London pre-open: Stocks to edge up as investors eye BoE, Fed rate decisions this week

London pre-open: Stocks to edge up as investors eye BoE, Fed rate decisions this week

London stocks were set to edge higher at the open on Monday ahead of a busy week that includes rate announcements from the US Federal Reserve and the Bank of England. The FTSE 100 was called to open eight points higher at 7,055. CMC Markets analyst Michael Hewson said: “As we look ahead to this … Read more

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

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 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 economic … Read more

Soaring food prices push UK inflation back to 40-year high

Soaring food prices push UK inflation back to 40-year high

UK inflation hits 10.1% in September, matching 40-year high Food prices rise by most since 1980 Pounds slips on data, BoE under pressure to raise rates LONDON, Oct 19 (Reuters) – The biggest jump in food prices since 1980 pushed British inflation back into double digits last month, matching a 40-year high hit in July … Read more

New UK finance minister Hunt reverses tax plan, reins in energy support

New UK finance minister Hunt reverses tax plan, reins in energy support

Hunt to rein in energy support Hunt reverses nearly all of Truss’s tax-cutting plan Announcement is two weeks earlier than scheduled Sterling rises against dollar Bond prices rally in early London trade LONDON, Oct 17 (Reuters) – New British finance minister Jeremy Hunt on Monday reversed nearly all of Prime Minister Liz Truss’s mini-budget that … Read more

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

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, signalling further … Read more

UK’s Truss expected to fire Kwarteng – Times

UK’s Truss expected to fire Kwarteng – Times

Kwarteng leaves IMF meeting early Pressure mounts for a U-turn over tax policy Pound, bond prices recovering PM Truss now faces political fight LONDON, Oct 14 (Reuters) – British Prime Minister Liz Truss will fire her finance minister Kwasi Kwarteng and scrap parts of their economic package, the Times newspaper reported on Friday, in a … Read more

UK’s Kwarteng cuts short Washington trip, returns to London, sources say

UK’s Kwarteng cuts short Washington trip, returns to London, sources say

WASHINGTON, Oct 13 (Reuters) – British finance minister Kwasi Kwarteng is cutting short his trip to Washington for this week’s global finance minister meetings and returning to London to continue work on his government’s medium-term fiscal plan, sources familiar with the matter said on Thursday. Kwarteng confirmed to reporters that he was flying back to … Read more

UK’s Kwarteng refuses to rule out tax U-turn as pressure grows on Truss

UK’s Kwarteng refuses to rule out tax U-turn as pressure grows on Truss

New PM Truss under pressure over economic proposals Unfunded tax cuts plan trigger bond market turmoil Reports there could be a U-turn on corporation tax Government’s poll ratings have slumped LONDON, Oct 13 (Reuters) – British finance minister Kwasi Kwarteng refused to say on Thursday if he would stick with his plan not to raise … Read more

Hot U.S. inflation data reignites global selloff

Hot U.S. inflation data reignites global selloff

U.S. CPI data drive bets of more big Fed rate hikes MSCI’s ACWI world stocks index at lowest since July 2020 Wall Street and world stocks heading for 7th day of falls Dollar gains again, yen at new 1998 low UK markets leap on report govt considering scrapping some tax cuts LONDON, Oct 13 (Reuters) … Read more

British pension funds step up fire sales as need for cash soars

British pension funds step up fire sales as need for cash soars

LONDON, Oct 11 (Reuters) – UK pension schemes are racing to raise hundreds of billions of pounds to shore up derivatives positions before the Bank of England calls time on support aimed at keeping them afloat. The Bank of England plans to stop buying bonds on Oct. 14, leaving pension schemes scrambling to meet a … Read more