Corporation Tax, paid on UK company profits, will rise next month, chancellor Jeremy Hunt has confirmed to Parliament. It will go up from 19% to 25% for companies with over £250,000 in profits, Mr. Hunt told the Commons.
By Chris Patten - The United Kingdom’s new prime minister has inherited a mountain of economic problems, including runaway inflation and a shrinking GDP. To fix his predecessors’ blunders and avoid a humiliating electoral defeat, he must stand up to his party’s far-right extremists.
British Conservative Party leader Rishi Sunak has been sworn in as the new Prime Minister by King Charles III following Liz Truss' departure after merely 49 days in office.
Rishi Sunak, the grandson of Indian immigrants, was nominated Monday by the British Conservative Party to replace Liz Truss as its leader and next prime minister, as his rival, Leader of the House of Commons Penny Mordaunt, failed to win enough support to run.
Pound sterling trading ended on Friday at US$ 1.12, after rallying on Thursday following the announcement of Prime Minister Liz Truss Thursday resignation. However new figures showed a gloomy picture of the UK economy.
Liz Truss announced on Thursday she will resign, which means there will now be another leadership election to decide who becomes the next Conservative leader and prime minister. The contest to replace “the lettuce” as some London media identifies Ms Truss sis expected to be completed by the end of next week.
Liz Truss Thursday became the British Prime Minister with the shortest-ever time in office after submitting her resignation, although she managed to serve under two different monarchs.
Financial markets reacted positively Monday after the United Kingdom's new Chancellor of the Exchequer scrapped Prime Minister Liz Truss' tax-cutting economic stimulus package. Jeremy Hunt, who was appointed to the role only on Friday, said the unfunded tax measures had been eliminated and underlined that stability, confidence and helping the most vulnerable, were now the government's goals and number one focus.
After only turbulent 38 days and a quick return from Washington, Britain's Chancellor of the Exchequer on Friday was fired and a former foreign minister Jeremy Hunt was appointed to replace him.
By Paula Keavenney (*) – The stakes could not have been higher as Liz Truss delivered her first party conference speech as prime minister. Against a backdrop of economic chaos, open party warfare and polling that shows she’s on course for a spectacular election loss, Truss insisted she was “determined to get us through the tempest”.