UK government: No spending cuts, no reverse on tax cuts

Newsletter Oct 13, 2022 [ International Business Times]( [UK government: No spending cuts, no reverse on tax cuts]( Britain's new government said on Wednesday it would not reverse its vast tax cuts or reduce public spending as it sought to stand firm in the face of yet more turmoil in financial markets and concerns over its change in economic policy. [UK to cap renewable energy company revenues]( Liz Truss successfully campaigned to become prime minister by saying she was opposed to the idea of a tax on the profits of energy giants.  [Learn more about Jeeng]( [UK economy on brink of recession as it shrinks in August]( Britain's economy looks set to go into recession as data showed it unexpectedly shrank in August, underscoring the challenge for Prime Minister Liz Truss to make good on her promises to speed up growth. [House price growth slows to weakest since July 2020 - RICS]( British house prices rose last month at their slowest pace since early in the coronavirus crisis and they look on course to fall as a surge in mortgage costs adds to uncertainty about the economy for home-buyers, a survey showed on Thursday. [Pound, UK bond yields climb on Bank of England uncertainty]( The pound rallied and UK government bond yields rose Wednesday as the Bank of England came under criticism for fuelling market uncertainty. [UK's Truss vows no spending cuts to pay for tax-slashing plans]( Britain's beleaguered Prime Minister Liz Truss vowed Wednesday not to cut public spending. [BoE fails to reassure over emergency intervention]( The Bank of England on Wednesday insisted it would end emergency buying of UK bonds by the weekend but sent markets into further frenzy as economic uncertainty grips Britain. [Britain warns of tighter rules for crisis-hit LDI funds]( Britain's financial regulators will work together to tighten rules for pension funds which use derivatives to insure themselves against big moves in bond markets, drawing on lessons from past crises, the Bank of England said on Wednesday. [EU, UK made progress on resumed N.Ireland talks - Ireland's Coveney]( Britain and the European Union made some progress last week on their long running post-Brexit trade row over Northern Ireland after talks resumed for the first time in over seven months, Irish Foreign Minister Simon Coveney said on Wednesday. [EU seeks to break impasse over gas price caps, 'no regret' plan floated]( The question of how, when and whether to cap gas prices is set to dominate another meeting of European Union countries on Wednesday, as they pursue a joint plan to target high gas prices - a compromise that has eluded them for weeks. [France orders some fuel staff back to work to tackle refineries strike]( The French government on Wednesday ordered some staff at an Exxon Mobil depot back to work and warned a TotalEnergies' depot could be next, risking a wider conflict with trade unions as it battles to secure petrol supplies following weeks-long strikes. [Carbon credit use could curb company climate action, warns UK advisers]( The use of cheap carbon offsets by companies to meet net zero targets could curb their efforts to cut emissions and slow the delivery of climate goals, Britain's climate change advisers said on Thursday. [Australia's Qantas forecasts return to first-half profit as conditions improve]( Qantas Airways Ltd will return to a profit in the first half for the first time since the pandemic began as demand rebounds and it focuses on ensuring reliable operations and sweetens its wages offer to employees, its chief executive said. [Google allows Donald Trump's Truth Social in Play Store]( A version of Truth Social tailored for Apple mobile devices is available at the App Store, which also enforces rules about content moderation. [Ukraine war: why the world can't afford to let Russia get away with its land grab – lessons from history]( Putin has stated that peace talks can now start but that the annexed areas are not on the table. [Queen Elizabeth II's life features in a new comic book]( The life of Queen Elizabeth, Britain's longest-reigning monarch, is celebrated in a new comic book by TidalWave Comics, covering her public and private life, big events, family scandals, and crises. You Might Like    [Learn more about Jeeng]( [IBTimes]( IBTimes will always protect your security and privacy. Please read our detailed [Privacy Policy.]( Please do not reply to this email. [Click here]( to adjust your notification preferences or unsubscribe. © Copyright 2022 IBTimes LLC. All Rights Reserved. IBTimes LLC, 33 Whitehall ST FL 7, New York, NY 10004 U.S.A, New York, New York 10004, United States You may [unsubscribe]( or [change your contact details]( at any time.