Downing Street

UK axes ‘almost all’ budget tax cuts in humiliation for Prime Minister Liz Truss

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UK axes ‘almost all’ budget tax cuts in humiliation for Prime Minister Liz Truss

The British government on Monday axed almost all of its debt-fuelled tax cuts unveiled last month to avert fresh markets chaos, in a humiliating climbdown for embattled Prime Minister Liz Truss. The shock move by new finance chief Jeremy Hunt, parachuted into the job on Friday to replace sacked Kwasi Kwarteng, leaves Truss’ position in … Read more

UK inflation jumps again, hits new 30-year high of 6.2%

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UK inflation jumps again, hits new 30-year high of 6.2%

British inflation shot up faster than expected last month to hit a new 30-year high, worsening a historic squeeze on household finances that finance minister Rishi Sunak is under pressure to ease in a budget update later on Wednesday. The Office for National Statistics said consumer prices rose by 6.2% in February after a 5.5% … Read more