Exclusive: Sunak to unveil plan to slash EU financial services rules in Mansion House speech June 24, 2022 Rishi Sunak will unveil his plan to slash EU financial services regulations in a major set piece Mansion House speech next month. City A.M. understands the chancellor will announce details of his Financial Services and Markets Bill at the City’s annual Mansion House bankers’ dinner on 19 July and will introduce the legislation to the [...]
Price of Aussie wine could fall victim to Treasury reforms – yes, even after the trade deal June 24, 2022 AT THE end of last year, to much fanfare, the UK and Australia signed the free trade deal – the first negotiated from scratch following Brexit. The UK is the number one destination for Australian wine exports in value and volume, exporting 246 million litres of wine worth AU$449m in the 12 months to March [...]
Sunak struggles to appease North Sea oil and gas sector amid windfall tax fury June 23, 2022 Chancellor Rishi Sunak failed to appease the UK's oil and gas industry at a roundtable earlier today, with the sector still furious over the windfall tax.
Rampant inflation swells UK debt interest bill and pushes up government borrowing June 23, 2022 Inflation is swelling the UK’s interest bill and forcing the government to borrow more money to pay investors, official figures released today revealed. The amount of money the government paid to holders of UK debt jumped just over 70 per cent over the last year, reaching £7.6bn in May, up from £4.5bn last year, according [...]
Sunak praises North Sea oil and gas industry despite imposing windfall tax June 22, 2022 Rishi Sunak has reaffirmed his support for the North Sea oil and gas industry, labelling it “the foundation of the UK’s energy supply/"
UK inflation highest in G7, dialling up pressure on Bank of England to raise rates again June 22, 2022 The likelihood of the Bank of England hiking interest rates for the sixth time in a row is ramping up after new figures revealed the UK has the highest inflation in the G7. Prices climbed 9.1 per cent annually in May, up from April’s already four decade high rate of nine per cent, according to [...]
Sunak: BoE will ‘act forcefully’ on inflation and govt will ‘be responsible with borrowing and debt’ June 22, 2022 Rishi Sunak sought to reassure people following a 40-year high in UK inflation to 9.1 per cent, insisting the Bank of England will “act forcefully” to counter the rise. The BoE, which is independent of government, has been criticised for not being quick and decisive enough about rising costs of living, with members of the [...]
Another day, another record: Price of a litre of petrol hits new high of 189.3p June 22, 2022 The average price of a litre of petrol at UK forecourts reached a new high of 189.3p last night, according to data firm Experian. The average price of diesel was 197.1p per litre. The announcement comes only hours after the rate of inflation rose again in May, remaining at 40-year highs, the Office for National [...]
Inflation jumps to 9.1 per cent: Worried City insiders respond to consumer prices climbing again June 22, 2022 The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics said this morning. The rate of Consumer Prices Index inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. “Though still at [...]
Parliamentary body hammers Ofgem for £2.7bn clean-up bill to fix crisis-hit energy sector June 22, 2022 British households face an eye-watering £2.7bn clean-up bill following market carnage across the energy sector warned regulator Ofgem.