Major defeat for British PM as lawmakers seize Brexit agenda
LONDON (AP) — On a day of humiliating setbacks, British Prime Minister Boris Johnson suffered a major defeat in Parliament on Tuesday night as rebellious lawmakers voted to seize control of the...
UK Treasury chief vows to quit if Boris Johnson becomes PM
LONDON (AP) — British Treasury chief Philip Hammond said Sunday that he will quit if — as widely expected — Boris Johnson becomes prime minister this week on a promise to leave the European Union...
RIYADH, Saudi Arabia (AP) — Saudi Arabia's King Salman has met British treasury chief Philip Hammond to discuss economic and financial investments between the two countries and security...
UK lawmaker suspended after ejecting protester from gala
LONDON (AP) — British Prime Minister Theresa May's office suspended Foreign Office Minister Mark Field on Friday while an investigation takes place into his treatment of a climate change protester...
UK Treasury chief issues stiff ‘no-deal’ Brexit warning
LONDON (AP) — Britain's Treasury chief urged those seeking to be Britain's next leader to be honest with the public and spell out what they would do if their plans for leaving the European Union...
Stockpiling boosted UK economy ahead of initial Brexit date
LONDON (AP) — The British economy expanded by a solid quarterly rate of 0.5% in the first three months of the year as firms geared up for the long-anticipated Brexit date. However, that boon is...
BEIJING (AP) — The Latest on China's Belt and Road infrastructure building conference. (all times local):
British treasury chief Philip Hammond says Britain's finance...
UK begins search for new Bank of England governor
LONDON (AP) — The British government on Wednesday started the process to appoint the successor to Mark Carney as governor of the Bank of England, and indicated it is willing to look abroad again...
UK government, opposition search for a Brexit plan
LONDON (AP) — The British government and senior opposition figures tried Thursday to overcome intractable differences and forge a new plan for departing the European Union, as the bloc warned of...
UK central bank warns of deep recession without Brexit deal
LONDON (AP) — Leaving the European Union without a divorce deal could plunge Britain into its deepest recession in nearly a century, with the economy shrinking 8 percent within months as unemployment and inflation soar, the Bank of England warned Wednesday.
The stark projection came the same day the government's own economists said the country will be poorer after Brexit than if it had stayed in the EU, no matter what sort of trade deal it secures with the bloc.
Americans to get access to shorter UK airport passport line
LONDON (AP) — The head of Europe's largest airport is urging the British government to quickly implement plans allowing more overseas passengers, including Americans, to use the shorter e-passport gates.
Under the plan outlined by Treasury chief Philip Hammond in his budget Monday, air passengers from the United States, Canada, Australia, New Zealand and Japan will be allowed to use the gates starting this summer.
End of austerity? Britain’s poor to see little improvement
LONDON (AP) — Much of Britain will continue to feel the effects of eight years of spending cuts, even after the government's Treasury chief heralded the end of austerity by splashing out billions of pounds for health, transportation and small business in his latest budget.
UK’s May denies good-news budget signals an early election
LONDON (AP) — British Prime Minister Theresa May insisted Tuesday that this week's austerity-easing budget does not signal an impending election.
Treasury chief Philip Hammond announced boosts to public spending and an income tax cut for millions of British workers on Monday, in the first significant loosening of purse strings in eight years.
UK to start taxing big internet companies
LONDON (AP) — Britain's Treasury chief unveiled Monday a new tax on big internet companies' revenues, insisting it is time that the global tech giants with profitable business in the U.K. pay their fair share for public services.
Philip Hammond made the announcement as he outlined his budget, explaining that while he preferred trying to find a global solution to address the borderless nature of the wealth of the likes of Google and Facebook, negotiations with other countries had been too slow.
Pro-EU Britons scoff at plan for commemorative Brexit coin
LONDON (AP) — Britain will mark its departure from the European Union next year with a commemorative coin — an idea that drew mockery from opponents of Brexit.
Treasury chief Philip Hammond announced the special 50 pence-coin, which is currently worth around 64 cents, in his budget statement on Monday.
