Britain Financial News

Released today (26 March), following Chancellor Rachel Reeves' Spring Statement in the House of Commons, the OBR's analysis outlined a combination of higher debt interest payments and weaker-than-anticipated receipts that have wiped out Reeves' previous £9.9bn fiscal headroom, resulting in a deficit of £4.1bn before accounting for new policies.  However, the net £3.2bn savings generated from cuts to welfare budgets, which the OBR said will impact three million families in the UK, coupled with the boost from planning reforms and reduction in day-to-day spending, are expected to offset thi...

As part of the Spring Statement documents, it revealed that trading is expected to begin later in the year. Spring Statement 25: OBR halves UK growth forecast to 1% for 2025 Following the unveiling of the secondary legislation, the Financial Conduct Authority will publish its rules and establish the PISCES Sandbox. Additionally, HM Revenue & Customs (HMRC) has provided some clarity on the tax implications associated with trading on the private exchange, after issues were raised in response to the consultation last year. In 2024, during the Autumn Budget, it was revealed that PIS...

The statement served as more of an update for the UK's economic health, as opposed to a budget, reflecting the chancellor's desire to have «one major fiscal event per year». Reeves offered an update on last week's proposed welfare reforms. The proposed reforms were announced by Liz Kendall and focused on delivering personalised support to sick and disabled people who can work to get the jobs they «need and deserve». Proposed savings to incapacity and disability were at £5bn before the end of 2030, and Reeves provided the news that final costing had been examined by Office for Budget R...

At the time of reporting, the FTSE 100 stood at 8,684.7, down slightly from 8,697.2 earlier today, according to data from the London Stock Exchange.  The index as a whole is only marginally up 0.2% from Tuesday's (25 March) closing values. Spring Statement 25: OBR fiscal outlook has 'deteriorated' since October as it delivers 'grim' economic forecast Its FTSE 250 peer is currently priced in at 20,076, slightly lower than the 20,103.4 posted before Reeves' speech in parliament today. It now is 0.42% up since Tuesday's close.  The FTSE All-Share also dipped slightly from 4,695.1 e...

In October 2024, the OBR said it expected UK GDP to grow by 2% in 2025, but leaks in February revealed that the agency was considering downgrading its forecast. At the dispatch box today, Reeves confirmed that due to «increased global uncertainty», the independent body had revised its growth forecasts down.  Spring Statement 25: UK markets hold steady following Reeves' speech She said: «I am not satisfied with these numbers,» and pledged to «increase investment», cut public spending on welfare by a net £3.2bn, «tear down regulatory standards» and carry out infrastructure reforms su...

solar storm could cause the Northern Lights to appear tonight in parts of the United Kingdom. If the conditions are right, lucky skywatchers may see the aurora borealis in all its glory. Here's where and when to witness this rare natural phenomenon. Tonight, as a 'High-Speed Stream' from a coronal hole hits Earth, parts of the United Kingdom will view the Northern Lights, commonly known as the Aurora Borealis. According to the Met Office, the aurora is caused by a 'high-speed stream' emitted by a coronal hole, a breach in the sun's outer surface. The possibility of viewing the aurora borealis rises with approach to the sun.

Philadelphia Eagles center Jason Kelce has revealed that he is on a new weight loss regimen that he has embraced as part of a challenge with buddy and ex-teammate Beau Allen. The 37-year-old made the revelation on the latest episode of New Heights, the podcast he jointly hosts with brother Travis Kelce. Sharing details about it, Jason said his new fitness journey started with a proposal put forth by Allen.

Finance Minister Rachel Reeves cut the government's plans for spending increases to get back on track towards her fiscal targets, restoring the 9.9 billion-pound ($12.77 billion) headroom against her fiscal rules that had been wiped out by lower growth and higher borrowing costs.

FKA twigs has announced that her scheduled shows in Chicago, New York, and Toronto — planned as part of the Eusexua US tour — have now been postponed due to visa issues. Taking to social media, the artist, whose real name is Tahliah Barnett, revealed that an error caused the necessary paperwork not being submitted within the required timeframe. FKA twigs's shows were scheduled to take place in Chicago on March 26 and 27. The English singer was also supposed to perform in New York on May 3 and 4, and in Toronto on March 30 and 31.

Ajay Devgn. The Bollywood superstar, known for his intense roles, set a new benchmark by becoming India's highest-paid OTT actor.

Wipro, India's fourth largest IT services provider, won a 10-year deal worth 500 million pounds ($645.4 million) from British insurer Phoenix Group, the company said on Wednesday, announcing its second mega deal this financial year. Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies. In June 2024, Wipro announced a $500 million deal with a U.S. communications service provider. The latest deal is for Phoenix Group's ReAssure business where Wipro will work on life and pension business administration.

