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The British government is set to reverse more of its controversial mini-budget

Sterling sinks after finance minister's sacking

Sterling fell against a strengthening dollar today after the British government cancelled only part of its fiscal programme, disappointing investors who had expected a bigger U-turn.

Business • 14 Oct 22

Liz Truss made a statement in Downing Street this afternoon confirming the U-turn

Truss U-turns on corporation tax after sacking Kwarteng

British Prime Minister Liz Truss has sacked her chancellor and scrapped parts of their economic package in a bid to stay in power and survive the market and political turmoil gripping the country.

Business • 14 Oct 22

The UK economy was hit by weakness in manufacturing and by maintenance work which slowed the oil and gas sector

UK economy on brink of recession as it shrinks in Aug

Britain's economy shrank by 0.3% in August from July, hit by weakness in manufacturing and by maintenance work which slowed the oil and gas sector, official data showed today.

Business • 12 Oct 22

The Bank of England said it would buy up to £5 billion of index-linked debt from today

Bank of England forced to buy inflation-linked bonds

The Bank of England sought again to stem a sharp sell-off in Britain's 2.1 trillion pound government bond markets today, expanding its emergency buying to inflation-linked debt.

Business • 11 Oct 22

Kwasi Kwarteng is under pressure to rebuild shattered investor confidence in the new UK government's economic agenda

UK's Kwarteng brings budget date forward

British finance minister Kwasi Kwarteng, under pressure to rebuild shattered investor confidence in the new government's economic agenda, today brought forward the publication of fiscal plans and economic forecasts to October 31.

Business • 10 Oct 22

UK house prices fell by 0.1% in September from August, new Halifax figures show

UK house prices falling as higher borrowing costs weigh

UK house prices fell for the second time in three months in September in month-on-month terms and rising borrowing costs are likely to exert "more significant downward pressure" soon, mortgage lender Halifax said today.

Business • 07 Oct 22

A record 935 mortgage products were pulled overnight after Kwasi Kwarteng's mini-budget

UK govt to work with banks on mortgages as rates jump

British finance minister Kwasi Kwarteng has told banks that his department would work closely with the financial sector on mortgage lending, the Treasury said, after market turmoil following his mini-budget led to higher mortgage rates.

Business • 07 Oct 22

Sterling plunged to a record low of $1.0327 on September 26

Sterling slips again as investors await US jobs data

Sterling edged lower today after a sharp drop the previous day, as investors waited for tomorrow's highly significant US jobs data.

Business • 06 Oct 22

Fitch cuts outlook for UK rating to 'negative'

Ratings agency Fitch has lowered the outlook for its credit rating for British government debt to "negative" from "stable", days after a similar move from rival Standard & Poor's following the government's September 23 fiscal statement.

Business • 06 Oct 22

Sterling has now regained all the ground it lost in the wake of Kwasi Kwarteng's mini budget.

Sterling rises for sixth session after tax U-turn

The pound rose for the sixth consecutive session today as investors welcomed the British government's U-turn on some tax cuts and the US dollar slipped.

Business • 04 Oct 22

The number of additional-rate taxpayers on the 45% rate has grown from about 200,000 in 2010 to about 600,000 today

The UK top tax rate - what is it & why does it matter?

British finance minister Kwasi Kwarteng today abruptly dropped his plan to eliminate the top rate of income tax, part of his September 23 "mini budget" that triggered a rout of sterling and government bonds in financial markets.

Business • 03 Oct 22

Addressing the audience in Birmingham, Kwasi Kwarteng promised there would be no more distractions

Kwarteng acknowledges 'tough day' after tax cut U-turn

UK Chancellor Kwasi Kwarteng has urged the Conservative Party to "focus on the task in hand" as he battled to restore his authority after a U-turn over tax cuts for the rich.

Business • 03 Oct 22

UK Prime Minister Liz Truss and UK Chancellor Kwasi Kwarteng (File image)

Truss sticks to tax cut plan despite market turmoil

British Prime Minister Liz Truss said she would stick to her controversial plan to reignite economic growth as she broke her silence following nearly a week of chaos in financial markets triggered by her huge tax cuts.

UK • 29 Sep 22

Kwarteng affirmed Prime Minister Liz Truss's goal to double Britain's trend rate of annual economic growth to 2.5%

Tax cuts and borrowing define Britain's economic agenda

Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing today in an economic agenda that floored financial markets, with British government bonds in freefall.

Business • 23 Sep 22

Britain caps electricity and gas prices for businesses

Britain said today it would cap the wholesale cost of electricity and gas for businesses at less than half the market rate from next month, following a similar scheme for consumers, helping relieve the pressure of soaring energy costs.

Business • 21 Sep 22

UK Business Secretary Kwasi Kwarteng said that state loans for energy companies was an option

UK may give state loans to energy companies

Britain is considering state loans for energy companies that take on customers from firms which go bust due to soaring wholesale gas prices, Business Secretary Kwasi Kwarteng said today.

Business • 21 Sep 21

Kwasi Kwarteng defended the decision to mint thousands of commemorative 50p coins branded with 31 October Brexit date

October Brexit 'very difficult' - UK minister

A senior British government minister has admitted it was "very difficult" for Britain to leave the European Union in five days' time.

Brexit Countdown • 26 Oct 19

Kwasi Kwarteng