UK finance minister pledges no more distractions after tax rate U-turn

Finance Minister Kwasi Kwarteng on Monday morning confirmed that the government would be scrapping its plans to cut tax for the country’s highest earners. Leon Neal | Getty Images News | Getty Images UK Finance Minister Kwasi Kwarteng on Monday said the government would not be distracted from delivering on its growth plan, shortly after … Read more

UK government abolishes plan to cut tax on high earners in major U-turn

“It is clear that the abolition of the 45p tax rate has become a distraction from our overriding mission to tackle the challenges facing our economy,” Finance Minister Kwasi Kwarteng said in a statement. Rob Pinney | Getty Images News | Getty Images LONDON — The UK government on Monday reversed a plan to scrap … Read more

European stocks, markets, earnings, data and news

British pound jumps on reports UK government will U-turn on cut to top tax rate The British pound jumped on Monday morning on reports that the UK government will reverse plans to scrap the top rate of income tax. Sterling gained 0.8% against the dollar to trade at around $1,1250 shortly after 7 am London … Read more

British pound jumps as UK government U-turns on cut to top tax rate

UK Chancellor Kwasi Kwarteng outside 10 Downing Street. Britain will cap the cost of electricity and gas for businesses. Rob Pinney | Getty Images News | Getty Images LONDON — The British pound rose sharply Monday morning as the UK government reversed its planned scrapping of the top rate of income tax. “It is clear … Read more

Stocks close out tough quarter on economic fears

LONDON European markets advanced on Friday, gaining some respite from a torrid week as the third quarter drew to a close. The pan-European Stoxx 600 added 1% in early trade, with oil and gas stocks climbing 2.2% to lead gains as all sectors and major bourses entered positive territory. Global stocks struggled in recent sessions … Read more

Is the UK now a buy? Analysts weigh in after market meltdown

A security guard stands outside the London Stock Exchange building on December 29, 2020. Tolga Akmen | AFP via Getty Images UK bond markets and the pound went into freefall this week as investors balked at the new government’s fiscal policy announcements, and some analysts believe opportunities are arising. The Bank of England on Wednesday … Read more

UK PM Liz Truss defends tax cuts, vows to press on

UK Prime Minister Liz Truss announces a financial package to support people with energy bills. Dan Kitwood/Staff/Getty Images LONDON — British Prime Minister Liz Truss on Thursday defended the fiscal policies announced last week which sparked chaos in UK markets, saying the country had been put on a “better trajectory.” Speaking on a round of … Read more

IMF gives damning verdict on Britain’s tax cuts

The new economic measures laid out by the UK government “will likely increase inequality”, according to a spokesperson from the International Monetary Fund. Yuri Gripas | Reuters LONDON — The new economic measures laid out by the UK government “will likely increase inequality,” the International Monetary Fund said in a rare statement. While the fiscal … Read more

UK lenders halt mortgage deals to customers after market chaos

The British bond and currency markets have been in turmoil since Finance Minister Kwasi Kwarteng announced his “mini-budget” on Friday. Oli Scarff | Getty Images News | Getty Images LONDON – UK lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets. … Read more

Stocks trade higher after negative start to the week

Visitors stands in front of an electronic ticker at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Monday, Nov. 30, 2020. Toru Hanai | Bloomberg via Getty Images Shares in the Asia-Pacific were mixed on Tuesday after sharp falls on Monday. The Nikkei 225 in Japan rose … Read more