The Latest: Spending rises in ‘end-of-austerity’ UK budget
LONDON (AP) — The Latest on the British government's public spending plans (all times local):
British Treasury chief Philip Hammond has said "the era of austerity is finally coming to an end," as he delivered a budget offering a modest uplift in public spending and few major tax increases.
Treasury chief says UK faces new strategy in no-deal Brexit
LONDON (AP) — Britain's Treasury chief says the country would need a new economic strategy if it leaves the European Union without a deal.
UK gets public finances boost ahead of Brexit - report
LONDON (AP) — Britain's finances are in better shape than expected, helping Treasury chief Philip Hammond avoid tax increases when he delivers his budget to the House of Commons next week.
The Financial Times is reporting that the independent Office for Budget Responsibility will slash its borrowing forecasts because of improved tax receipts, reducing the deficit by about 13 billion pounds ($16.9 billion) during the current fiscal year.
Ending austerity in UK ‘incompatible’ with budget plan
LONDON (AP) — The British government will have to spend an extra 19 billion pounds ($25 billion) a year on public services by the year 2022-23 if it's to deliver on Prime Minister Theresa May's promise to end austerity, a well-respected think-tank said Tuesday.
Brexit backers criticize UK Treasury chief on warnings
LONDON (AP) — Britain's Treasury chief has been accused of reinitiating "dodgy project fear" after he repeated warnings that there would be significant consequences for the economy if the U.K. leaves the European Union without an agreement on future relations.
LONDON (AP) — Britain's Treasury chief is expected to outline plans to ensure the nation's financial services industry can thrive after the U.K. leaves the European Union when he delivers a speech to top business executives Thursday night.
Philip Hammond says in excerpts released ahead of his annual Mansion House speech that London will remain the "global capital of finance."
LONDON (AP) — On a day that a U.K. government-backed review exposed companies' "pitiful" excuses for the lack of women in boardrooms, Britain's Treasury appointed the only man in a shortlist of five to a top job at the central bank.
In a statement Thursday, Treasury chief Philip Hammond said he was appointing Jonathan Haskell to the Bank of England's nine-person Monetary Policy Committee.
BRUSSELS (AP) — The Latest on the Brexit negotiations (all times local):
British finance minister Philip Hammond says he's confident the U.K. and the EU can do a trade deal that protects the U.K.'s vital financial services sector.
European Commission President Donald Tusk said Wednesday that a free-trade deal with no tariffs on goods is the most Britain could aim for once it leaves the bloc.
UK’s May gathers divided Cabinet, seeking Brexit compromise
LONDON (AP) — British Prime Minister Theresa May was gathering her divided ministers Thursday for a marathon meeting aimed at hammering out a common position on Brexit.
May's "inner Cabinet" was due to meet through the afternoon and evening at Chequers, the prime minister's country retreat outside London.
Britain presses Germany for Brexit financial services deal
LONDON (AP) — Two senior British officials urged Germany on Wednesday to support a post-Brexit deal that protects the important financial services sector and doesn't hamper trade with unnecessary red tape.
Britain's Brexit minister and treasury chief are trying to woo Europe's biggest economy and gain leverage in ongoing talks about the EU's future relationship with London after the U.K.'s departure from the bloc in March 2019.
UK’s May shuffles Cabinet, but Brexit divisions limit scope
LONDON (AP) — Prime Minister Theresa May attempted to re-energize her government with a Cabinet shake-up Monday as Britain prepares for a crucial phase in the negotiations over its departure from the European Union.
But May, who heads a minority government divided over Brexit, had limited room to make changes, and the overhaul could reinforce perceptions that her authority is fragile.
China, Britain pledge cooperation as UK leaves EU
BEIJING (AP) — Britain and China pledged Saturday to promote London as a center for offshore use of Beijing's currency and cooperate in clean energy research and promoting trade as the United Kingdom prepares to leave the European Union.
Britain’s finance minister in China to promote trade
BEIJING (AP) — Britain's finance minister told the Chinese premier there are "many opportunities" for closer commercial ties as he started a visit Friday aimed at developing trade as the United Kingdom prepares to leave the European Union.
