British finance minister Rishi Sunak has accused critics of mounting a “smear” campaign against his wealthy Indian wife, whose substantial foreign earnings are shielded from UK taxes. The Labour opposition has accused Sunak of “breathtaking hypocrisy” after he raised taxes on ordinary Britons in the middle of a cost-of-living crisis. But the chancellor of the … Read more
Latest updates: UK prime minister holds press conference with German chancellor Olaf Scholz on war in Ukraine Patel apologises for low number of Ukraine refugees arriving UK might try to flex military muscles but has it got what it takes? Rishi Sunak and his wife Akshata Murty were legally declared to be “permanent US residents” … Read more
The UK Opposition has questioned the non-domicile tax status of India-born Akshata Murty, daughter of Infosys co-founder Narayana Murthy, and demanded an urgent explanation from her husband UK Chancellor Rishi Sunak. A non-domicile status means Akshata Murty, who owns shares in Infosys, is not legally bound to pay tax in the UK on income earned … Read more
Chancellor of the Exchequer Rishi Sunak tabled the UK’s Spring Statement, or the country’s one of two annual fiscal statements, on Wednesday amid high inflation and price rises and announced measures such as a drop in the basic rate of income tax, a cut in fuel duty and doubling support for vulnerable households. The Indian-origin … Read more
Britain’s economy grew 1.3 percent in the third quarter, a far slower pace than the previous three months, as global supply constraints hit businesses hard, official data showed Thursday. Gross domestic product growth for the July-September period compared with output of 5.5 percent in the second quarter, the Office for National Statistics (ONS) said in … Read more
Latest updates: chancellor says he was right not to use some of the tools at his disposal to help struggling households IFS predicts ‘real pain’ for low-income households Rishi Sunak defends halving domestic flight duties ahead of Cop26 Household tax bills ‘to rise on average by £3,000 by 2027’ Budget calculator: what does it mean … Read more
A lot of families started receiving universal credit because of the pandemic. It is a massive hit to families’ incomes. We want to see immediate action to deal with the cost-of-living crisis facing families as we are entering a pretty tough winter for lots of people, but also businesses too. We have had a lot … Read more
UK Chancellor of the Exchequer Rishi Sunak on Thursday delivered a major speech in which he laid out his plans for the country’s green sovereign and savings bonds to be launched later this year. The senior Indian-origin Cabinet minister said the bonds are part of his financial strategy to strengthen the UK’s position as the … Read more
Britain’s former prime minister David Cameron said he accepted that communications with government needed to be done through formal channels after the row about his lobbying activities for financier Lex Greensill deepened on Sunday. Cameron, who was prime minister from 2010 to 2016, appointed the Australian banker as an adviser when he was in Downing … Read more
Britain will think about restoring public finances once the Covid-19 crisis is over, and until then will focus on fighting the pandemic, finance minister Rishi Sunak said on Sunday. “Once we get through this crisis we need to think more about returning to a more normal path, but as of now we are able to … Read more