Tag: George Osborne

• Saturday, April 20th 2013 - 08:56 UTC

  Fitch trims UK top credit rating on weaker economy and fiscal outlook

  

  Britain's credit standing took a further blow when Fitch Ratings became the second major international agency to strip the country of its top-notch credit rating. The move is an embarrassment for the Conservative-led government which promised to protect the country's rating when it took power in 2010, and will heighten the debate about whether austerity is still the right approach.

• Thursday, March 7th 2013 - 22:10 UTC

  UK defense budget cuts becomes a major debate even for the ruling coalition

  

  UK Defense budget cuts are rapidly becoming a controversial issue even among members of the current ruling coalition. An article from The Telegraph by Deputy Political Editor James Kirkup points out to reactions from the Commons Defense Committee to further pruning defense which would force Britain to break its promises to the NATO alliance and put the Special Relationship with the US at risk.

• Saturday, February 23rd 2013 - 06:19 UTC

  Moody’s cuts UK credit rating to Aa1 from AAA, first time since 1978

  

  Moody's Investors Service on Friday cut the United Kingdom's credit rating to Aa1 from AAA for the first time since 1978, citing weakness in the nation's medium-term growth outlook that it now expects to extend for a number of years.

• Tuesday, February 5th 2013 - 19:17 UTC

  Osborne says with reform bill “no UK government would ever again bail-out an entire bank”

  

  British Chancellor George Osborne has announced the Banking Reform Bill that will not only see savers’ deposits safeguarded but also enforce rules to make it easier for consumers to switch bank accounts.

• Sunday, October 21st 2012 - 06:19 UTC

  Massive protest in central London against public spending cuts and higher taxes

  

  Thousands of British protesters marched through central London on Saturday against public spending cuts and tax rises enacted by a government fighting accusations it is run by an upper-class elite that ignores the plight of recession-hit voters.

• Wednesday, October 10th 2012 - 08:49 UTC

  ‘Hour of reckoning’ speech for Cameron’s future at Tory conference

  

  Britain must cut its budget deficit and fix its economy or face long-term decline, Conservative Prime Minister David Cameron will say on Wednesday, seeking to convince voters that his austerity plan is the only way forward.

• Tuesday, October 9th 2012 - 20:26 UTC

  UK displays ‘red line’ in plan to merge defence giants EADS and BAE Systems

  

  France and Germany must reduce their stakes in defence firm EADS if the UK is to allow a proposed merger with BAE Systems to go ahead, Defence Secretary Philip Hammond has said.

• Monday, October 8th 2012 - 06:18 UTC

  PM Cameron anticipates further cuts in public spending to reduce the deficit

  

  Britain will have to keep cutting public spending to reduce the budget deficit, Prime Minister David Cameron said, underlining the government's tough task of trying to shunt the economy out of recession and winning back waning public support.

• Friday, September 28th 2012 - 16:36 UTC

  Report recommends complete overhaul of Libor system and jail for those who try to manipulate it

  

  A report into the Libor rate-rigging scandal says the system is broken and suggests its complete overhaul, including criminal prosecutions for those who try to manipulate it. Its author, regulator Martin Wheatley, told the BBC that bankers guilty of fixing Libor in future could be jailed.

• Tuesday, September 4th 2012 - 23:55 UTC

  PM Cameron reshuffles cabinet but keeps unpopular Osborne as Chancellor

  

  British Prime Minister David Cameron reshuffled his ailing coalition government on Tuesday, but kept unpopular finance minister George Osborne and foreign minister William Hague in their jobs.