Bleak UK shopping and borrowing data underscore challenge for new PM

Bleak UK shopping and borrowing data underscore challenge for new PM

British shoppers cut their spending sharply last month and their confidence is close to record lows, underscoring the challenge facing the next prime minister who must also take painful measures to slow fast-rising public borrowing. Data published on Friday added to signs that Britain‘s economy faces a recession which could be deepened by new finance … Read more

Nominations open for new UK PM to replace Liz Truss, cut-off set at 100 MPs

Nominations open for new UK PM to replace Liz Truss, cut-off set at 100 MPs

The nominations for Conservative Party members planning to contest in the leadership election to replace Liz Truss as Tory leader and British Prime Minister officially opened on Thursday evening, with a high threshold of 100 members of Parliament set for the final shortlist. Graham Brady, chair of the 1922 Backbench Committee in charge of Tory … Read more

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

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