Page 19 - Britain

Sri Lanka economic recovery hinges on sustaining ongoing reforms: IMF

The key to Sri Lanka's transition from stabilisation to full economic recovery is sustaining the ongoing reform momentum, the IMF said on Friday after it decided to release the third tranche of USD 336 million from the USD 2.9 billion four year bailout package to the island nation. While releasing the third tranche, the IMF on Thursday noted that Sri Lanka's economy has started recovering, inflation remained low, revenue collection was improving, and reserves continued to accumulate but warned that despite these positive developments, the economy is still vulnerable and the path to debt sustainability remains knife-edged. We encourage the (Sri Lankan) authorities to continue to build on these hard-won gains and remain steadfast with their reform commitments, Peter Breuer, the head of the Sri Lanka IMF mission, told reporters here on Friday. In April 2022, Sri Lanka declared its first-ever sovereign default since gaining Independence from Britain in 1948. The unprecedented financial

Tax burden in UK highest since 1949; election pledges won't bring relief

Election pledges not to raise tax have been common since 1997, when Tony Blair promised not to raise income tax or VAT

Super-wealthy may quit UK over Labour plans for inheritance taxes on trusts

Economists say overall tax levels are likely to approach an all-time high whoever wins the election, despite promises by both main parties not to increase major tax rates

UK economy flatlines in April in blow to Conservatives ahead of elections

The British economy failed to grow in April, official figures showed Wednesday, in a blow to Prime Minister Rishi Sunak who has made the return of growth and a generally calmer economic backdrop a central pillar of the Conservative Party's election campaign. The Office for National Statistics said wet weather dampened consumer spending and construction during the month. The flat monthly reading came after a 0.6 per cent increase during the first quarter of the year, which Sunak has made much of on the campaign trail following a period of muted growth. Though monthly figures are vulnerable to short-term factors, the flat reading is likely to be used by opponents of the Conservatives in the run-up to the election on July 4. While Treasury chief Jeremy Hunt insisted the economy is turning a corner, his opposite number in the Labour Party Rachel Reeves said the economy has stalled. The latest growth figures come a week before the next round of inflation data and the Bank of England mak

Oxfam urges G7 to tap fraction of military spend to resolve hunger, debt

The G7 - comprising the United States, Japan, Canada, Germany, France, Italy and Britain - is set to meet in Italy this week where leaders will discuss issues such as climate change, migration, debt

Rise in Britain's jobless rate muddies PM Sunak's message to voters

Official data on Tuesday showed the jobless rate for the three months to April rose to 4.4 per cent from 4.3 per cent

After EU jolt, Macron's decision to snap parliamentary polls shock markets

The euro fell by as much as 0.6 per cent to a one-month low of $1.0733 and hit a 21-month trough against sterling of 84.49 pence

UK job market on its way to recovery after downturn, say recruiters

Billings for temporary staff dropped by the least since January

RBI brings gold reserve to India; nothing more should be read into it: Das

The Reserve Bank of India has brought 100 metric tonnes of gold reserve from the UK to India as there is enough domestic storage capacity, and nothing more should be read into it, Governor Shaktikanta Das said on Friday. The RBI moved 100 metric tonnes of its gold stored in the UK to domestic vaults in FY24. This is one of the biggest movements of gold undertaken by the country since 1991, when pledging a substantial part of the gold holding to tide over a foreign exchange crisis resulted in its movement out of vaults. The quantum of gold stored outside was static for a long time, Reserve Bank of India Governor Das said here. "In recent years, the data shows that the Reserve Bank is buying gold as a part of its reserves, and the quantum was going up. We have domestic (storage) capacity," he said. Therefore, it was decided to move part of the reserve outside India to be stored within the country, he said, adding, "That's it. Nothing more should be read into it". The country's overa

Two British judges resign from Hong Kong court, cite 'political situation'

Two British judges have resigned from Hong Kong's top court, the city's judiciary said, deepening worries over the city's rule of law under a Beijing-imposed national security law. The judiciary said in a statement Thursday that Jonathan Sumption and Lawrence Collins, who both serve as non-permanent overseas judges of Hong Kong's Court of Final Appeal, have tendered their resignations to the city leader. But it did not give further details about their decisions. Collins told The Associated Press that his resignation was because of the political situation in Hong Kong." But he said he continues "to have the fullest confidence in the court and the total independence of its members. Sumption said he would make a statement next week. Hong Kong's Chief Justice Andrew Cheung noted their decisions with regret in a statement, reiterating the judiciary's commitment to upholding the rule of law and judicial independence in the city. Hong Kong, a former British colony, is a common law ...