TGI Fridays has shut down nearly 130 stores in the United States in the last several months. This development comes as TGI Fridays faces ongoing bankruptcy proceedings as slumping sales and shifting trends have hit many casual dining-style chain restaurants hard. TGI Fridays shut down 130 stores in tragic decline: 10 points -TGI Fridays is slated for mass shutdowns for the year 2025. TGI Fridays, once known for its flair-laden servers, endless appetizers and festive atmosphere has closed a total of over 130 stores this year, since filing for Chapter 11 bankruptcy in November 2024. ALSO READ: US recession storm may be brewing. Deutsche markets survey pushes the possibility towards 50% -According to The Mirror, the most recent spate of closures took place in New York, New Hampshire, Maryland, Massachusetts, and Ohio with signs on locked doors citing the “difficult decision” to close.

Eknath Shinde told the legislative council on Wednesday. «Some iconic buildings from the British era have given Mumbai a unique identity. To preserve this legacy and promote architecturally distinctive buildings in Mumbai, the state government has prepared a special policy,» Shinde said. Highlighting the importance of such developments, Shinde said that cities across the world are known for their unique urban planning, neighbourhoods, and landmark buildings. «Mumbai too, being a world-class city, deserves to encourage such iconic structures that will not only beautify the city but also strengthen its appeal as a tourist destination,» he said. The deputy CM said that the current Development Control and Promotion Regulations (DCPR) applicable to Mumbai pose limitations in facilitating the construction of distinctive structures. To address this, he said, the government has proposed separate provisions within the existing regulations to accommodate buildings that can become a symbol of the metropolis.

youth unemployment and disengagement, as per a report. This grim figure is a warning of an enormous issue that can have long-term implications for the United States' labour force and economic prospects.

Ashok Leyland said on Wednesday that its electric bus unit Switch Mobility could shutter one of its British plants, which would swing the unit's UK operations to profitability «soon». The company said it would review the feasibility of the plant in Sherburn, North Yorkshire in a consultation process with employees, which could lead to the plant being closed, amid continued uncertainty in the sector. The plant accounted for 0.60% of Ashok Leyland's total sales in the fiscal year ended March 2023, the company said.

super rich Indians wish to leave the country due to factors like living conditions here, better standard of life abroad and also easier business environment in other countries, a survey said on Wednesday. The survey of 150 ultra high networth individuals said that the US, UK, Australia, Canada and even UAE due to its golden visa scheme are the favourite destinations where the rich prefer to settle down. Kotak Private, a leading wealth manager in the country which undertook the survey in association with consultancy EY, said 25 lakh Indians migrate to other countries every year as per the foreign ministry. «One in five ultra HNIs surveyed are currently in the process of or plan to migrate,» the survey findings said, adding most of them intend to reside in their host country of choice permanently while retaining their Indian citizenship.

EET Fuels — the trading name of Essar Oil (UK) Ltd — has signed agreements to supply jet fuel to two additional major UK airports, the firm said Wednesday. Essar Energy Transition (EET) is the entity leading Essar group's USD 3.6 billion low carbon projects in the UK and India. The group operates Stanlow oil refinery in the UK. «This expansion elevates EET Fuels' total network to nine airports across the UK, marking a significant milestone in its mission to bolster energy security and support the aviation industry's growth,» the company said in a statement. Deepak Maheshwari, Chief Executive Officer at EET Fuels, said the pact underscores EET Fuels' commitment to strengthening the UK's aviation fuel network while advancing its energy transition strategy. «By expanding our supply footprint to nine key airports, we are not only enhancing fuel security and reliability for our airline partners but also reinforcing our role as a leader in the UK's journey towards a low-carbon future.»

She is expected to reveal a «significant step» towards spending 2.5% of GDP on defence with a £2.2bn funding boost from April to help the country «move quickly in a changing world». The plans will include putting advanced weaponry in the hands of British troops, providing better homes for military families and kickstarting economic growth via the government's Plan for Change. Tough fiscal measures 'in the offing' as investors expect Reeves to cut spending in Spring Forecast During the Spring Forecast, Reeves is expected to say that since Labour's general election win, the governmen...

According to the Office for National Statistics (ONS), the UK Consumer Prices Index (CPI) fell unexpectedly to 2.8% in February, while core inflation continued to remain sticky at 3.5%.  The figures for the 12 months to February came in slightly below the 2.9% forecast by economists polled by Reuters and marked a 0.2 percentage point drop from January's 3% levels.  Tough fiscal measures 'in the offing' as investors expect Reeves to cut spending in Spring Forecast The readings will leave the chancellor and the Bank of England (BoE) «somewhat relieved», said Aberdeen's deputy chief e...