Page 21 - Uk

UK's Treasury chief accepts that recession may be imp to lower inflation

Britain's Treasury chief said he would be prepared to see the UK economy slip back into recession if further interest rate hikes are necessary to bring down inflation. With the Bank of England expected to keep raising rates following higher-than-anticipated inflation figures this week, Jeremy Hunt said it was necessary to prioritise measures to slow the pace of price increases. In an interview with Sky News that aired on Friday, Hunt said the only path to sustainable growth is to bring inflation under control. Asked if he was comfortable with further rate hikes even if it could precipitate a recession, Hunt said, Yes, because in the end, inflation is a source of instability. ... It is not a trade-off between tackling inflation and recession." Like other central banks, the Bank of England has been raising interest rates aggressively over the past 18 months or so to a 15-year high of 4.5 per cent after inflation spiked sharply, first because of bottlenecks caused by the coronavirus .

Indian nationals bag top spot on UK's skilled worker, student visa tally

According to the data released, net migration in 2022 reached a record high of 606,000, adding pressure on Prime Minister Rishi Sunak, who vowed to bring the numbers down

UK students pledge job boycott of insurers over fossil fuels: Report

In the letter, the students said they will pay special focus on insurers that decide to work with TotalEnergies and Equinor

UK to soon disallow international students to bring dependants along

The move comes ahead of the official data, which is expected to show that legal migration has hit a record high of 700,000 this year

The UK a tax haven?

Is the UK providing refuge to India's absconding financial scamsters?

Tata Group expected to pick UK as site for new JLR battery plant: Report

The Tata Group is expected to pick the UK as the preferred site for the lucrative electric battery plant to supply its Jaguar Land Rover (JLR) requirements, a media report said on Wednesday. It will mark a significant investment for the UK automotive sector, one that UK's Prime Minister Rishi Sunak-led government has been keen to bag with ongoing discussions around offering an incentivised economic environment for the multi-billion-pound plant. According to the BBC, Somerset in south-west England is the expected location of this new Gigafactory, which will generate an estimated 9,000 jobs for the local economy. Gigafactory is a generic term referring to facilities that produce batteries for electric vehicles on a large scale. Sources familiar with the matter told BBC that although the deal has yet to be signed, engagement has moved from negotiations to drafting and choreography of how the landmark agreement will be presented. At a media event at JLR's Gaydon base in the West Midla

UK inflation falls to lowest in over a year but food prices remain elevated

Official figures show that inflation in the UK has fallen to its lowest level since the immediate aftermath of Russia's invasion of Ukraine, which caused energy and food costs to surge. The Office for National Statistics said Wednesday that the consumer price index dropped to 8.7 per cent in the year to April from 10.1 per cent in March, largely because last year's energy spike in the wake of the invasion dropped out of the annual comparison. The fall took inflation to its lowest level since March 2022, a month after the war began. Though welcome, the fall wasn't as big as anticipated. The consensus in financial markets was that it would ease back further to 8.3 per cent. The main reason why inflation is consistently running higher than anticipated is that food prices remain elevated. The rate of inflation fell notably as the large energy price rises seen last year were not repeated this April, but was offset partially by increases in the cost of second-hand cars and cigarettes," t

Boris Johnson faces new police probe over Covid-19 lockdown visits

Former British Prime Minister Boris Johnson, who was fined for breaking his own government's pandemic lockdown rules, has been reported to police again over more potential breaches. The Times of London said Tuesday that Johnson was reported by civil servants over alleged visits to Chequers, the prime minister's official country retreat, as well as potential breaches in the leader's Downing Street residence. The Metropolitan Police force and Thames Valley Police said they were assessing details relating to incidents between June 2020 and May 2021. The Times said the potential breaches came to light while Johnson was preparing his testimony to Britain's upcoming inquiry into how the country handled the COVID-19 pandemic. The Cabinet Office, a government department which supports the work of the prime minister, said that information came to light during the process of preparing evidence for submission to the COVID inquiry. In line with obligations in the Civil Service Code, this mate

Meta sells Giphy for $53mn to Shutterstock after UK blocked purchase

Shutterstock said Tuesday it's buying Giphy from Meta Platforms for $53 million, the final step to unwind the deal blocked by British regulators, who prevented the Facebook owner from purchasing the GIF-sharing platform over competition concerns. The stock image service said it's paying cash for Giphy, which has 1.7 billion daily users and partners including Facebook, Instagram, WhatsApp, TikTok and Twitter. Shutterstock said it signed a deal to give Meta continued access to New York-based Giphy's content across Meta's platforms. In a statement, CEO Paul Hennessy said the acquisition will help Shutterstock expand its audience reach beyond primarily professional marketing and advertising use cases and into casual conversations. The transaction, set to close in next month, could potentially leave Meta with a big loss. Meta purchased Giphy in 2020, in a deal reportedly worth $400 million. Britain's Competition and Markets Authority opened an antitrust investigation over concerns it

