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Britain's Treasury chief in China to revive economic, financial talks

Britain's Treasury chief is travelling to China this weekend in a bid to boost economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing. Rachel Reeves will seek stability in the United Kingdom's relationship with China and aim to help grow Britain's lackluster economy, the Treasury said on Friday. She will travel to Beijing and Shanghai and meet with her Chinese government counterpart, Vice Premier He Lifeng. A focus of Reeves' trip is reviving the China-UK Economic and Financial Dialogue annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations in recent years. The British side wants the dialogue to help bring down barriers that UK businesses face when looking to export or expand to China. The talks were shelved after ties soured following a series of spying allegations from both sides, China's support for Russia in the Ukraine war and a crackdown on

Britain's Treasury chief in China to revive economic, financial talks
Updated On : 11 Jan 2025 | 10:25 AM IST

UK launches 'world's first' sanctions to crack down on illegal migration

The UK on Thursday announced the world's first new sanctions regime to combat people smuggling crime rings and block the illicit finance fuelling such operations as part of measures to crack down on illegal migration. The government said the new standalone sanctions are dedicated to targeting irregular migration and organised immigration crime, which will allow the authorities to target individuals and entities enabling dangerous journeys. The new sanctions regime is expected to come into force within the year as experts from across government work with law enforcement and operational Home Office colleagues to stem finance flows at their source and deter smugglers facilitating irregular migratory movements, including dangerous sea crossings across Europe. We must dismantle the crime gangs facilitating breaches of our borders. By crippling illicit finance rings allowing smugglers to traffic vulnerable people across Europe, we will deliver on our Plan for Change and secure UK borders,

UK launches 'world's first' sanctions to crack down on illegal migration
Updated On : 09 Jan 2025 | 5:31 PM IST

UK's long-term borrowing costs jump to highest level since 1998. Here's why

The yield on 30-year British gilts rose sharply on Tuesday and again on Wednesday, outpacing increases for other governments' bonds and hitting its highest since August 1998 at 5.383 per cent

UK's long-term borrowing costs jump to highest level since 1998. Here's why
Updated On : 08 Jan 2025 | 10:23 PM IST

India, China to Germany and UK: How major economies performed in 2024

While India and US have optimistic outlooks going into 2025, Germany and UK may see sluggish growth

India, China to Germany and UK: How major economies performed in 2024
Updated On : 30 Dec 2024 | 5:32 PM IST

BoE keeps interest rates steady at 4.75%, but MPC members split on decision

Three of the BoE's nine-person Monetary Policy Committee - Deputy Governor Dave Ramsden and external members Swati Dhingra and Alan Taylor - voted for a quarter-point rate cut to 4.5 per cent

BoE keeps interest rates steady at 4.75%, but MPC members split on decision
Updated On : 19 Dec 2024 | 6:53 PM IST

UK economy shrinks in Oct, suffers first back-to-back declines since 2020

Gross domestic product shrank 0.1 per cent month-on-month in October, as it did in September, the Office for National Statistics said

UK economy shrinks in Oct, suffers first back-to-back declines since 2020
Updated On : 13 Dec 2024 | 1:41 PM IST

Worker shortages raise doubts over Britain's plan to build for growth

Britain has long lacked candidates to fill jobs, a problem made worse by the 2016 Brexit vote and Covid-19, with vacancies higher than their level before the pandemic

Worker shortages raise doubts over Britain's plan to build for growth
Updated On : 13 Dec 2024 | 12:18 PM IST

UK consumer confidence touches 4-month high in December: GfK survey

Monthly consumer confidence index from market research firm GfK rose to -17 in December from -18 in November, the highest reading since August

UK consumer confidence touches 4-month high in December: GfK survey
Updated On : 13 Dec 2024 | 9:46 AM IST

Bank of England set to stay in central bank slow lane, keep rates on hold

BoE has cut Bank Rate only twice from a 16-year peak, helping to make sterling the only currency from the Group of 10 leading economies that has not fallen against the US dollar in 2024

Bank of England set to stay in central bank slow lane, keep rates on hold
Updated On : 11 Dec 2024 | 12:31 PM IST

