Newsletter Nov 17, 2022

UK to turn page on 'Trussonomics' with budget plan

Finance minister Jeremy Hunt will bury Britain's failed "Trussonomics" experiment on Thursday by cutting spending and raising taxes, moves that he and Prime Minister Rishi Sunak say are needed to restore investor confidence.

UK central bank blames Brexit for trade slump

The UK's exit from the European Union is having a disproportionate effect on trade, argued Bank of England monetary policy committee member Swati Dhingra.

UK inflation accelerates to 41-year peak

British inflation has jumped to a 41-year high on soaring energy and food bills in a worsening cost-of-living crisis, data showed Wednesday on the eve of a key budget.

UK householders face squeeze as budget looms

Thursday's government budget is unlikely to be uppermost in the minds of people enjoying the annual light show on the seafront promenade of Blackpool.

Biden, Sunak call Russian bombing of Ukrainian civilians 'barbaric'

UK bond dealers see jump in gilt issuance for 2023/24

Bond dealers expect Britain to trim debt issuance plans for the current financial year, compared with those made just after September's "mini-budget", but see a big jump in issuance next year, a Reuters poll showed on Wednesday.

UK banks say consumer safeguard could backfire in cost of living crisis

Britain's banks are proactively helping customers hit by the cost of living crisis, but implementing a new "consumer duty" on time could exclude vulnerable consumers from help, banking industry body UK Finance said on Wednesday.

UK MI5 chief says expulsion of Russian spies has delivered significant blow

The expulsion of more than 400 suspected Russian spies from across Europe this year has struck the "most significant strategic blow" against Moscow in recent history and taken Vladimir Putin by surprise, Britain's domestic spy chief said.

Explainer-Britain's insurers become test case for post-Brexit 'unshackling'

The British government and the Bank of England are reforming insurers' capital rules, seen as a post-Brexit test of UK willingness to "unshackle" the City of London after leaving the European Union.

European shares pulled down by Mercedes, defence stocks up after Poland blast

European shares fell on Wednesday, with Mercedes Benz Group leading losses in automobiles stocks, while a blast in Poland kept sentiment subdued and pushed up defence stocks.

Oil falls as geopolitical tensions ease, China COVID concerns return

Oil prices fell for a second day in early Asian trade on Thursday as concerns over geopolitical tensions eased and rising numbers of COVID-19 cases in China added to demand worries in the world's largest crude importer.

Ukraine war casts shadow over APEC summit

The APEC summit caps an intense fortnight of diplomacy in Asia, following the G20 and a gathering of Association of Southeast Asian Nations leaders in Phnom Penh last week.

NATO allies wake up to Russian supremacy in the Arctic

The world's largest satellite ground station, on the Svalbard archipelago off Norway, is used by Western space agencies to gather vital signals from polar-orbiting satellites.

As recession looms, Airbnb CEO wants your home to make money

The San Francisco group also increased the damage covered by its inhouse insurance scheme from $1 million to $3 million.

Republicans win U.S. House majority, setting stage for divided government

The victory gives Republicans the power to rein in Biden's agenda, as well as to launch potentially politically damaging probes of his administration and family

NASA's Artemis rocketship on course for moon after epic launch

NASA's next-generation rocketship was on course Wednesday for a crewless voyage around the moon and back, launched from Florida on its debut flight half a century after the final lunar mission of the Apollo era.

Musk tells Twitter staff: Opt in for 'hardcore' or take severance

Elon Musk sent a message to Twitter staff telling them that they had until Thursday to consider whether they wanted to stay on for "working long hours at high intensity" or take a severance package of three months pay.

Kevin Spacey faces further sex offence charges in UK

Prosecutors in London on Wednesday said they have approved seven new sexual offence charges against the Oscar-winning Hollywood actor Kevin Spacey.