UK inflation rises to highest level since March 2012
LONDON (AP) — Bank of England Governor Mark Carney will have to write a letter to Britain's Treasury chief explaining why inflation in the country is running by more than a percentage point above target after official figures showed it unexpectedly rising to 3.1 percent.
The rate for November published Tuesday is the highest since March 2012 and above most economists' forecasts for a modest decline to 2.9 percent from the previous month's 3 percent.
UK budget sees economy wilting under Brexit pressure
LONDON (AP) — Britain's Treasury chief has outlined cautious spending plans to a nation bracing for the shock of leaving the European Union, amid a stream of worsening of economic forecasts that hampered room for giveaways.
UK budget likely to prepare state finances for Brexit shock
LONDON (AP) — Britain's Treasury chief is likely to ignore demands that the government ease seven years of austerity when he unveils the budget Wednesday, opting instead to keep a tight rein on spending as economic growth slows and the country prepares for the impact of Brexit.
UK inflation unexpectedly holds steady at 3 percent
LONDON (AP) — Inflation in Britain held steady at a five-year high of 3 percent in the year to October, just below the level that would have forced the governor of the Bank of England to write to the government explaining why prices are rising by more than a percentage point above target.
UK probes alleged money laundering link to South Africa
LONDON (AP) — U.K. authorities are investigating allegations that British banks inadvertently acted as conduits for money laundering linked to corruption in South Africa.
British Treasury chief Philip Hammond passed on allegations raised in a letter by former Cabinet Minister Peter Hain to the Financial Conduct Authority, the National Crime Agency and the Serious Fraud Office.
UK interest rates set to rise as inflation hits 3 percent
LONDON (AP) — Inflation in Britain is set to rise above 3 percent in the next month or two due to Brexit-related price increases, the Bank of England's governor warned Tuesday, reinforcing expectations that interest rates will soon rise for the first time in a decade.
UK finance chief walks back inflammatory Brexit comments
BRUSSELS (AP) — Britain's finance chief quickly backed away from comments that risked inflaming the Brexit talks Friday, saying he regretted describing the European Union as "the enemy" during an earlier television interview.
Chancellor Philip Hammond retreated from the potentially volatile comments moments after they aired on Sky News, saying on Twitter that he was "making the point that we are united at home. I regret I used a poor choice of words."
The Latest: UK treasury chief withdraws inflammatory comment
BRUSSELS (AP) — The Latest on the Brexit talks between the European Union and United Kingdom(all times local):
Britain's finance chief has quickly backed away from comments that risked inflaming the Brexit talks, saying he regretted describing the European Union as "the enemy" during a television interview.
UK finance chief: Worst-case Brexit could ground all flights
LONDON (AP) — A worst-case Brexit scenario could see all air traffic between the U.K. and the European Union grounded the day after Britain leaves the bloc on March 29, 2019, Britain's finance minister said Wednesday.
Philip Hammond said he considers that outcome highly unlikely, but he said there must be rapid progress on divorce negotiations to stop uncertainty acting as a dampener on the British economy.
Amid criticism, UK government tries to show unity on Brexit
LONDON (AP) — The British government tried to fight back Sunday against criticisms that it is divided and unprepared for Brexit, saying it will set out detailed plans for the U.K.'s exit from the European Union and issuing a joint statement by two Cabinet rivals over Europe.
Treasury chief: UK may need 3-year transition after Brexit
LONDON (AP) — Britain will abide by some European Union rules for up to three years after it officially leaves the bloc in March 2019, the country's Treasury chief said Friday.
Treasury chief Philip Hammond said a transition period is needed "to get from the status quo today to the new normal." He said the transition should end before Britain's next election, which is scheduled for 2022.
BERLIN (AP) — Britain's Treasury chief told a German audience on Tuesday that his country wants to keep its economy "anchored" in the European mainstream as it leaves the European Union. He called for an early deal on transitional arrangements.
Key leaders in UK economy argue for cooperative Brexit talks
LONDON (AP) — Two of the most senior figures in Britain's economy argued Tuesday for cooperative, not adversarial, talks over the country's exit from the European Union, calling for a deal that benefits both sides rather than erecting barriers that will hurt everyone.