Page 33 - Britain

Privatised debt load in the Britain now a major government problem

UK companies are the biggest issuers of inflation-linked debt in the developed world, with more than £40 billion ($51 billion) worth of the securities currently outstanding

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NSA Ajit Doval likely to meet UK counterpart Tim Barrow in Delhi today

This meeting between the two is the second for this year as earlier the two had an informal meeting on March 30

Nine British banks sign up to Mastercard's new AI tool for tackling scams

Nine of the UK's biggest banks, including Lloyds Banking Group Plc, Natwest Group Plc and Bank of Scotland Plc, have signed up to use the Consumer Fraud Risk system, Mastercard

UK calls for UN reform with permanent Security Council seat for India

The UK government has reiterated its call for reform of the United Nations as one of its top transnational priorities and supported India's bid for permanent membership of the powerful Security Council. India has been at the forefront of the years-long efforts to reform the UN Security Council (UNSC), saying it rightly deserved a place as a permanent member of the United Nations. Currently, the UNSC has five permanent members - China, France, Russia, the UK and the US. Only a permanent member has the power to veto any substantive resolution. In a speech at a conference at the Chatham House think tank in London on Thursday, UK Foreign Secretary James Cleverly called for a reinvigorated multilateral system that is more reflective of the times. He pointed out that the world's economic centre of gravity is shifting away from the Euro-Atlantic and towards the Indo-Pacific but the multilateral institutions are yet to catch up. I have five transnational priorities. First, reform of the .

UK PM Sunak honours Sikh World War II veteran with Points of Light award

British Prime Minister Rishi Sunak has honoured Rajindar Singh Dhatt, one of the last surviving Sikh soldiers who fought in the Second World War with a Points of Light honour at a UK-India Week reception at 10 Downing Street. Dhatt, 101, was recognised on Wednesday for his service and his work running the "Undivided Indian Ex-Servicemen's Association" to help bring together British Indian war veterans. Dhatt, based in Hounslow in southwest London since 1963, was born in pre-Partition India in 1921 and fought with the Allied forces during the British colonial period. It is an immense honour to receive this recognition from the Prime Minister, to whom I would like to extend my deepest appreciation for acknowledging the importance and impact of the 'Undivided Indian Ex-Servicemen's Association'," said Dhatt. The journey of establishing this organisation was driven by a deep sense of duty as an ex-serviceman and the vision of fostering unity, support, and camaraderie. This award serves

Promising signals of further decline in UK inflation: BoE's Dhingra

Dhingra is one of two members of the BoE's nine-member Monetary Policy Committee (MPC) who have consistently voted against the central bank's interest rate rises since December

New voter ID law stopped thousands from casting ballots: UK polls watchdog

Britain's electoral watchdog said on Friday that about 14,000 people were prevented from voting in last month's local elections because of a new law requiring voters to show photo identification. The Electoral Commission said 0.25 per cent of people who went to polling stations were unable to cast ballots because they didn't have the right ID, and significantly more than that likely did not show up at all. Craig Westwood, the commission's communications director, said there was concerning evidence that disabled and unemployed people were more likely than other groups to give a reason related to ID for not voting. We don't want to see a single voter lose the opportunity to have their say, he said. We are working to understand the challenges people faced, and will make recommendations that, with the engagement of government and wider electoral community, will support the participation of all voters. The government says ID is required to vote in many democracies, and the move will he

Bank of England hikes rates to 5% to tackle inflation, highest since 2008

MPC members Silvana Tenreyro and Swati Dhingra opposed the rate rise - as they have all others this year - saying that much of the impact of past tightening had yet to be felt

Britain's debt exceeds 100% of GDP for the first time in 62 years

Inflation stays higher than expected, raising pressure for higher rates

India, UK conclude another round of talks on free trade agreement: Official

Technical discussions were held across 10 policy areas in over 50 separate sessions, according to statement

UK's duty benefit scheme withdrawal may impact Indian goods' exporters

The UK's decision to withdraw duty benefit scheme GSP may impact Indian exporters from certain labour-intensive sectors such as leather and textiles as they were the major beneficiaries, according to experts and traders. The UK is replacing the Generalised Scheme of Preferences (GSP) with a new Developing Countries Trading Scheme (DCTS) from June 19. Labour intensive sectors, including certain textile items, leather goods, carpets, iron & steel goods and chemicals may get impacted due to this. Global Trade Research Initiative (GTRI) said the US, European Union (EU), Australia, Japan and many other developed countries grant unilateral import duty concessions to developing countries under their GSP schemes. "As the UK has come out of the EU, it has designed its own GSP scheme. Each country sets a product-wise threshold limit, if a country's exports cross the limit, the GSP concessions stop. The UK withdrawing GSP concessions on labour intensive products was expected as the two ...

