the US Department of the Treasury said that her agency had not looked at expanding the country's deposit insurance programme, although in individual cases that was a possibility if needed.
Washington ready to act if necessary, deposit outflows have stabilised, Yellen says
The Secretary of the Treasury of the United States was set to tell a banking industry group that Washington would provide additional support if needed but that deposit outflows had stabilised.
UK faces higher taxes, lower living standards after Budget, say think tanks
Britons face a decade of lower living standards and poorer public services while paying higher taxes, leading think tanks warned on Thursday after the government’s spring Budget.
UK avoids recession, but living standards plunge, taxes rise - OBR
Britain's economy is forecast to avoid a recession in 2023, but living standards are still set to record their biggest two-year fall in seven decades, while the tax burden also increases for millions of people, the Office for Budgetary Responsibility said on Wednesday.
UK to avoid recession as Hunt unveils 'budget for growth'
The UK will avoid a technical recession this year with inflation falling below 3%, the chancellor of the exchequer confirmed on Wednesday, as he unveiled a ‘budget for growth’.
UK govt u-turns to extend energy bill support scheme by 3 months
The UK government has bowed to pressure from campaigners and u-turned on plans to axe support for household energy bills as another price rise in April threatened to put some families into poverty.
BoE's Mann warns on risk of 'greedflation' as firms exploit price rises to hold margins
Bank of England policymaker Catherine Mann on Tuesday said she was concerned UK companies could be using the cost of living crisis to hide price increases, known as “greedflation”.
Energy bills set to rise despite cut in price cap
Household energy bills are set to rise in April, the regulator confirmed on Monday, despite the price cap being cut by nearly £1,000.