London CNN Business — The UK government is hiking a windfall tax on oil and gas companies and extending the levy to electricity generators, as it scrambles to balance its budget amid an economic downturn. It is also investing in nuclear power for the first time in decades. UK finance minister Jeremy Hunt announced the […]
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 — Soaring energy costs drove UK inflation to a fresh high in October, the latest piece of bad news for an economy sliding into recession. The annual rate of inflation rose to 11.1% in October, up from 10.1% in the 12 months to September, the Office for National Statistics said on Wednesday. […]
London CNN — A London court on Wednesday rejected an appeal from Indian billionaire Nirav Modi against his extradition from the United Kingdom to India to face charges of fraud and money laundering. British police arrested the diamond dealer in 2019 in London over his alleged involvement in a bank fraud that could be worth […]
Tens of thousands of British nurses will go on strike for the first time over demands for better pay, their trade union said on Wednesday, adding to pressure on Prime Minister Rishi Sunak during an economic crisis. Nurses at the majority of state-run National Health Service (NHS) employers across Britain have voted to strike, the […]
Hong Kong/London CNN Business — German Chancellor Olaf Scholz will arrive in China on Friday with a team of top executives and a clear message: business with the world’s second largest economy must continue. In a whirlwind one-day visit, Scholz is expected to meet with Chinese leader Xi Jinping and Premier Li Keqiang in Beijing. […]
London CNN Business — Commodities giant Glencore (GLCNF) has been ordered to pay a record £281 million ($314 million) penalty by a UK court for bribing officials across Africa to gain access to oil. The UK government’s Serious Fraud Office (SFO), which brought the case against Glencore Energy UK, said on Thursday that the penalty […]
London CNN Business — BP’s profit more than doubled in the third quarter of the year, extending a bumper run of earnings for the world’s biggest oil and gas companies that will add to growing calls in Britain and the United States for higher taxes on windfall profits. The UK-based energy company posted underlying profit […]
CNN — England manager Gareth Southgate has a lot on his plate as the World Cup in Qatar grows ever closer. He is trying to turn around an England football team enduring its worst run of form since 1992, while facing an ever-growing injury list. All this as he prepares for the first World Cup […]