UK polls: Britain's rich race to save their wealth from election hit

The UK was expected to lose a net 3,200 high-net-worth individuals last year, the most in Europe and double 2022's level, citizenship advisory firm Henley & Partners estimated

Banknotes bearing portrait of King Charles III rolls out across UK

People have been queuing Wednesday outside the Bank of England's headquarters in London and at post offices around the UK to get their hands on the first UK banknotes featuring the portrait of King Charles III. The portrait of the king will appear on all four banknotes issued by the Bank of England 5, 10, 20 and 50 pounds with no other alterations to the existing designs. The notes will coexist alongside those featuring his late mother, Queen Elizabeth II, whom he succeeded as monarch on her death in September 2022. The rollout of coins and stamps bearing the image of Charles have already been rolled out. People may not notice the new notes immediately in their change or withdrawals from ATMs, not least because so many transactions are now done cashless. Though cash payments have declined over the years, they remain particularly important for lower income households and those who get welfare benefits at their local Post Office. In 2023, legislation was passed as part of to protec

Beijing blames Britain of recruiting couple working for Chinese govt to spy

In a statement, China's civilian spy agency, the Ministry of State Security (MSS), said it just cracked a "major espionage case" involving MI6

Indian men's hockey team suffers 1-3 loss to Britain in FIH Pro League

The Indian women's hockey team produced its best performance of the European leg of the FIH Pro League, while narrowly losing 2-3 to Great Britain after a spirited fight here on Sunday. India made a brilliant comeback in the second half after 0-2 down with Sharmila Devi scoring four minutes from the regulation time to make it 2-2 but the visiting side conceded a goal in the 57th minute to lose the match. Watson Charlotte gave GBR a 2-0 lead with two goals in the span of two minutes in the first quarter itself to which India could not respond till the second half. Charlotte struck first through a penalty stroke conversion in the fifth minute before scoring a field goal the next minute. There was no goal from either side in the second quarter before Navneet Kaur pulled one back for India in the 34th minute through a field effort. Sharmila restored parity in the 56th minute and it looked like the match would end in a draw. But the next minute, Petter Isabelle converted a penalty corne

UK workers' union to proceed with industrial action at Tata Steel plants

A steelworkers' union has announced plans to proceed with industrial action of around 1,500 Tata Steel employees based at Port Talbot and Newport Llanwern in Wales in protest against the Mumbai-headquartered company's job cuts associated with the closure of old blast furnaces. Unite the Union said on Thursday that its workers will begin working to rule as well as taking part in a continuous overtime ban from June 18 to severely disrupt and delay the company's operations and order book unless the company rows back on the closure. It is calling for the Indian steel major to halt its plans until the July 4 General Election, when it expects the UK's Conservative Party led government will make way for the Opposition Labour Party. Tata's disastrous deal with the current government would only see its other overseas operations take advantage of the coming boom in green steel at the expense of South Wales, said Unite general secretary Sharon Graham. Now that we will have a new government in

Over 100 business leaders back UK's opposition Labour Party before polls

Rishi Sunak's governing Conservatives have typically been the party of big business but Labour's finance policy chief Rachel Reeves has spent years courting business owners

British govt moves to revive London's reputation as financial hub

The global competition for investors - among cities like New York, Hong Kong, Dubai and Singapore - is intense

Fewer top women earners in British finance since pandemic, shows report

The lack of progression of women to the most senior roles in financial and professional services is a major factor contributing to the gender pay gap

Rishi Sunak's national service plan faces enforcement, funding questions

Sunak is hoping that, if he can't beat Labour leader Keir Starmer, he can at least save the Conservatives from a historic wipeout, his allies have told Bloomberg

UK's July general election: It's impact on India FTA, Indo-Pacific tilt

As the campaign for the UK general election gathers momentum after British Prime Minister Rishi Sunak surprised many this week with a snap summer poll on July 4, exactly a month after India's election results on June 4, the prospect of an India-UK free trade agreement (FTA) has been kicked into the long grass. While political analysts and strategic experts have expressed confidence that very little should change on the bilateral relationship front whatever the outcome in either election, the very small window that was open for a deal being clinched by the Sunak-led Tory government has now been swept away in the election wave of both countries. The Opposition Labour Party, in the lead in most pre-election surveys, has committed itself to finish the job but the timelines will remain uncertain for some time. Rishi Sunak's shock poll date announcement of July 4 has skewered any prospect of the finalisation of the long-awaited and much-anticipated FTA with India by a Conservative ...