The £20.3bn spent bailing out Lloyds Banking Group during the financial crash has been re-paid in full, UK chancellor Philip Hammond has said. Nine years after the government bought 43.4% of Lloyds, the taxpayer has now got slightly more - £20.4bn - back.
Chancellor of the Exchequer George Osborne has said the UK is ready to face the future from a position of strength and indicated there will be no immediate emergency Budget. However he admitted there would still need to be an adjustment in the UK economy, and it was perfectly sensible to wait for a new prime minister before taking any such action.
UK Chancellor of the Exchequer George Osborne says he will have to slash public spending and increase taxes in an emergency Budget to tackle a £30bn black hole if the UK votes to leave the European Union. The chancellor will say this could include raising income and inheritance taxes and cutting the NHS budget.
The head of the International Monetary Fund, Christine Lagarde, has confirmed she will stand for a second term. Ms Lagarde threw her hat into the ring during an appearance on French television.
Five of the largest banks in the UK paid no corporation tax in 2014, despite making billions of pounds in profits, analysis by Reuters has shown. JP Morgan, Bank of America Merrill Lynch, Deutsche Bank, Nomura Holdings and Morgan Stanley paid no corporation tax at all, the news agency said. The banks offset past losses against their taxable income for 2013-14.
The United Kingdom and Brazil reaffirmed on Friday their support for the success of the European Union/Mercosur Association agreement negotiations in the framework of the eighth meeting of the UK-Brazil Joint Economic and Trade Committee (JETCO) which emphasizes bilateral cooperation and initiatives.
China's leader Xi Jinping is expected to put the seal on its contribution to what will be the first United Kingdom nuclear power plant to be built in a generation. The plant could be opened by 2025 at Hinkley Point, in Somerset, with China likely to cover about 30% of the cost.
The U.K. Government announced on Monday that Cammell Laird in Birkenhead has been selected as the preferred bidder to build the nation’s new £200 million polar research ship. The decision follows a 12-month competitive tender process that involved bids from companies in the U.K., Spain, Norway, Singapore and South Korea.
British finance minister George Osborne has emerged as a potential successor to David Cameron as head of the Conservatives amid buzz at the party's annual conference over who the favorite might be.
The British government has begun its sell-off of shares in part-nationalized lender Royal Bank of Scotland, raising £2.1bn, a third below the price it paid. It sold a 5.4% stake at 330p a share, a 7.6p discount on Monday's closing price.