Britain’s jump to Reaganomics gets thumbs down from the markets

Truss has now set the country on an economic path that is completely at odds with most, if not all, of the major global economies. Hannah Mckay | Reuters LONDON — New British Prime Minister Liz Truss may have talked a lot about ‘trickle-down economics’ during her campaign this summer, but no one could have … Read more

British pound plunges, bonds fall after tax cut announcement

Sterling hit its lowest level since July 1, 2020. Matt Cardy | Getty Images The controversial British pound fell 3% against the dollar on Friday after the new British government announced a radical economic plan to boost growth. Sterling had fallen to $1.0923 at 4:20 p.m. London time, increasing the losses it incurred after the … Read more

Bank of England raises, says UK may already be in recession

The Bank of England raised interest rates by 0.5 percentage point on Thursday. Vuk Valcic | SOPA images | Light Rocket | Getty Images LONDON — The Bank of England voted Thursday to raise the key rate from 1.75% to 2.25%, lower than the 0.75 percentage point rise many traders had expected. Inflation in the … Read more

Boris Johnson goes, and strategists bet on big changes in the UK economy

British Prime Minister Boris Johnson makes a statement in Downing Street in London, UK, July 7, 2022. Henry Nicholls | Reuters LONDON – The eventual successor to British Prime Minister Boris Johnson is likely to bring more fiscal support and less strained relations with the European Union, economists say. Johnson formally resigned as Conservative Party … Read more

Boris Johnson goes, and strategists bet on big changes in the UK economy

British Prime Minister Boris Johnson makes a statement in Downing Street in London, UK, July 7, 2022. Henry Nicholls | Reuters LONDON – The eventual successor to British Prime Minister Boris Johnson is likely to bring more fiscal support and less strained relations with the European Union, economists say. Johnson formally resigned as Conservative Party … Read more

Boris Johnson goes, and strategists bet on big changes in the UK economy

British Prime Minister Boris Johnson makes a statement in Downing Street in London, UK, July 7, 2022. Henry Nicholls | Reuters LONDON – The eventual successor to British Prime Minister Boris Johnson is likely to bring more fiscal support and less strained relations with the European Union, economists say. Johnson formally resigned as Conservative Party … Read more

British Prime Minister Boris Johnson resigns

LONDON (Reuters) – British Prime Minister Boris Johnson resigned on Thursday, marking a bitter end to a nearly three-year premiership that has been ravaged by controversy and scandal. Johnson said outside Downing Street that the process of electing the new Conservative Party leader should begin now, with a timetable to be announced next week. He … Read more

Boris Johnson’s leadership hangs by a thread after top layoff

A YouGov poll conducted on Tuesday found that 69% of Britons surveyed want Johnson to resign. The poll of 3,009 adults found that only 18% want them to stay on. Wpa pool | Getty Images Entertainment | Getty Images LONDON – British Prime Minister Boris Johnson’s leadership is hanging by a thread after the resignations … Read more

UK threatens to scrap parts of Brexit deal

Johnson will visit Northern Ireland on Monday to hold emergency consultations. Daniel Leal | Afp | Getty Images LONDON – The British government is again threatening to unilaterally set aside large parts of the Brexit deal agreed with the European Union, raising the prospect of a trade war amid a power-sharing crisis in Northern Ireland. … Read more

Bank of England raises interest rates to fight rising inflation

BOE Governor Andrew Bailey has warned that the Bank is walking a “narrow road” between growth and inflation. Bloomberg | Bloomberg | Getty Images LONDON – The Bank of England on Thursday raised interest rates to a 13-year high in a bid to tackle rising inflation. In a widely anticipated move, BOE policymakers voted for … Read more