PM Keir Starmer plans reform of UK state in bid to counter criticism

Starmer's reset moment, including six 'milestones' designed to be tools to measure the government's progress, instead triggered more disquiet and confusion about his strategy

PM Keir Starmer plans reform of UK state in bid to counter criticism
Updated On : 09 Dec 2024 | 7:49 AM IST

UK transport minister Louise Haigh quits in new blow to PM Starmer

In her resignation letter shared by Starmer's office early on Friday, Haigh said she was standing down as the issue 'will inevitably be a distraction from delivering on the work of this government'

UK transport minister Louise Haigh quits in new blow to PM Starmer
Updated On : 29 Nov 2024 | 2:01 PM IST

British employers warn tax rise will hit investment, jobs, salary

"The rise in National Insurance and the stark lowering of the threshold caught us all off guard," CBI Chief Executive Rain Newton-Smith said as the organisation met for its annual conference

British employers warn tax rise will hit investment, jobs, salary
Updated On : 25 Nov 2024 | 6:29 PM IST

UK retail sales plunged more than expected before new govt's budget: ONS

A monthly rise in sales in September was also revised down to 0.1 per cent from a previous estimate of a 0.3 per cent gain

UK retail sales plunged more than expected before new govt's budget: ONS
Updated On : 22 Nov 2024 | 1:41 PM IST

UK inflation rises by 2.3% in October, again more than BOE's expectation

The increase was the biggest month-to-month rise in the annual CPI rate since October 2022

UK inflation rises by 2.3% in October, again more than BOE's expectation
Updated On : 20 Nov 2024 | 2:26 PM IST

UK Treasury chief Reeves unveils budget with 40 billion pounds in tax hikes

British Treasury chief Rachel Reeves is announcing 40 billion pounds in tax hikes in her first budget, saying she will use the money to invest, invest, invest and get the economy growing. Reeves is delivering the first budget from the UK's Labour Party government since it took power in July. She says the tax increases are needed because of the economic black hole left by the previous Conservative government. She told lawmakers, I am restoring stability to our public finances and rebuilding our public services. The centre-left party was elected July 4 after promising to banish years of turmoil and scandal under Conservative governments, get Britain's economy growing and restore frayed public services.

UK Treasury chief Reeves unveils budget with 40 billion pounds in tax hikes
Updated On : 30 Oct 2024 | 7:08 PM IST

British inflation sends pound below $1.30, dollar firm on Fed outlook

The pound dropped to as low as $1.2984, dipping under the $1.30 level for the first time since Aug. 20, after data showing the rate of annual consumer price inflation dropped to 1.7 per cent in Sep

British inflation sends pound below $1.30, dollar firm on Fed outlook
Updated On : 16 Oct 2024 | 7:36 PM IST

UK pay grows slowest in two years as BoE considers when to cut rates again

BoE cut borrowing costs in August but kept them on hold at its September meeting, saying it wanted to see further signs that inflation pressures were abating

UK pay grows slowest in two years as BoE considers when to cut rates again
Updated On : 15 Oct 2024 | 1:28 PM IST

UK property market strengthens, pressure on renters intensifies: RICS

Tarrant Parsons, RICS' head of market analytics, said the reduction in borrowing costs in August had helped to recover buyer demand

UK property market strengthens, pressure on renters intensifies: RICS
Updated On : 10 Oct 2024 | 9:25 AM IST

UK PM Starmer to meet sceptical investors in attempts to woo them

Years of Brexit-linked political chaos may have ended with his Labour Party's big election win, but the near-collapse of utility Thames Water has unsettled investors

UK PM Starmer to meet sceptical investors in attempts to woo them
Updated On : 02 Oct 2024 | 12:11 PM IST

UK borrows more than expected in July, underlining challenge for FM Reeves

The figures did not include recent pay deals struck between the new Labour government, elected last month in a landslide victory, and public sector workers including junior doctors

UK borrows more than expected in July, underlining challenge for FM Reeves
Updated On : 21 Aug 2024 | 3:03 PM IST