London CNN Business — The United Kingdom has already entered a recession and is battling decades-high inflation, eroding standards of living for millions of people across the country. Now, Britons must also stomach higher taxes and reductions to public services as the government tries to get its finances on more solid footing — underscoring the […]
London CNN Business — The last time a British finance minister revealed tax and spending plans, markets went haywire and the country’s prime minister ultimately lost her job. The new government is not looking for a repeat performance. On Thursday, Chancellor Jeremy Hunt is due to unveil a budget that will aim to restore confidence […]
London CNN Business — Rishi Sunak, Britain’s third prime minister in seven weeks, will face the huge challenge of projecting stability after a period of historic political and financial market chaos. But his other task — shepherding the country through a recession — is poised to be just as daunting. The former finance minister has […]
CNN — When she took the keys to 10 Downing Street in the wake of Boris Johnson’s political demise, Liz Truss promised to “ride out the storm” of Britain’s economic crisis. Just over six weeks later, she was engulfed by a hurricane of her own making. It was a humiliating end to a calamitous premiership […]
New York CNN — US officials are increasingly troubled by the United Kingdom’s proposal to slash taxes at a time of crushing inflation, a plan that has ignited turbulence in financial markets. UK Prime Minister Liz Truss’s tax-cut plan has drawn criticism from economists and investors and prompted the Bank of England to calm panicked […]
London CNN Business — A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK […]
This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN Business — After tumbling to a record low against the dollar, the British pound stabilized Tuesday, rising more than 1% to $1.08. But the economic policy that sparked the currency’s historic nosedive […]