Liz Truss News

In the first quarter of the financial year, the UK’s borrowing stood at £56.6bn.

By Andy Bruce

Johnson's old constituency in a setback for the main opposition Labour Party. The votes were one of the last electoral tests before a general election expected next year and had been seen as an indicator of the two main parties' prospects.

UK Defence Secretary Ben Wallace said on Sunday that he will step down from the Cabinet at the next reshuffle, expected in a few months' time, after serving four years in the job. The 53-year-old Conservative Party member of Parliament since 2005 also told 'The Sunday Times' that he will not stand as an MP at the next general election, expected next year. Wallace has served as defence minister under three British prime ministers — Boris Johnson, Liz Truss and Rishi Sunak — and has played a high-profile role in the UK's response to the Russia-Ukraine war conflict. «I went into politics in the Scottish parliament in 1999. That's 24 years. I've spent well over seven years with three phones by my bed,» Wallace told the newspaper. «While I am proud to have worked with so many amazing people and helped contribute to protecting this great country, the cost of putting that ahead of my family is something I am very sad about,» he said. The minister is believed to have informed Prime Minister Sunak of his decision to stand down from the Cabinet last month.

By Michael Holden

LONDON — U.K. borrowing costs are nearing levels not seen since the throes of the bond market crisis triggered by former Prime Minister Liz Truss' disastrous mini-budget.

Rishi Sunak, Britain’s prime minister, is trying to do what none of his recent predecessors have pulled off: Move the U.K. beyond Brexit, shore up the country’s rickety public services and sell the country as a profitable destination for business.

Boris Johnson has raked in more than 1 million pounds (1.16 million euros) in paid speeches since resigning a few months ago, according to a document published on Wednesday. 

Former Prime Minister Liz Truss branded it a “waste of time and money”. Ex-KPMG UK senior partner Bill Michael dismissed it as “complete crap”.

LONDON—The U.K. government announced sweeping tax increases and spending cuts on Thursday, becoming the first major Western economy to start sharply limiting its spending growth after years of ramped-up fiscal stimulus during the pandemic and recent energy subsidies. 

LONDON—The U.K. government announced sweeping tax increases and spending cuts on Thursday, becoming the first major Western economy to start sharply limiting its spending growth after years of ramped-up fiscal stimulus during the pandemic and recent energy subsidies. 

LONDON—The U.K. government announced the largest tax increases and spending cuts in a decade on Thursday, becoming the first major Western economy to start sharply limiting its spending growth after years of ramped-up fiscal stimulus during the pandemic and recent energy subsidies. 

Much like a pandemic, inflation has spread throughout the world, clouding the future with dark uncertainty. 

The Bank of England raised interest rates by the most since 1989 on Thursday but it also warned that Britain faced a long recession and told investors borrowing costs were likely to go up by less than they expect.

Russian President Vladimir Putin said the West is trying to dictate the actions of other nations, in a "dangerous, bloody and dirty" game. 

Lawmakers from the House of Commons, the lower chamber of the British parliament, have voted to recognize cryptocurrencies as a regulated financial instrument in the UK, supporting the crypto’s price increase. The move could mark another step towards establishing the UK as a European crypto hub.

Britain will officially have a new prime minister on Tuesday - the third occupant of 10 Downing Street in less than three months - when Rishi Sunak moves in. 

Former finance minister Rishi Sunak is set to become the UK's next prime minister, after his only other challenger failed to get the backing of enough Conservative MPs.

After acting Prime Minister Liz Truss’ resignation last week, and rumours over the weekend about the return of Boris Johnson, it has been announced this afternoon that Rishi Sunak will be taking on the role.

Continued support to Ukraine and the bloc's strategic position against China dominated discussions among EU leaders at the second day of a summit on Friday.

Iran is currently gripped by the largest -- and most significant -- wave of unrest in its recent history.