Britain’s new Chancellor of the Exchequer Jeremy Hunt has warned his Conservative colleagues against trying to oust Prime Minister Liz Truss from office. Truss became prime minister on Sept. 5. But her position has been weakened after her “mini-budget,” which included £45 billion of unfunded tax cuts, spooked the financial markets, causing the pound to…

The UK’s Treasury department will make some “very difficult decisions ahead,” new Chancellor of the Exchequer Jeremy Hunt said on Saturday as he alluded to tax rises and spending cuts. In this first interview as the chancellor following the dramatic sacking of his predecessor Kwasi Kwarteng, Hunt said he would demonstrate the government’s fiscal credibility…

Prime Minister Liz Truss has scrapped a key part of the mini-budget Kwasi Kwarteng produced last month—reversing the cut to corporation tax—and has defended her decision to replace him as Chancellor of the Exchequer with Jeremy Hunt. She said she had decided to keep corporation tax at 25 percent, rather than cut it to 19 percent…

Prime Minister Liz Truss has fired the Chancellor of the Exchequer Kwasi Kwarteng and is thought to be about to scrap large parts of the mini-budget he produced last month after the City of London reacted badly to the announcement of massive tax cuts. Kwarteng was ordered to fly home overnight from International Monetary Fund…

The UK government will need to cut at least £60 billion ($66.7 billion) in spending to keep debt in control, according to think tank the Institute for Fiscal Studies (IFS). It comes after the government announced an uncosted £65 billion ($72 billion) energy support package and £45 billion ($50 billion) worth of tax cuts along…

The UK government’s plan to reduce debt will be published on Oct. 31, more than three weeks before it was originally due, Chancellor of the Exchequer Kwasi Kwarteng said on Monday. In a letter to Parliament’s Treasury Committee Chair Mel Stride, Kwarteng said he had decided to move up the date from Nov. 23 to Oct….

UK Prime Minister Liz Truss has defended her tax-cutting plan as “morally and economically” right but sought to allay concerns over rising government borrowing by pledging to be “fiscally responsible.” Addressing the Conservative Party conference in Birmingham on Wednesday, Truss promised to steer the country through the “tempest” and “get Britain moving.” It comes after…

Sterling continued to rally on Tuesday after bouncing back to levels before the UK Chancellor Kwasi Kwarteng’s mini-budget announcement. It was last trading at $1.1363, more than 10 percent up since the mini-budget. The dollar slid against a basket of major currencies, as the euro and the pound made upward headway and Treasury yields slipped in light…

The UK government has blocked a Chinese firm from accessing sensitive information about Britain’s power grid, as concerns grow about Beijing’s involvement in critical infrastructure in the West. Redrock Investment Limited, a subsidiary of China’s state-owned State Development & Investment Corporation (SDIC), is set to obtain a 35 percent stake in Electricity North West (ENW),…

The UK’s Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng appear to be undeterred by criticisms of the government’s mini-budget amid market turmoil and calls to reverse some of the tax cuts. Truss on Friday insisted the government had been right to subsidise energy bills and cut taxes, while Kwarteng said he will be…