UK’s Queen Elizabeth II died of ‘old age’: Death certificate | News

The longest-serving monarch died at 14:10 GMT on September 8, a document registered by her daughter shows. The United Kingdom’s Queen Elizabeth II died of old age, according to her death certificate, which has been published by the National Records of Scotland. Elizabeth, the UK’s longest-reigning monarch, died at the age of 96 at Balmoral … Read more

The UK is gripped by an economic crisis of its own making

London CNN Business — A week ago, the Bank of England took a stab in the dark. It raised interest rates by a relatively modest half a percentage point to tackle inflation. It couldn’t know the scale of the storm that was about to break. Less than 24 hours later, the government of new UK … Read more

Erdogan says Turkey will keep cutting interest rates, mocks British pound

Turkish President Tayyip Erdogan addresses members of his ruling AK Party (AKP) during a meeting at the parliament in Ankara, Turkey May 18, 2022. Murat Cetinmuhurdar/Presidential Press Office/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALE. IN ARCHIVES. MANDATORY CREDIT Murat Cetinmuhurdar | Reuters Turkey will keep cutting interest rates, … Read more

PM Liz Truss defends uncosted UK tax cuts despite market turmoil | Business and Economy News

Truss says big tax cuts are the right path for the UK, refusing to consider reversing the so-called ‘mini budget’. British Prime Minister Liz Truss has defended her economic plan and shrugged off the negative reaction from financial markets, saying she is willing to make “difficult decisions” to get the economy growing. In her first … Read more

Bank of England intervenes to buy UK bonds, warns of risk to financial stability

London CNN Business — The Bank of England said Wednesday it would buy UK government debt “on whatever scale is necessary” in an emergency intervention to halt a bond market crash that it warned could threaten financial stability. Investors have been dumping the pound and UK bonds since the government of the new Prime Minister … Read more

The Truss tax plan cushions the wealthy while pushing borrowers toward a financial cliff

This story is part of CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. new York CNN Business — After tumbling to a record low against the dollar, the British pound stabilized Tuesday, rising more than 1% to $1.08. But the economic policy that sparked the currency’s historic nosedive … Read more

IMF warns UK its budget cuts will ‘likely increase inequality’ | Business and Economy News

The IMF urged UK to consider providing more targeted support to families and businesses instead of sizable tax cuts. The International Monetary Fund (IMF) has taken aim at new British financial plans that have roiled markets, warning that “large and untargeted fiscal packages” would likely increase inequality in the United Kingdom and could undermine monetary … Read more

Gautam Adani: Asia’s richest man sees growing isolation for China

New Delhi CNN Business — Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness. Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as … Read more

UK lenders halt mortgage deals to customers after market chaos

The British bond and currency markets have been in turmoil since Finance Minister Kwasi Kwarteng announced his “mini-budget” on Friday. Oli Scarff | Getty Images News | Getty Images LONDON – UK lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the turmoil in British bond markets. … Read more

Bank of England tries to calm panicked markets

London CNN Business — UK policymakers are trying to calm markets after a plan by Prime Minister Liz Truss to cut taxes while ramping up borrowing sparked panic among investors worried it could feed inflation and destabilize government finances. The Bank of England said Monday that it is “monitoring developments in financial markets very closely … Read more