PM Modi, British counterpart Sunak review bilateral strategic ties

Prime Minister Narendra Modi on Sunday held productive talks with his British counterpart Rishi Sunak during which they reviewed bilateral strategic partnership, including progress in India-UK FTA negotiations. The two leaders also agreed to deepen bilateral cooperation across a wide range of areas such as trade and investment and science and technology. Modi and Sunak met on the sidelines of the summit of the G7 advanced economies here in Hiroshima. "A boost to - Comprehensive Strategic Partnership. PM @narendramodi held productive talks with PM @RishiSunak of the UK in Hiroshima. The two leaders reviewed their Strategic Partnership, including taking stock of progress in India-UK FTA negotiations," the Ministry of External Affairs (MEA) tweeted. Leaders agreed to deepen cooperation across a wide range of areas, such as trade & investment, science & technology, higher education, and people-to-people relationship, it said. India and the UK have been negotiating an FTA since ...

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UK extends Russian export ban to diamonds, metals over Ukraine conflict

The UK on Friday extended its package of sanctions against Russia with a ban on Russian diamonds, an industry worth USD 4 billion in exports in 2021, as well as imports of Russian-origin copper, aluminium and nickel and sanctioned 86 more people and entities linked with the country over the Russia-Ukraine conflict. British Prime Minister Rishi Sunak, who is in Japan for the G7 Summit, said the trade measures and individual sanctions will hit Russian President Vladimir Putin's key revenue streams. During talks with world leaders in Hiroshima the site of the World War II atomic bombing, Sunak warned against complacency in defending democratic values and standing up to autocratic regimes. For the sake of global peace and security, we must show that brutal violence and coercion does not reap rewards, said Sunak. As today's sanctions announcements demonstrate, the G7 remains unified in the face of the threat from Russia and steadfast in our support for Ukraine. We are meeting today in

UK announces ban on Russian diamonds in fresh sanctions ahead of G7

In a fresh round of sanctions, the UK has announced a ban on Russian diamonds, alongside the military-industrial complex and metals amid the ongoing Ukraine war

India, UK struggling to make progress in free trade talks: Report

The two nations are unable to agree on concessions on duties levied by India on car and liquor imports, a government official with direct knowledge of the matter said

UK's largest network operator BT to cut 42% of jobs after fiber rollout

The company's workforce will drop to 75,000 to 90,000 people by the fiscal year ending in March 2030 from about 130,000 currently

Will try to get back Shivaji's sword from UK next month, says Maha minister

Maharashtra Minister for Cultural Affairs Sudhir Mungantiwar on Wednesday said he would visit the UK next month and try to bring back a sword and metal claws used by warrior king Chhatrapati Shivaji Maharaj in the 17th century. The metal claws or 'wagh nakh' is a weapon designed to fit over the knuckles or be concealed under and against the palm. It consists of four or five curved blades affixed to a crossbar. This weapon was used by Shivaji Maharaj to kill Afzal Khan, the general of the Adil Shahi dynasty of Bijapur Sultanate. "I had a discussion with the British deputy high commissioner earlier on making available the 'Jagdamba' sword and 'wagh nakh' here. We are signing an memorandum of understanding (MoU) regarding the same," Mungantiwar said. The minister had held a meeting with Alan Gemmell, British Deputy High Commissioner for Western India and Imogen Stone, Deputy Head, Political and Bilateral Affairs on April 16. "We are celebrating the 350th anniversary of the coronation

Spotify rolls out AI-powered DJ feature in UK for premium customers

Music streaming platform Spotify has started rolling out its AI feature called "DJ" for premium customers in the UK and Ireland

UK doesn't work for other global regulators, says Antitrust head Cardell

Sarah Cardell, the Competition and Markets Authority's chief executive officer, was asked by UK lawmakers how often the agency had been in discussions with the US Federal Trade Commission

Suella Braverman warns immigration threatens UK's 'national character'

'It's not racist for anyone, ethnic minority or otherwise, to want to control our borders,' said Braverman, whose parents are of Indian origin and emigrated to Britain from Kenya and Mauritius

UK's 'greedflation' concerns are groundless, says ex-BOE rate setter

Saunders, a member of the Monetary Policy Committee between 2016 and 2022, found that profit margins in the manufacturing and services sectors have slipped below the long-run average