Britain witnesses recession and flood of job losses if rates hit 6%

The UK has so far weathered the cost of living crisis without falling into recession

UK removes countervailing tariff on steel bar, rod imports from India

The UK government has announced the removal of an up to 4 per cent countervailing tariff on stainless steel bars and rods imported from India due to a perceived low impact on local suppliers. The UK's Trade Remedies Authority (TRA) said on Thursday that its recommendation that the countervailing measure on imports of stainless steel bars and rods from India be revoked has been agreed by the government. Countervailing measures are put in place to offset imports being sold at unfair prices due to government subsidies in their country of origin. They are one of three types of trade remedies that are allowed under World Trade Organisation (WTO) rules. The TRA concluded that although subsidised imports would continue from India if the countervailing measure were no longer applied, it is unlikely that the UK industry would be injured if the measure was no longer in place. Trade association UK Steel said there is minimal supply to the UK market of stainless bars and rods by UK producers

Amazon's $1.7 bn deal to buy Roomba maker iRobot gets UK approval

British antitrust regulators cleared Amazon's purchase of robot vacuum maker iRobot on Friday, but the USD 1.7 billion deal still faces scrutiny in the United States and Europe. The Competition and Markets Authority said it decided not to escalate its initial investigation because it concluded that the deal would not result in a substantial lessening of competition within the United Kingdom. Amazon said it was pleased with the result. We look forward to similar decisions from other regulators soon, the company said in a statement. Consumer groups have voiced concerns that Amazon's purchase of Bedford, Massachusetts-based iRobot, which makes the popular Roomba robotic vacuum cleaners, would widen the e-commerce giant's dominance in the smart home market. The acquisition is still facing a review in the US by the Federal Trade Commission amid worries about Amazon's growing market power. It's also under scrutiny by the European Union's executive arm, which opened a review of the deal

Two-time Oscar winner Glenda Jackson dies at 87 after a short illness

Glenda Jackson, a two-time Academy Award-winning performer who had a second career in politics as a British lawmaker, has died at 87. Jackson's agent Lionel Larner said she died on Thursday at her home in London after a short illness. She recently completed filming The Great Escaper' in which she co-starred with Michael Caine," he said. Jackson was one of the biggest British stars of the 1960s and 70s, and won two Academy Awards, for Women in Love and A Touch of Class. She then went into politics, was elected to Parliament and spent 23 years as a Labour Party lawmaker. She returned to acting after leaving Parliament and had some of her most acclaimed roles, including the title character in Shakespeare's King Lear.

Tributes pour in for British Indian student killed in Nottingham stabbing

The family of a sporty teenager killed in a brutal stabbing on the streets of Nottingham where she was studying for a medical degree paid tribute on Wednesday to the adored daughter and sister" as they spoke of their utter devastation. Grace O'Malley Kumar, 19, was killed in a knife attack in the early hours of Tuesday as she walked back from a night out with fellow cricket-loving friend Barnaby Webber, 19. Floral tributes have been piling up for both teenagers on the spot at Ilkeston Road in Nottingham city centre where they were found dead. The third victim was Ian Coates, a school caretaker in his 60s. Grace was an adored daughter and sister; she was a truly wonderful and beautiful young lady, Kumar's family said in a statement. Grace was not just a sister to James but his best friend. He is completely heartbroken. As parents, words cannot explain our complete and utter devastation. She will be so dearly missed. We were so incredibly proud of Grace's achievements and what a trul

Vodafone, Three to merge UK telecom operations to capitalize on 5G rollout

Two of the UK's biggest mobile phone operators agreed Wednesday to merge their businesses to capitalise on the rollout of next-generation 5G wireless technology in the country. The tie-up of Vodafone UK and Three, which is owned by Hong Kong's CK Hutchison, will create Britain's biggest mobile phone player, with a market value of around 15 billion pounds (USD 18.75 billion). Vodafone will account for 51 per cent of the merged firm, with CK Hutchison owning the rest. The groups said the merger will help them compete with their rivals on 5G technology. Vodafone CEO Margherita Della Valle described the deal as a game-changer for the company's home market. It's transformative as it will create a best-in-class indeed best-in-Europe 5G network, offering customers a superior experience," she said. The companies said they are aiming to complete the deal by the end of 2024.

UK economy recovers slightly in April but strikes to keep lid on growth

The British economy bounced back in April amid strong sales at bars and pubs as well as a rebound in car purchases, according to official figures. The Office for National Statistics said on Wednesday that the economy grew by 0.2 per cent during the month. The increase was in line with expectations but failed to fully recoup the 0.3 er cent contraction in March. However, on a longer-term horizon, the British economy is barely growing, hobbled by higher interest rates as well as strike action across an array of sectors, including in health, education and transportation. Samuel Tombs, chief UK economist at Pantheon Macroeconomics, said he expects second-quarter growth to be unchanged from the first as the strikes rumble on. He also predicted that the extra public holiday in May for King Charles III's coronation to weigh on economic activity. Further out, he expects lower energy prices for households to boost growth in the second half of the year. A slow but steady recovery should eme

UK unemployment rate down as number in work rises above pre-pandemic level

Official figures show that Britain's unemployment rate has fallen unexpectedly as the number of people in work hit a record high and rose past its pre-pandemic level for the first time. The Office for National Statistics said Tuesday that the jobless rate fell to 3.8% in the three months to April, from 3.9% in the previous quarter. Most economists were expecting the rate to edge up to 4%. As the unemployment rate fell, the agency said, the country's employment rate rose to 76% from 75.9%, with the number of people in work at an all-time high of 33.1 million. Darren Morgan, director of economic statistics at the agency, said the biggest driver in recent jobs growth is health and social care, followed by hospitality. The agency also found that wages rose sharply, a development that may cause concern at the Bank of England, which is widely expected to raise interest rates once again next week.